In this post: this post is meant for someone who is interested in the parking lot management business or is managing one such business already. We look at the statistics of car ownership in developed countries and the current scenario of parking lot solutions available. This post addresses the main challenges faced and offers a customized solution – RentPark – which is affordable and cutting edge at the same time.
Statistics show great potential
On average, motor vehicles are parked 95 percent of the time – source
The car ownership numbers are growing at a steady pace in developed countries. In the USA, Europe and Australia, the car culture has been part of daily life for a large part of the modern age. Here are some car statistics:
- USA: 276.1 million vehicles (44% are cars)
- Europe: 298.9 million vehicles
- UK: 38.4 million vehicles
- Australia: 19.2 million
The question we need to ask is this: are there enough efficient parking spaces to accommodate millions of these vehicles? Let us look at the number of parking spaces available in the same countries.
- USA: between 105 to 2 billion individual parking slots (per NY Times)
- Europe: 440 million parking spaces
- UK: 3 to 4 million spaces (Per RAC)
- Australia: 153,412 (as of 2011 – source)
It’s easy to look at how large, expansive countries like the US, Europe, and Australia have way too many parking spaces. The odd man out is the UK, which has been facing severe parking space shortage for many years.
What do these trends tell us?
They tell us that either the developed countries have too many parking spaces – meaning a lot of businesses who are managing car parks – some manually, others by the meter. And in case of the UK, there is potential for innovative parking spaces to be created – meaning more businesses would crop up.
The business of parking lots are highly unstructured in many countries, especially private parking spaces. Just try and find the latest reports on the total number of parking spaces available in the USA, UK, Europe and Australia and it is very difficult to find the latest info. Herein lies the potential for innovative parking solutions (be it spaces or software).
Fundamental challenges faced by private parking slot businesses
Understand demand: there are certain days and hours which demand more parking spaces. Whenever people look for a parking slot on your website or mobile app, you will begin to understand the when and how demand is generated. This allows you to capitalize on the demand and price your slots a little higher when the time is right. Price optimization can help you generate more revenue.
What to do when slots are empty: the opposite of a crowded parking area is bad for business too. How to generate traffic and revenue during those dull Wednesday afternoons? An intelligent software should allow you to understand when demand goes down. That’s the time to offer discounted rates and run special schemes for your loyal consumers.
How do you collect payment: consumers always want to get to and get out of parking spaces as quickly as possible. We think that gas stations and parking lots are places people hate to spend more time at. So, make sure you accept payments online, especially via mobile devices quickly and securely.
How to drive efficiency – with software
A lot of problems can be solved by software and end up saving capital expenses. An intelligently designed software should work on both the web as well as mobile (both iOS and Android) platforms. This way, it becomes easy for consumers to transact with you.
- Let consumers book parking spaces on mobile devices in the last minute
- Make it easy to re-book or renew parking slots (if needed for a longer duration)
- Make it easy, secure, and fast to make payments via mobile devices
- Let the mobile app guide consumers to the parking slot via live location mapping
A customized solution – RentPark
Have you used Airbnb’s website or mobile app to book a room or a home for vacation? Isn’t the platform easy to use, find properties, and pay securely? This is what we have brought with RentPark. RentPark is an Airbnb clone designed specifically to manage parking spaces of all sizes in countries such as America, Europe, UK, and Australia. Here are some of the features of RentPark:
- An Affordable Parking Solution: Manage all slots and multiple facilities with RentPark
- Keep Track Of Everything: Easily sift through vehicle license plate numbers, visitor names and tags on the easy-to-use dashboard
- Managing Visitor Parking: Say goodbye to papers and clipboards. Allow users to register from any device within seconds
- Real-Time Navigation: Allow users to re-book slot(s) with just a few clicks or touches and let the app guide them to the parking space via live mapping
- Manage Time Limits For Visitors: Set time slots for any day of the week. You can schedule a variety of time limits for different time slots.
- Manage Free and Paid Parking Hours: You get complete control to manage free or fee based parking to match demand.
- Dynamic Pricing: Demands don’t stay the same. The app allows you to set a variety of prices to cash in on weekday or weekend/holiday demands.
- Inventory Management: A single location with a few slots or multiple locations with varied slot sizes, RentPark allows you to manage all your inventory on a single dashboard.
- One Touch Payment: Make is easy and secure for users to avail parking slots and pay you with one touch.
Buying or investing on software solutions is a tough ask, especially with multiple platforms offering similar features.
That is why we have built a LITE version of RentPark which can be downloaded for FREE. Experience the platform before you buy it. At Rentcubo, we offer round-the-clock technical support to help you from the day you buy the platform till the day you take it live.
RentPark is completely customizable, use your brand logo, colors, and fonts on both the web and mobile apps. Connect to us on Whatsapp and ask all your questions about RentPark. We are happy to help. At Rentcubo, we begin with you.