SPOT Aims to Alleviate Parking Woes and Revolutionize the Industry

SPOT Aims to Alleviate Parking Woes and Revolutionize the Industry App turns privately-owned spots into much-needed public parking

BOSTON, Dec. 11, 2014  — Adequate amounts of safe, convenient and affordable parking is something that has plagued major cities for decades – until now. SPOT, a Boston-based company, today announced the launch of its mobile application, offering a unique solution that facilitates expedient parking. Starting first in Boston, the company plans to expand to Chicago, Philadelphia, Washington D.C., Miami, Los Angeles and San Francisco in 2015. Likened to the airbnb of parking, SPOT matches owners of privately-owned parking spots with those looking for parking in a simple short-term, cashless-based partnership. Owners can list spots on their terms, whether it be a few hours or a few weeks.

“In today’s exploding sharing-based economy, companies like Uber and airbnb are proving that there is a tremendous market in peer-to-peer transactions – we’re just aggregating a city’s private parking spot inventory and making it readily accessible,” said Braden Golub, SPOT’s founder and chief executive officer. “As we launch in Boston, we saw a market where more than 190,000 cars commute into the city daily and more than 30,000 available private spots exist. We believe SPOT can create significant efficiency within the market.”

SPOT is rolling out its app this week, allowing renters to sort through multiple options that meet their criteria and reserve their spot effortlessly. Most are 40% – 60% cheaper than nearby garages.

“Unlike other mobile parking solutions, SPOT brings new inventory online thus alleviating parking shortages,” said Jeffrey Beir of seed2A, an advisor to SPOT. “SPOT makes it easy for owners and renters to connect in a simple, safe and legal transaction to deliver a better parking experience.”

So-called ‘disruptive technology solutions’ like Uber and airbnb use existing technology, combined with an actionable commodity, creating a micro-economy. In her July 2014 blog (The Modern CRM), Forrester Research, Inc. Analyst Kate Legget writes about aligning CRM strategy with customer experience strategy, and uses Uber as an example of a company that ‘does this right.’ “Their customer experience is streamlined for minimum friction. For example, when you sign up, your payment information is accepted by a quick scan of a credit card. When you request car service, the driver and car details are displayed, and progress can be tracked via GPS. Transactions are effortless as no money changes hands. And when you need customer service, it’s effective and personalized,” she writes.

All SPOT transactions are cashless and secure. Renters need only enter their credit card information one time for all future transactions while owners receive prompt payments through Paypal, Venmo or direct deposit. SPOT can even help owners price their inventory so they’re competitive in their neighborhood.

“The new digital economy puts the user in charge of their entire life. We have seen this in music, food, transportation and now, thanks to SPOT, parking,” said Woody Benson, a partner at Prism Ventureworks and SPOT advisor. “Every old school metaphor is being re-written in the new digital age. Every industry, including parking, is a natural extension of this movement.”

“We have worked hard to create better parking options for every neighborhood in the city,” said Golub. “In Boston, there are currently dozens of transactions happening every hour so as we grow the demand, we’re hoping more owners will see the tremendous opportunity for incremental revenue from their empty parking spot.”

With more than 6,000 users amassed during its initial 5-month beta period in Boston, the trend is extremely positive for future widespread adoption. More information can be found at www.parkeasier.com.