At Towne Park, we view parking as a valued asset that should be leveraged to drive performance and revenue. We measure this opportunity using RevPAS or revenue per available space, a key metric to evaluate our parking optimization. Our goal is not to simply collect the revenue naturally generated by your parking asset, but to capitalize on our 35 years of industry expertise along with demand data and information about the local market to drive the right combination of pricing and volume that ensures the optimal revenue outcome.
Market Rate Planning Leverages the Latest Data to Optimize Parking Rates
Towne Park maintains a real-time proprietary database of rates for parking operations in the United States. We use this data to establish the right pricing architecture for each client specific to their market. Whether determining the optimal differential between valet and self-parking rates or finding the right pricing architecture for your valet or self-parking operation, we have the tools and expertise to make effective choices.
Dynamic Pricing Increases Revenue
We have a firm understanding of local drive-in ratios, valet capture rates, monthly parking demand and potential transient vehicle volumes and we use historical data in conjunction with our proprietary meta-data collection to create a realistic projection of vehicle volume. This forecast of parking inventory usage allows us to implement our proprietary AI-based dynamic pricing model to generate pricing recommendations on a daily or hourly cadence that will optimize revenue. Rates can be automatically raised or lowered depending on real-time market conditions and comp sets. Digital rate displays at arrival show the current parking rates, maintaining transparency parkers appreciate. The flexibility dynamic pricing provides makes it a useful tool for driving performance during both peak and off-peak periods.
Smart Aggregation Drives Demand
If your parking asset has inventory available for sale to the public our proprietary inventory distribution platform, Smart Aggregation, will deliver results by instantly putting your inventory on the market through more than ten different pre-qualified booking channels. Our buying power allows us to provide you with commission savings, and because our partner channels are selling from the same available inventory we are automatically marketing your inventory to whichever aggregator is producing the best results. We can combine this centralized control of your parking space sales with our dynamic pricing model to drive the most RevPAS to your facility.
T-Park: Creating New Revenue Opportunities
Our innovative parking optimization solution, T-Park®, unlocks new sources of high-margin revenue while enabling a fast and effortless parking experience for customers. T-Park is a gateless, digital self-parking solution with payments made via mobile device. And with zero equipment and operating costs, it’s easy to maximize new revenue and increase your profitability from day one. We will handle all the details—including revenue collection, compliance, and revenue optimization—to make monetizing and managing your parking asset a seamless experience for you, while providing a seamless parking experience for your customers.
Managed EV Valet: Increase Revenue. Increase Satisfaction.
Towne Park’s managed electric vehicle charging service is our newest tech-enabled solution to elevate the customer experience. We utilize the EV industry’s best-in-class parking technology to effectively manage and streamline EV charging, creating a new revenue stream and increasing customer satisfaction. This premium managed service is a natural extension of valet, optimizing the utilization of tech and driving efficiencies by leveraging the Towne Park onsite valet team to fully utilize charging resources. It also is a brand differentiator by providing a highly valued amenity for customers who own EV vehicles and supports environmental sustainability goals.
Monthly Parking: Additional Low-Risk Revenue
Towne Park’s solutions make monthly parking easy for customers or employees and cost-effective with automated payment systems and convenient online access. With simple management requirements and flexible solutions, monthly parking provides a consistent stream of low-risk parking revenue. By leveraging competitive rate surveys, the Towne Park team will make rate determinations that ensure yield maximization for your monthly parking revenue.
