Ford (NYSE:F) has announced a two-year agreement establishing the automaker as Zipcar Inc.’s (NASDAQ:ZIP) largest supplier of cars for the college market. Zipcar will add up to 650 Fords, mostly Focus and Escape models, to its lineup during the academic year, and up to 1,000 vehicles during the agreement. Zipcar will be discounting its $35 annual membership fee by $10 for 100,000 new university student members as part of the agreement.
The new program will allow Ford to expose young drivers to Ford (NYSE:F) models, “while helping them reduce their cost of living and help relieve congestion on campus,” said Executive Chairman Bill Ford. The news has both Zipcar (NASDAQ:ZIP) and Ford trading up on the markets today, climbing roughly 3% each so far.