Business

Mass. movers

Zipcar cuts its annual forecast

Zipcar is testing monthly memberships in some areas.

Joshua Roberts/Bloomberg News

Zipcar is testing monthly memberships in some areas.

Zipcar Inc., which rents cars by the hour or day, reduced its forecast for sales this year as the pace of new memberships slowed. Membership rose 21 percent, to 731,000 members, in the second quarter, lower than the Cambridge-based company expected. A radio ad campaign was costly and ineffective and Zipcar dropped the medium from its marketing for the rest of the year. Zipcar expects annual sales as high as $278 million, compared with an April forecast of up to $296 million.

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