Market Overview

Zip Car CEO Talks on CNBC

Earlier, Zipcar's (NASDAQ: ZIP) CEO Scott Griffith appeared on CNBC to discuss his company.

Griffith stated that the company was on the path to profitability. He explained that many consumers living in major cities are finding it cheaper to use Zipcar rather than to actually own a car. In fact, according to the surveys he cited, the average city goer reduces their expenses on automobiles by a significant amount when they switch to Zipcar.

He stated that the rising gas prices had both a positive and negative effect. On the one hand, it puts pressure on Zipcar, who must pay for the gas. Yet, on the other hand, consumers are more likely to give up owning a car entirely when gas prices are trending higher.

Posted-In: CNBC News Futures Commodities Markets Media Trading Ideas

 

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