Finance

Hello, IPMI Community! Parking & Mobility magazine seeks parking, transportation, and mobility professionals interested in authoring our standing monthly columns. You do not need to be a writer; you just need to be a thought leader! I am happy to work closely with those who want to share their expertise but may not be confident writers.  Columns that are still available for 2025 magazine editions include: Business of Parking - Marketing/BD Marketing and business development experts from inside and outside the parking and mobility community provide expertise on topics impacting the financial outcomes of organizations and providing best practices to implement for success. Business of Parking - Finance Financial leaders from the parking and mobility community provide expertise on matters affecting our financial bottom line. From spending to funding, get the most current information on the dollars of our industry from those who know it best. Looking for CFOs, accounting leaders, and strategy officers to contribute! Business of Parking - Legal The legal landscape for parking and mobility operations is changing at an unprecedented rate. Our industry's top legal minds will give insights into the most current legal and regulatory factors impacting our industry. Looking for both in-house and outside legal professionals to lend their expertise! The Green Impact Share stories of the impacts of sustainable parking and mobility. What are the continued impacts of the "greening" of our industry? How are parking and mobility professionals responding to the need for sustainable solutions? HR Perspective Human resources professionals take the lead in sharing vital information on organizational success. Experts in managing our most important resource - our people - speaking on relevant HR or human capital topics. Looking for industry HR leaders to share their expertise! Leadership Moment Share the voices of your organization's C-Suite or senior leadership! Industry trailblazers share insights on leadership and organizational success. When possible, the topic should be matched to the monthly issue theme. We are looking for C-Suite, Executive, and Senior Leadership to contribute. Parking Spotlight Opportunity for planning, design, and construction firms to highlight a completed parking project. Ready to contribute? Email editor@parking-mobility.org, or click here to submit your pitch. Please share your knowledge and help advance our industry! Melissa Rysak is the Vice President, Communications for IPMI. Melissa can be reached at rysak@parking-mobility.org.

We are all aware of the famous Benjamin Franklin quote “If you fail to plan, you are planning to fail”, yet again and again we are reminded how true that is.  As Parking Professionals, we are often tasked with creating plans and having a plan for an abundance of programs like; Standard Operating Plans, Emergency Action Plans, ADA Plans, Customer Service Plans, Revenue Control Plans, the list goes on and on.  However, Facility Maintenance and Capital Improvement plans seem to take a back seat to the more “parking operational plan” types when in reality, Maintenance and Capital Improvement plans need to be on the top of every parking manager’s priority list.  Failing to prioritize these areas can result in costly repairs and disruptions to parking operations, which ultimately could lead to lost revenue for the owner. As we know, parking often forms the first and last impression a guest has of a building or business, influencing their overall perception.  Yet, many owners fail to implement proper facility maintenance or capital improvement plans for aging parking facilities. Post-tension repairs, concrete repairs, and membrane repairs are rarely considered "exciting" projects that owners are eager to showcase. These projects are typically dusty, noisy, time-consuming, disruptive to parking operations, and VERY EXPENSIVE, so they often get pushed aside in favor of more visually appealing upgrades to the main building or guest entryway. As parking professionals responsible for parking operations, it’s crucial that we communicate with ownership/stakeholders and advocate for a seat at the table to contribute to the discussion on a preliminary capital improvement plan. While most of us may not be engineers by trade, it’s important to familiarize ourselves with the types of parking structures we manage and recognize signs of deterioration. Keep in mind, it will be far more costly to completely rebuild a deteriorating parking facility than to allocate funds annually for ongoing repairs and maintenance. Vincent Campagna, CAPP, is a Manager, Parking & Ground Transportation for Milwaukee Mitchell International Airport. Vincent can be reached at vcampagna@mitchellairport.com.

