Most of the country’s cities were built out of farm towns after the automobile was invented and thus are designed specifically to cater to door-to-door transportation. They sprawl in low density over multiple counties rendering public transit hopelessly expensive and ineffective. Car ownership is not an option; it is essential to the vast majority of residents.

So I’m impressed with what Zipcar has achieved so far; but the Market is most certainly not, having steadily battered the stock price from its IPO of $28 to its current low of just under $8, with every sign of sliding lower.

The Market is unhappy with two things: Membership growth is declining faster than anticipated; and competitors are arriving on the scene.