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Member News: SpotHero IQ Now Offers Dynamic Pricing At Over 1000 Parking Facilities

SpotHero IQ Now Offers Dynamic Pricing At Over 1000 Parking Facilities

Data science-powered dynamic pricing platform increases revenue by an average of more than 40% for parking facilities

CHICAGO — MARCH 23, 2021 — SpotHero, the digital parking leader in North America, today reaches a parking industry first by launching dynamic pricing capabilities at over 1000 parking facilities. SpotHero IQ offers the most extensive demand data set in the $36B North American parking industry, incorporating real-time demand data for the most complete view of consumer behavior.

Now live in over 65 cities with 100 operators at over 1000 parking facilities, SpotHero IQ provides parking operators automated rate recommendations and inventory management solutions. SpotHero IQ automates the once manual task of adjusting online parking rates by giving parking operators data-driven dynamic rates. This empowers operators to determine optimal pricing in both high- and low-demand environments using real-time data. For drivers, this delivers on the SpotHero mission to make getting everywhere easier at the right price.

“As we approach COVID recovery, it’s never been more important to make data-informed decisions about how to price inventory,” said SpotHero Co-Founder & CEO Mark Lawrence. “SpotHero IQ enables operators to proactively manage demand volatility, whether that be a lull due to lockdown or spike once cities are booming again. In doing so, we help optimize online sales for maximum revenue for our partners.”

Operator partners leveraging the platform see an average revenue increase of greater than 40%. One Parking, a national parking operator with more than 80,000 spaces under management, has seen a 44% revenue boost across 19 locations via SpotHero IQ.

“By having real-time data on where parking is needed and when all inventory and pricing decisions we make are backed by valuable numbers,” said One Parking Vice President Rosario Palella. “This has been a game changer, allowing us to capture parkers in timeframes we wouldn’t have previously. We’re thrilled to join SpotHero at the forefront of the parking industry’s shift toward digital and dynamic pricing.”

SpotHero IQ consists of a broader product family for every partner’s unique needs. The suite’s namesake product, SpotHero IQ, brings demand-based pricing for online inventory to all parking facilities at no cost to operators. SpotHero IQ+ integrates with PARCS to layer in parking occupancy data with online demand and provides robust business intelligence tools. Future developments will offer full yield management for all parking inventory.

To learn more about SpotHero IQ and register for exclusive video content, visit spothero.com/sell-parking/iq.

About SpotHero

SpotHero is the digital parking leader and only independent off-street parking marketplace in North America. Millions of drivers use SpotHero’s mobile apps and website to find, book and access off-street parking in over 7,500 locations across 300 cities in the U.S. and Canada. Leading operator partners leverage SpotHero’s AI-powered dynamic pricing platform SpotHero IQ to power data-driven decisions. For more information, visit SpotHero.com.

CONTACT: Brooke Saharovici, press@spothero.com

Member News: SpotHero To Acquire Rover Parking To Expand Canadian Footprint

SpotHero To Acquire Rover Parking To Expand Canadian Footprint

CHICAGO–(BUSINESS WIRE)–SpotHero, the digital parking leader in North America, announced today the signing of an agreement to acquire Rover Parking, a leading consumer parking app in Canada. This acquisition accelerates SpotHero’s market leadership position in North America, helping the company gain access to thousands of parking locations across Canada. The deal is expected to close in the fourth quarter of 2020.

“We’re excited to welcome Rover’s team, parking partners and customers,” said SpotHero Founder & CEO Mark Lawrence. “This acquisition will expand our team and parking inventory in Canada at a time when more people are choosing a personal car as their preferred mode of transportation.”

Rover Parking was founded in Toronto by CEO Tim Wootton, Andrew Holbrook and Grant Brigden in 2014 as a peer-to-peer parking marketplace. The company has since grown into servicing B2B and commercial facilities across several cities including Toronto, Calgary and Montreal.

“Rover Parking is thrilled to continue our journey as members of the SpotHero team,” said Rover Parking Founder and CEO Tim Wootton. “We look forward to increasing revenue for our existing parking partners and further expanding SpotHero’s presence in the commercial parking market in Canada.”

After the closing of the acquisition, Tim Wootton will become Head of Canada and the Toronto-based team will run SpotHero’s commercial supply business across the country. This announcement follows a new SpotHero partnership with one of Canada’s leading commercial parking operators Target Park, a partnership with Toronto Pearson Airport and a $50 million Series D fundraising round in August 2019.

About SpotHero

SpotHero is the digital parking leader and the largest place to buy and sell parking in North America. Millions of drivers use SpotHero’s mobile apps and website to find, book and access off-street parking in over 7,000 locations across 300 cities. Leading mobility companies use the SpotHero developer platform to power seamless parking at scale for fleets, connected cars and urban mobility solutions. For more information, visit SpotHero.com.

About Rover

Rover Parking is a leading consumer parking app in Canada with thousands of parking locations in Toronto, Calgary, Montreal and more. Rover helps all types of parking owners monetize their under-utilized parking supply by making parking spots available to drivers through the award winning Rover app. For more information, visit RoverParking.com.


Brooke Saharovici
(901) 359-2862