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ZAP Announces Neighborhood Electric Car Rental Program

July 16, 2002

ZAP, a marketing and distribution firm, has announced that it will be working with Global Electric Motorcars, LLC, a DaimlerChrysler Company, and renting neighborhood electric vehicles throughout California. ZAP says it will be soliciting rental agencies and other locations for the program. According to the companies, neighborhood electric cars are a new category of 25 mph automobiles designed for short trips in urban areas, planned communities, commercial zones or tourist districts. The smaller, low-speed electric cars are a new option for places concerned with air and noise pollution, high fuel prices, traffic congestion or parking shortages. ZAP says that participants in the rental program can get special incentives, including a 10 percent federal tax credit, accelerated depreciation, share in the rental income as well as being secured by ownership in the electric car. ZAP claims it will operate the rental management company, handling all insurance and processing. In addition, rental companies that participate can receive vehicles at no cost as well as share in the rental income. The first location opened this week on Balboa Island in Newport Beach, California, according to the companies.
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