Smarking Launches Parking Industry’s First Fully Automatic Dynamic Pricing Engine
163% average channel sales uplift across locations in over 10 regions
SAN FRANCISCO, CA (October 8th, 2019) — Smarking, the parking industry’s leading provider of business intelligence and yield management software, today announced the release of the parking industry’s first algorithmic and fully-automatic dynamic pricing engine. The product, known as AYM (read as “aim”; Automatic Yield Management), utilizes Smarking’s baseline business intelligence product to capture historic, real-time, and forecasted demand, and calculates the ever-changing demand curves for a parking location, in order to set parking rates that will maximize revenue for the applied parking sites, similar to the pricing engines hotel and airline industries utilize.
The results have been consistent across parking locations in over 10 cities and delivers an 163% average revenue increase in applied sale channels, without manual adjustments required from parking managers or friction created for consumers. See below for weekly online revenue change for a commercial garage in Boston before/after, with an estimated $150,000 annul net revenue increase:
AYM, in pilot for over a year, is officially available now from Smarking.
“As a parking operator, we are constantly looking for ways to differentiate our services to our customers in order to provide greater value,” said Nick Litton, COO and Partner of VPNE Parking Solutions. “Smarking, has long provided us with that edge, and AYM takes it to a whole new level of revenue maximization.”
“Millennium is one of the largest garages in the world, serving downtown Chicago,” said Rick West, CEO of Millennium Parking. “Even if we hired a full-time person just to set fees, we couldn’t post hundreds of rates multiple times a day, let alone develop the number of products and analyze the results Smarking’s algorithm does.”
Arrive, the leading provider of last-mile mobility solutions, was one of the first to integrate with AYM. Since Arrive’s back-end architecture is technically advanced and provides parking professionals a cloud-based rate management system, it is a natural fit for Smarking’s solution. Smarking expects to offer the service through other parking sales channels over the coming months.
“We understand how difficult it can be for asset owners and operators to manage the various sources of revenue in their facilities, so we were curious to understand if AYM could be a solution. After integrating into Smarking’s service, we were pleased to see an increase in revenue and believe it could be a great tool for operators and asset owners to increase their trust in enabling multiple revenue channels in their operations,” said Dan Roarty, President and COO of Arrive.
Smarking initially tested the solution at eight parking locations in three metropolitan regions, including New York, Chicago and Boston. The results were positive in all locations, leading Smarking and their customers to expand to over ten cities in just two quarters.
Smarking plans to expand the solution to other parking sales channels in the near future while expanding the partnership with Arrive in more parking locations. “As the parking industry becomes more connected and technologically advanced, Smarking perceives that there will be more outlets for marketing and selling parking to consumers,” said Wen Sang, CEO of Smarking. “Just as in the hotel and airline industries, the channels will become more complex and our operator partners will need tools to manage their channels and maximize revenue. Smarking has taken the first step to support our operator partners with the announcement of this solution.”
Smarking is a San Francisco based tech company serving commercial real estate owners, municipal governments, parking operators, and others to maximize parking asset results. Empowered by a team of MIT data scientists, urban mobility experts, Silicon Valley software engineers, and business professionals, Smarking’s market leading business intelligence and yield management software currently empowers over 2,000 parking locations in the USA and Canada, maximizing parking income, tenant satisfaction, and cost saving.
VPNE Parking Solutions is the parking and transportation business partner to the most prestigious health-care institutions, commercial property owners and developers, financial institutions, and hospitality companies. VPNE helps clients maximize the value of their parking and transportation assets with differentiated customer care and expertise. Founded in 1990 by Kevin W. Leary., VPNE’s vision is for the parking experience to be one of the highlights of the guests’ visit, similar to the experience in the lobby of a luxury hotel or condominium. VPNE believes its responsibility is to drive client’s business and build their brands. More information can be found at www.vpne.com.
About Millennium Garages
Millennium Garages is a 3.8 million-square-foot parking facility with approximately 9,176 parking spaces located in four underground parking garages underneath Millennium, Grant and Maggie Daley Parks boarding on Michigan Avenue. As the largest underground parking system in the Unites States, Millennium Garages offer customers in downtown Chicago parking near restaurants, hotels, theaters, universities, offices, retail shops, cultural venues, tourist attractions–plus events, including concerts, sports and seasonal festivals such as the Taste of Chicago. For more information, visit www.MillenniumGarages.com.
Arrive powers the last mile of connected mobility. The company delivers scalable, friction-free parking experiences through apps, voice and in-dash. Its fully integrated platform makes it easy for companies and brands to offer parking as a solution for drivers, fleets and connected vehicles. Millions of people across North America have access to Arrive-powered parking through the company’s distribution partners, including Amazon, Ford, Avis, Hyundai, Honda TomTom, Ticketmaster/Live Nation, Groupon and many others, and its consumer-facing brands ParkWhiz and BestParking. For more information, visit Arrive.com