How to Turn Every Parking Spot Into a Revenue Opportunity with Park SelectRate™
Picture this - it’s a Wednesday evening in the heart of downtown where a major concert is set to take place. Cars are circling the parking facility hoping to find an available space they might have missed. But up on level three? Dozens of prime spots sit empty, sectioned off behind a gate, as part of a “premium parking” section that’s only available during work hours to select downtown office workers.
This is the kind of inefficiency that drains potential revenue and frustrates customers. Spaces that could be making money sit unused. Not because there’s no demand, but because outdated parking systems lack the flexibility to adapt in real time.
For operators, this scenario is all too familiar: high-value gated spaces are underused while others overflow combined with a lack of dynamic pricing tools to respond to real-time demand.
This is exactly the kind of challenge Park SelectRate is designed to solve. Built to work in tandem with smart-sensor cameras, integrated license plate recognition (LPR), and existing revenue systems, Park SelectRate empowers operators to implement flexible, demand-based pricing strategies on a space-by-space basis without costly gates or permanent designations.
What is Park SelectRate?
Park SelectRate is an advanced API add-on available with the Park Assist Solution, an Automated Parking Guidance System (APGS), designed to allow parking operators to implement variable pricing across individual spaces or groups of spaces. This flexibility enables operators to adjust rates based on demand, location, or schedule, all without the need for physical gate installations.
“Think of it like this,” explains Jeff Sparrow, Director of Sales, North America. “Let’s say you’ve got an aisle that’s in high demand Monday through Friday—you can mark it as premium, charge more, and indicate that with a different LED color. Then, when traffic slows down on the weekend, flip it back to normal pricing. It’s that simple.”
Traditional premium parking sections often rely on physical barriers to designate higher-priced areas, which can be inflexible and costly to set up. In contrast, Park SelectRate utilizes the M5 smart-sensor technology and integrated LPR to monitor and manage parking spaces dynamically. Operators can designate premium areas during peak times and revert them to standard pricing during off-peak periods, optimizing space utilization and maximizing revenue.
Advantages of Implementing Park SelectRate
At the core of Park SelectRate is a simple but powerful idea: your parking spaces should work harder for you. Whether you're managing multiple garages at an airport, a large casino garage, or a mixed-use development downtown, Park SelectRate helps you meet demand where it’s happening and make smarter use of every square foot.
Dynamic Pricing Without Physical Barriers
Park SelectRate eliminates the need for additional gate systems by leveraging smart-sensor technology and LPR. This approach allows for seamless implementation of variable pricing strategies, reducing infrastructure costs, and increasing operational flexibility.
Enhanced Revenue Opportunities
By enabling conditional pricing, operators can capitalize on high-demand periods by adjusting rates for specific spaces. This strategy maximizes revenue potential without compromising the driver experience.
Real-Time Rate Management
Operators have the ability to add, change, assign, or delete rates as needed, providing immense flexibility in managing parking operations. This real-time control ensures that pricing strategies can adapt swiftly to changing demand patterns.
Seamless Integration with Existing Systems
Park SelectRate integrates effortlessly with existing Parking Access and Revenue Control Systems (PARCS) or other revenue systems, ensuring that variable pricing is accurately reflected in revenue collection and reporting.
A Flexible Future for Parking Management
Park SelectRate represents a significant advancement in parking control management, offering a flexible, cost-effective solution for dynamic pricing. By integrating with the comprehensive suite of technologies in an APGS, including smart-sensor cameras and integrated LPR, operators can boost revenue, improve space utilization, and provide a superior experience for parkers.
For operators seeking to modernize their parking facilities and maximize profitability, Park SelectRate offers a compelling solution that aligns with the evolving demands of urban mobility.
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