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The Associated Press November 10, 2011, 1:52PM ET

Zipcar to open regional office in LA

Zipcar Inc. said Thursday that it reached a deal with Los Angeles city officials to set up a regional office in the city and expand its presence there.

Financial terms were not disclosed.

Los Angeles will be the car-sharing service's 16th major metropolitan market.

Zipcar, based in Cambridge, Mass., has offered its cars on the University of Southern California and UCLA campuses since 2006. It started building out its service area in the greater Los Angeles area in 2009, when it partnered with the city for on-street parking spots in neighborhoods near both universities.

The program was expanded in December 2010 to add Zipcars in on-street parking spots in the Hollywood area.

Zipcar now offers over 125 vehicles in Los Angeles, including those in Hollywood and vehicles located on and near several university campuses. It will open its new office early next month.

In afternoon trading, Zipcar shares fell 13 cents to $17.46.

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