Flexcar Announces Partnership with American Honda Motor Co.; Unique Partnership Includes Significant Equity Investment

Business Wire, March 12, 2002

Business Editors & Automotive Writers

SEATTLE--(AutomotiveWire)--March 12, 2002

Flexcar, America's oldest and largest car-sharing company has entered into a first-of-its kind partnership with American Honda Motor Co.

As part of the agreement, American Honda has purchased an 18.4% equity stake in the company.

Headquartered in Seattle, Flexcar's innovative 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, D.C., Seattle, and Portland, Ore.

"We are thrilled to be working in partnership with American Honda," said Neil Peterson, Flexcar's president and CEO. "Historically, we have grown our membership substantially through successful partnerships. Flexcar, for example, has partnerships with public transit agencies, including the Washington Metro Area Transit Authority in Washington, D.C. and King County METRO in Seattle. We anticipate that our partnership with American Honda will have a similar impact in allowing us to better serve our existing markets and aggressively move into new ones."

"Flexcar delivers an impressive service that has the potential to make car sharing a viable transportation option in key urban areas," said Robert Bienenfeld, senior manager of product planning at American Honda. "Honda supports Flexcar's mission to develop and implement smart, new mobility concepts that reduce pollution and traffic congestion."

Following a successful European model, Flexcar launched its operations in 2000, and has since won numerous awards and commendations for its program that reduces congestion, reduces air pollution, reduces energy use, increases use of public transit and contributes to sustainable communities. Used in conjunction with public transit, car/vanpools and walking/biking, car-sharing can meet an individual's transportation needs in an economic and environmentally responsible manner, giving them the freedom of car ownership without the cost and hassles.

In addition to serving individuals, Flexcar offers Business Membership Plans that allow companies and organizations to augment or replace the need for fleet vehicles. Flexcar works with property managers to place Flexcar vehicles in convenient locations in downtown buildings. Employees of Flexcar Business Members can access the vehicles for meetings, errands or other business needs; the company is billed with a simple monthly invoice for only the amount the vehicle is used. Companies are using Flexcar to reduce their monthly fleet costs, to achieve commute reduction goals, or simply to provide a benefit to employees.

Flexcar

Flexcar's innovative car-sharing program provides its members convenient access to a fleet of new and fuel-efficient cars located across metropolitan regions. With flexible pricing plans, members can reserve and drive any of these cars whenever and wherever they need to, without filling out complicated paperwork, paying for insurance, gas or repairs. Flexcar Business Memberships enable companies to augment or replace their fleet with Flexcar vehicles. Flexcar's modern fleet includes sedans, gas-electric hybrids and specialty vehicles including pickups. Members can access a Flexcar in any of the following metropolitan areas: Seattle Metro, Portland (Ore.) Metro, and Washington, DC Metro. Other regions will be added in 2002.

American Honda

Media information regarding Honda vehicles can be found at www.hondanews.com. Consumer information is available at www.honda.com.