Car2Go suspending Toronto operations at the end of May over city parking regulations [Business News Network (BNN) Energy & Resources (Canada)]
Avis Budget Group, Inc. (CAR)
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Source: Business News Network
Car2Go suspending Toronto operations at the end of May over city parking regulations TORONTO -- The car-sharing service car2go said Thursday it is indefinitely suspending its operations in Canada's largest city because parking regulations make its business inoperable. The German-based company sent an email to its 80,000 users on in Toronto on Thursday saying it will suspend operations of the flexible, short-term rental system on May 31. Car2go CEO Paul DeLong said new regulations mean almost 10,000 parking spaces where users regularly start and end car2go trips will be forbidden come June. The company said the city is effectively banning car sharing in places where residential parking is at a premium. Torontonians who own a car must apply for a residential parking permit to park on their street, but many streets already have cars with a permit sticker for every available parking spot. The city has banned car sharing on streets where 95 per cent or more of the spots are spoken for. But
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