U-Haul Launches Car Sharing in Berkeley

The well-known truck rental company U-Haul (Nasdaq: UHAL) has launched a car sharing program at the University of Berkeley, expanding on a program that is already underway in Portland, Maine; College Station, Texas; Madison, Wis.; and Portland, Ore.

U Car Share, like other catchy-named programs ZipCar and City CarShare, offers an alternative to vehicle ownership. U Car Share allows multiple users to share one vehicle, thus reducing an individual’s environmental impact and allowing members to reduce some of the expenses and hassles of car ownership.

After paying a one-time $50 fee, members pay an hourly rate for using a car. U Car Share takes care of fuel, insurance and maintenance costs.

In Berkeley the rate for a small vehicle is $9 per hour or $65 per day, and $14.95 per hour or $109 per day for a van.

Prequalified members access the vehicle with a U Car Share membership
card, also referred to as a SmartCard. The SmartCard will grant the
member access to the car they reserve at a specific time and location.

Car sharing is becoming a critical element of the transportation
network in many cities and universities, enabling residents, students
and businesses to get rid of their cars while still meeting their
transportation needs. U-Haul said research shows that every shared car on the road can replace up to 15 personally owned vehicles.

The University of Berkeley has partnered with U Car Share as a solution to the growing need for parking around campus.

"U-Haul has been in the trailer and truck-sharing business for more
than 61 years," Eric Crocker, president of U-Haul Company West
Sacramento, said. "U Car share is the perfect extension of our business
model.”

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