Native corporation invests in auto-sharing business

Posted: Thursday, May 08, 2003

ANCHORAGE (AP) Bristol Bay Native Corp. has invested $1 million in a car-sharing service based in Seattle.

The Native firm, headquartered in Anchorage, might invest another $1 million in Flexcar at a future date, said Steve Tolton, chief financial officer.

Flexcar offers its members access to a fleet of about 230 vehicles in Seattle, Portland, Ore., Los Angeles, San Diego and the Washington, D.C., area.

Members pay a one-time fee of $25. After that, they pay $7 an hour any time they use a car and get 10 free miles. Driving beyond 10 miles costs 35 cents a mile.

Flexcar has more than 12,000 members. The company covers the cost of the vehicles, insurance, gas, parking and maintenance.

Bristol Bay's investment will allow the car-share company to update its fleet and expand to new communities, said John Williams, Flexcar spokesman.

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