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Avis buys Zipcar and grows car-sharing capabilities internationally

Zipcar, a car-sharing company that specializes in renting cars by the hour or day, announced Wednesday it will be acquired by Avis Budget for $491 million, or $12.25 a share. The action will help Avis compete against Hertz Global Holdings, which became the world's second largest car-rental company in 2012 following its purchase of Dollar Thrifty car-rental company for $2.6 billion, according to a Bloomberg report. “By combining with Zipcar, we will significantly increase our growth potential -- both in the U.S.

Peugeot RCZ Hybrid looks certain

Peugeot seems certain to put the RCZ Hybrid in to production And that ‘Yeah, right’ has now turned in to a ‘Who are you kidding?’ after Peugeot released information today on the RCZ Hybrid4 that frankly wouldn’t warrant doing unless they were already set on a production model. Not more information than we had a couple of weeks ago, but why bother with a new press release on the Hybrid RCZ when you’d already covered it? Unless you want more coverage because you’re going to make it, that is.

Alfa Romeo is not for sale, Fiat chairman says

Fiat will not sell its Alfa Romeo unit and plans to relaunch the brand in the United States in late 2012, top Fiat executives said. “We would not sell Alfa even if we were offered tons of money,” Fiat chairman John Elkann told reporters at the Detroit auto show on Monday. Fiat and Chrysler CEO Sergio Marchionne said: “Alfa is part of Fiat's operational perimeter and we've already invested too much to get rid of it.” Volkswagen AG is rumored to be pursuing Alfa Romeo.