TravelCar is different from other car-sharing services such as ZipCar in that it rents out other people's cars. It's that detail that makes MAIF an interesting partner, as it provides insurance services in case those cars get munched. TravelCar offers free parking at airports to those willing to let their vehicles be rented out while they're traveling. In turn, TravelCar says its car-rental rates are about half that of typical rental-car places. TravelCar operates in 10 European countries and says it has about 300,000 users.
PSA says the investment is the first step in a 10-year plan in what it calls its "progressive entry" into North America. No other details about that re-entry process have been revealed. The investment is a little less splashy than the recent news that has surfaced about PSA potentially acquiring General Motors' European divisions Opel and Vauxhall.
PSA, which was founded in 1976 (though Peugeot has been making cars since the 19th century), also said last month that it's providing eight electric vehicles to a Paris commercial vehicle-sharing program as part of a one-year trial geared to analyze ways to cut urban pollution.