Flexcar Forms Partnership with American Honda Motor Co.
Flexcar, a car-sharing company, has entered into a partnership with American Honda Motor Co. As part of the agreement, American Honda has purchased an 18.4 percent equity stake in the company. Headquartered in Seattle, Flexcar’s program provides members with access to a fleet of vehicles located throughout a metropolitan region. Members reserve the vehicles for hourly use with Flexcar covering the cost of the car, gas, parking, insurance, and maintenance. Members pay only for the time they use the car, and pay nothing when they don’t. Flexcar serves more than 4,000 members in the following metropolitan regions: Washington, DC, Seattle, and Portland, OR. Honda has been involved in car-sharing programs since the introduction of its Intelligent Community Vehicle System (ICVS) concept in 1994. ICVS is designed to supplement existing public transportation modes by sharing a limited number of cars among many users.