Just recently the car rental firm, Zipcar, has filed for an initial public offering in the United States. The company was valued at some $75 million. The Cambridge, Massachusetts-based company filed a registration statement on Form S-1 with the United States Securities and Exchange Commission. The company will use the funds generated to pay debt and further expansion.

The company, which was founded just over a decade ago, plans to go public on the NASDAQ stock exchange under ticker symbol ZIP. The number of shares to be offered and the price range of these shares have not yet been determined.

The car rental company has proven popular with business users so far. The company allows its clients to rent vehicles for as little as an hour. Zipcar also operates in urban areas and college campuses throughout the United States, UK, and Canada.

Right now Zipcar offers more than 30 makes and models of self service vehicles to residents and businesses. Most people that use Zipcar are looking for an alternative to the high costs and hassles of owning their own car.

In April of this year, the company purchased the UK-based Streetcar to fuel its growth overseas. The booking running managers of the proposed offering will be Goldman, Sachs & Co. and JP Morgan.

This information released by Zipcar proves that the car rental industry just continues to grow. As companies look for ways to cut down on their travel expenses, many of them have started to rent cars instead. Although employees spend a bit more time out on the road, it saves the company tons of money.