New York - Reimagined Parking (the "Company"), one of the world's leading tech-powered, people-driven parking solutions provider, today announced the successful completion of a private capital transaction designed to strengthen the Company's capital structure and support its leading position in the industry and long-term operational objectives. As a result of the transaction, the Company significantly reduced its Senior Secured Debt through an infusion of new capital from the Company's existing financial partners and brings the Company under the ownership of a consortium of institutional investment management firms with deep experience in driving financial and operational growth in various industries. The transaction underscores the confidence of the Company's financial partners in its strategic vision and operational excellence. Concurrently with the closing, the Company has appointed Rick West, a seasoned executive with over thirty years of experience in the parking industry, as the Chief Executive Officer of the Company. Rick has deep experience as an operator of parking garage businesses such as the Millennium Parking Concession, Central Parking Corporation and Parking Company of America Airports, as well as advising private equity and other private capital investors in connection with acquisitions of, and investments in, parking businesses. "Today marks a pivotal moment for Reimagined Parking," said Rick West, "this transaction not only strengthens our financial foundation but also positions us to continue leading the industry in parking management, valet, shuttle ground transportation, and parking technology products and services. We are excited to welcome our investors, whose experience and support will be invaluable as we drive innovation and expand our platform across North America." The Company remains committed to delivering exceptional service and innovative solutions to its clients and customers while maintaining uninterrupted operations following the completion of the transaction. About Reimagined Parking Reimagined Parking's portfolio includes nationally recognized brands such as Impark, Lanier, Republic Parking, AmeriPark, and Park One. With a workforce of more than 6,600 managing over 2,500 high-density parking facilities across more than 275 North American cities, the Company generates 34 million digital transactions annually, serving high-profile commercial real estate, retail, hospitality, airport, event, healthcare, municipal, and education locations. For more information, please visit www.reimaginedparking.com.

As with many mobility and transportation agencies, Wave Transit in Wilmington, North Carolina has a strong commitment to sustainability initiatives by working to grow ridership, reducing dependence on automobiles, limiting emissions, and minimizing our carbon footprint. Recently, Wave implemented a program that takes advantage of our use of Compress Natural Gas (CNG) for fueling buses by producing monthly revenue through a unique program. CNG has low amounts of nitrogen dioxide, carbon dioxide, and sulfur dioxide while being an average of 33% less than diesel. This particular program falls under the Environmental Protection Agency’s Renewal Fuels Standards (RFS) which links our dispensing of CNG with the production of renewable natural gas elsewhere in the United States. This program is centered on credits known as Renewable Identification Numbers (RINs) that verify that renewable fuel was used as a transportation fuel. Renewable fuel producers generate RINs by producing a gallon (or gallon equivalent) of renewable fuel such compressed natural gas. A commodities company has been engaged by Wave and they combine production and dispensing data to generate RINs which are sold to obligated parties and then Wave receives a monthly payment for a negotiated percentage of the RIN sale. No changes were required with any CNG fueling equipment and processes as this program allows Wave to continue fueling as we have in the past. The program does require documentation and reporting to ensure compliance with the EPA requirements, but the significant financial and sustainability benefits have come with minimal additional effort so this program has been extremely well received.  Mark Hairr, CAPP, is an Executive Director for Wave Transit. Mark can be reached at mhairr@wavetransit.com.

I am a firm believer that an organization’s work culture will determine employee longevity and overall success or shortcomings for a company.  While the Keurig coffee machines and donuts are appreciated when supplied, culture goes beyond these types of perks and instead centers on professionalism, understanding and respect across an entire department.  I also believe most working employees strive to perform their jobs efficiently with favorable behavioral patterns.  It is the primary responsibility of leadership to guide and maintain positive working cultures, which includes the below: Engaging management style Encourages staff on a consistent basis, promotes an open line of positive communication, provides constructive feedback and also at the same time looks for feedback Diversity Provides equal opportunities to different backgrounds, relies on a team with differing experiences to provide forward thinking solutions Involvement, support, growth Recommends growth and development, offers training resources and encourages higher education and/or certification, involves team members with new projects to enhance skills, promotes group activities Work-life-balance Respects staff and time away from work and establishes boundaries, designates tasks to the appropriate team members, considering flexible scheduling, leading by example Compensation For management positions with routine scheduling demands outside and in addition to normal business hours, matching salaries to reflect the nature of the position and work performed Our work environments continue to evolve, and staffing challenges continue to impact all service industries.   Companies coming out on top with talent and high retention rates are those promoting strong work cultures while demonstrating modern work practices, and these organizations are the leading industry innovators.    Zach Pearce is an Associate Director of Operations at Old Dominion University. Zach can be reached at zpearce@odu.edu.

