The Rise of the Sharing Economy

Happy New Year, and welcome to the ongoing rise of the sharing economy.Vehicle rental services company Avis Budget Group (Avis) today announced that it has agreed to acquire car sharing network Zipcar for $12.25 per share, or approximately $500 million, in cash.For the record: Avis says it had cash and equivalents of approximately $554 million at the end of September 30, 2012, and its market cap presently hovers around $2.1 billion.