Cambridge, Mass., November 8, 2012 - Zipcar, Inc. (Nasdaq: ZIP), the world's leading car sharing network, today reported results for the third quarter ended September 30, 2012.

"With our strong results in the quarter, we have raised our full-year guidance and we are on track to deliver 2012 as Zipcar's first full year of profitability on a US GAAP basis.  This is an exciting milestone for our company," commented Scott Griffith, Chairman and CEO. "We expanded our global leadership position by integrating our operations in Barcelona and by acquiring a leading car sharing provider in Austria. Additionally, we have strengthened our technology edge with the successful launch of a new platform and have enhanced both our membership marketing programs and offerings, including a further rollout of our Zipvan cargo van service that is expected to be available in all of our major North American markets in 2013."

For the 2012 third quarter, revenue increased 15% to $78.2 million compared to $68.1 million in the prior year period. Revenue growth in the 2012 third quarter resulted primarily from an 18% increase in membership to over 767,000 members at quarter end. Usage revenue per vehicle per day was unchanged at $65 versus the prior year period. Usage revenue represented $66.9 million in the third quarter of 2012, compared to $58.8 million in the prior year period with fee revenue representing substantially all of the remaining revenue in both periods. Fee revenue represented 14.3% of total revenue in the 2012 third quarter compared to 13.6% in the prior year period.

"Our results reflect another quarter of solid revenue growth and increased profitability," commented Ed Goldfinger, Chief Financial Officer. "The margin expansion we reported reflects continued operational efficiencies as well as the positive impact of the transition of our domestic fleet to lower cost ABS financing which has progressed ahead of plan for the year."

For the 2012 fourth quarter, Zipcar expects revenue in the range of $67 million to $71 million. Adjusted EBITDA for the period is expected to range from $4.5 million to $7.5 million and US GAAP net income is expected to range from break-even to $3.0 million. For the full year 2012, revenue is expected in the range of $275 million to $279 million. Full year 2012 adjusted EBITDA is expected to range from $14.5 million to $17.5 million and US GAAP net income is expected to range from $1.0 million to $4.0 million. The above guidance incorporates the estimated impact from Hurricane Sandy with respect to lost revenue, vehicle damage and increased operating costs. Zipcar's average share count is expected to be approximately 40 million shares for the fourth quarter and full year. Common stock equivalents of approximately 1.5 million shares would be included to the extent Zipcar records positive US GAAP net income.

This press release contains the non-GAAP financial measure of Adjusted EBITDA. Zipcar, Inc., or the Company, defines Adjusted EBITDA as earnings before non-vehicle depreciation, non-vehicle interest expense, interest income, amortization, preferred stock warrant liability adjustment, stock compensation expenses, acquisition and integration costs, taxes, loss of equity-method investee, other income related to Zero Emission Vehicle credits and other gains or losses associated with events of a non-recurring nature. The Company believes that this non-GAAP measure is an important measure of its operating performance because it allows management, investors and analysts to evaluate and assess the Company's core operating results from period to period after removing the impact of changes in the Company's capital structure, income tax status and method of vehicle financing, and other items of a non-operational nature that affect comparability. The Company includes vehicle-related depreciation and interest in its definition of Adjusted EBITDA because vehicles represent core operating assets used in the delivery of the Company's service that require periodic replacement. In addition, the exclusion of these costs would result in a lack of comparability in the treatment of vehicles that are owned or leased under capital leases and those leased under operating leases. The Company believes that various forms of the Adjusted EBITDA metric are often used by analysts, investors and other interested parties to evaluate companies such as Zipcar for the reasons discussed above. Adjusted EBITDA is also used for planning purposes and in presentations to the Company's board of directors as well as in the Company's annual incentive compensation program for senior management.

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the Company's continued rollout of its Zipvan service and the Company's financial guidance for the fourth quarter of 2012 and for the full year 2012. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control. The Company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to the Company's ability to profitably attract new members and retain existing customers, adverse economic conditions in general and adverse economic conditions specifically affecting the markets in which the Company operates or may operate, the Company's ability to continue to promote and maintain its brand in a cost-effective manner, the Company's ability to manage growth, the Company's ability to successfully expand its business internationally, and other risks detailed in the Company's publicly available filings with the Securities and Exchange Commission, which are available on www.sec.gov. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent the Company's views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. The Company undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release.

Investor Relations:

Jonathan Schaffer or Mandy Cheuk, The Blueshirt Group

Phone: 212-871-3953 (Jonathan) or 212-331-8430 (Mandy)

Email: ir@zipcar.com