A New Funding Solution for Sustainable Parking & Mobility Solutions

Balancing Organization, Compliance, and Employee Satisfaction

Pittsburgh Builds Legal Structure for Ticket-by-Mail

Los Angeles, CA – ParkHelp, a global leader in intelligent parking solutions, today announced the launch of its Tariff Protection Plan (TPP), a forward-looking initiative to secure pricing for clients planning parking technology infrastructure projects in 2025 and 2026. The TPP provides cost certainty to parking owners by shielding them from potential dramatic cost increases caused by the implementation of tariffs on equipment built outside the United States. It has been reported that President-elect Trump has announced his intention to impose tariffs between 10% and as high as 60% as soon as January 26th, 2025. “The parking industry is technology-driven, and the imposition of these tariffs could have far-reaching consequences not just for parking owners, but for the industry itself,” said Colin Knell, President USA of ParkHelp Technologies. “The Tariff Protection Plan is a demonstration of ParkHelp’s dedication to our long-term partnerships with our customers. We are committed to their long-term success, and the TPP is designed to keep their smart parking projects moving forward while protecting them from cost increases that could undermine those projects.” By enrolling in the TPP, ParkHelp customers and prospective customers can lock in 2024 pricing for projects that are delivered in 2025 and 2026. The Tariff Protection Plan is designed to incentivize parking owners to future-proof their parking technology investments by mitigating the uncertainties they face in an evolving economic landscape. By locking in prices early, owners can gain financial predictability, enabling more effective strategic planning and ensuring that their projects remain on track and within budget. “For parking owners who are worried that their projects may be at risk, the TPP could be the answer to keeping those projects on track,” said Knell. “Owners don’t need to already be a ParkHelp customer to benefit from the TPP. Even if their projects are in the final stages of planning, we can work with owners to complete their smart parking projects on time and on budget.” To learn more about the Tariff Protection Plan, contact ParkHelp at https://www.parkhelp.com/contact/. About ParkHelp Technologies ParkHelp is one of the world’s leading providers of smart parking solutions, offering a range of innovative products designed to optimize parking management, improve the user experience, promote sustainable urban mobility, and help parking owners generate more revenue. The company manufactures, sells, and services advanced parking guidance systems (PGS), digital guidance signage, license plate recognition (LPR) cameras, and integrated software solutions tailored for diverse environments, including commercial complexes, shopping malls, hospitals, corporate campuses, airports, and municipalities. ParkHelp can be found online at www.parkhelp.com.

Leveraging Technology to Boost Customer Retention & Revenue

Get My Parking, a global provider of cutting-edge smart parking software and solutions, is excited to announce the launch of its highly anticipated Event Parking Playbook. This free, comprehensive resource is designed to equip parking operators with the strategies, tools, and best practices needed to streamline event parking operations, boost revenue, and enhance the overall parking experience. The Event Parking Playbook is packed with actionable insights, step-by-step guides, and expert advice on everything from pre-event planning to post-event follow-ups. Whether you're managing parking for a concert, sports event, or festival, this playbook provides operators with the knowledge to optimize traffic flow, implement digitized access and payments, and deliver exceptional customer service. “We understand how critical parking is to the overall event experience,” said Chirag Jain, CEO at Get My Parking. “Our Event Parking Playbook was developed to help parking operators deliver seamless, stress-free experiences for attendees while maximizing revenue and operational efficiency.” Key highlights of the playbook include: Expert Planning Guides: Step-by-step instructions for managing parking logistics before, during, and after the event. Industry Insights: Deep-dive interviews with experts, from industry veterans like Parkwell to the mastermind behind our home-grown event parking platform. Digitization Strategies: Tips on implementing smart parking solutions, including digital passes and app-based payments. Revenue Optimization: Proven techniques to maximize revenue through dynamic pricing, enhanced customer communication, and streamlined operations. Customer Experience: Best practices for improving the parking experience for attendees, ensuring a smooth entry and exit. The Event Parking Playbook caters to parking operators of all sizes, from those new to the industry to seasoned professionals. Download the Event Parking Playbook today. About Get My Parking Founded in 2015, Get My Parking is an award-winning startup that has grown to a team of 100+ members across five continents. GMP provides essential technology to parking operators – ticketless AI-PARCS, white-label parking apps, an IoT gate kit to retrofit old parking gates for modern capabilities, and an interoperable cloud platform that enables centralized and digital operations across a network of parking facilities. GMP spearheads new trends like AI-powered license plate matching, EV charging,  and shared mobility hubs on parking-related real estate with Plug-N-Play API integrations. GMP’s solutions have been deployed across 3,500 locations worldwide, enabling millions of parkers every month. Would you like to be a part of our next playbook? Share your insights with the industry! Reach out to us at teammarketing@getmyparking.com to be a part of our next parking playbook.

“Hey Siri, can you give me directions to dynamic pricing?” Pricing parking appropriately in cities has long been a puzzle for transportation planners. As urban congestion grows and the demand for curb space increases, cities are challenged to find efficient ways to manage their parking resources. While some cities are just beginning to implement static parking pricing models, the conversation is evolving quickly toward more sophisticated, demand-based approaches. But how do cities move along this road—from static pricing all the way to dynamic pricing? “To begin, head west toward static pricing” For cities just beginning to charge for on-street parking, static pricing is often the first step. Parking rates are consistent across time and location and set for an entire service area. This approach is easy to implement and helps cities introduce the concept of paid parking to their residents. However, static pricing often fails to address varying levels of demand throughout the city, leading to inefficient space utilization. The challenge with static pricing is that it treats every space the same, regardless of location or time. In high-demand areas, spaces may fill quickly, while less busy neighborhoods might see spaces go unused. Cities may begin to see that this simple system can be improved by targeting pricing to match local conditions. “In 1,000 feet, turn right toward pricing by zone” The next step in the evolution of parking pricing is implementing variably pricing by location. Cities begin to adjust rates based on zone, charging more in areas with higher demand. For example, parking downtown during business hours might cost more than parking in a less congested neighborhood. This zone-based pricing helps ensure that high-demand areas experience turnover, and it pushes drivers to park in underutilized spaces. However, this system is still somewhat static because the pricing for each zone is typically set for at least a year, and the city might not be able to adjust rates on a short-term basis. “Just ahead, keep left toward variable pricing by time” After pricing by zone, cities can adopt variable pricing by time, adding a new lever to the pricing strategy. In this model, parking rates are set higher during peak hours and lower during off-peak times. For instance, a city might charge higher rates in the evenings near restaurants and entertainment areas or during business hours in commercial districts. By using time-based adjustments, cities can better manage their parking supply based on known patterns of demand. However, similar to pricing by zone, these rates are still fixed for a defined period, and adjustments typically happen annually or less frequently. “In half a mile, use the second lane from the left to turn to demand-responsive pricing” As cities move further along the pricing road, they can begin to implement demand-responsive pricing. This system allows cities to periodically adjust rates based on parking demand data, usually shifting rates seasonally or quarterly to better reflect usage trends. For instance, a city might raise parking prices in a popular shopping district during the holiday season or lower rates in underutilized zones after observing sustained low demand. Demand-responsive pricing encourages drivers to park in less congested areas, freeing up space in high-demand zones. Cities often rely on pre-approved rate ranges they can switch between throughout the year based on the data they collect on parking patterns. This model brings cities closer to a dynamic pricing system but still lacks real-time flexibility. “Your destination is approaching, dynamic pricing is just ahead on the right” Finally, the future frontier of parking pricing is dynamic pricing, where rates adjust in real time based on current demand — imagine “surge pricing” for curbs. With dynamic pricing, cities require real-time data on parking occupancy, allowing them to shift rates immediately by time of day, location, or demand level. This creates a responsive system where parking spaces are always priced to reflect their true value at any given moment. Dynamic pricing is an incredibly advanced approach and requires sophisticated technology, including sensors, smart meters, and powerful data analytics. While most cities are not yet ready to implement this system, dynamic pricing offers a vision of the future—one where cities can seamlessly manage parking supply, reduce congestion, and create a better experience for residents and visitors. “What you’ll need on your trip” Each stage in the evolution of parking pricing requires cities to gather and analyze increasing amounts of data. As cities progress from static pricing to more sophisticated models like demand-responsive and dynamic pricing, having access to comprehensive parking data becomes critical. Parking Insights provides cities with the tools they need to gather, analyze, and act on parking occupancy data. Whether a city is ready to implement demand-responsive pricing or is looking to make the larger leap to dynamic pricing, they can be provided with the insights and infrastructure required for success. With the right platform, cities can track parking occupancy, identify patterns, and adjust pricing models to optimize space utilization and revenue. The Road Ahead The path from fixed pricing to dynamic pricing may seem daunting, but cities don’t need to travel it alone. By leveraging data and digital tools, cities can evolve their pricing strategies step by step, moving toward smarter, more efficient parking systems. Are you ready to explore the future of parking pricing? Ali Barsamian is the Vice President of Growth with Populus. Ali can be reached at ali.barsamian@populus.ai.