While we acknowledge our bias, the data around owning a cost-effective parking system speaks for itself. Our findings demonstrate that adopting a car parking system yields substantial long-term cost advantages:
Firstly, optimizing parking management reduces the need for extra parking facilities – thus leading to savings in construction expenses. Basically, you can accommodate more vehicles without expanding the parking area, thereby maximizing parking revenue generation.
Secondly, you can reduce the need for ‘human workers’ and reduce associated labor expenses.
Thirdly, improved parking efficiency increases customer satisfaction and loyalty, resulting in repeat business and positive word-of-mouth, enhancing the financial outcomes of parking business owners.
Lastly, and trending currently, car parking systems help reduce fuel consumption and carbon footprints. This is especially important as many municipalities receive funding based on their sustainability goals. A solid parking management solution minimizes unnecessary driving in search of parking, aligning with sustainability goals.
We can just about hear you yelling at the screen “yes, yes, yes – but what about the short-term expense?!”
Although initial setup expenses may differ, the long-term benefits of these smart parking systems far exceed the upfront investment in the long run. That being said, we know that implementing a new car parking solution can be perceived as requiring a substantial initial investment. These upfront expenses likely serve as a deterrent with CFO’s and Business Managers. We also totally appreciate that the set-up costs can pose a challenge for companies aiming to improve their parking operations while managing their budgets efficiently. A cost-effective parking system is ‘the dream’ right?
So how about some sweet pay-back periods to help sweeten the deal?
We had a similar conversation with our friends over at USC. They were managing a tight budget, and as you can imagine with university funding, intense public scrutiny over every penny spent. USC installed our PARCS, FrogValidate and FrogMobile. After working with USC, we can clearly provide evidence that their payback period was 70 days. No wonder the university is happy. Frogparking’s installation brings in so much unrealized revenue, USC can now afford to invest in upgrading other parking assets and performing preventative maintenance.
Want more evidence?
Another customer we work with, Invercargill Central, also experienced a phenomenal pay back period. The shopping center reached break even after four months. This increased time is attributed to the mall being a new construction with its anchor tenants not opening for business until two months of operation. Essentially, they had made enough in parking revenue from the Frogparking PARCS to cover their annual system charges in under one month of operation. Not only that, but they also optimized revenue by working with our team on their data insights, that resulted in a 46% improvement in daily revenue.
The short-term expense you are worried about, simply isn’t even worth stressing over. The system pays for itself, in less than three months. Literally, install in winter and you’ll have paid it back by spring (at the latest). At this point, parking revenue optimization soars, and you can sit back and watch the magic happen.
But what is actually included in a Parking System?
Truly, just about everything and anything!
If you’re looking for Parking Access – think about our parking barrier arm, our parking payment terminal or a license plate recognition camera. If you’re in the market for parking guidance systems – you’re in luck, we offer both indoor and outdoor options. Combined with dynamic wayfinding signage. We can even throw in a car counter for good measure.
On top of all that, we offer a comprehensive range of parking software options as well. Our data & analytics dashboard, as well as our parking mobile app are our heroes. We back that up with parking compliance software, parking permitting software, a mobility hub, a valet management software and an amazing parking validation software as well.
In summary, despite the initial financial outlay, investing in modern parking systems can bring about both short-term and long-term cost-effective benefits. Automated parking solutions, will streamline operations, reduce unnecessary infrastructure upgrades, enhance customer experience, and optimize space utilization. By incorporating technology-driven parking solutions, businesses can also contribute to their organization’s overall sustainability goals.
Embrace the future of parking with Frogparking – take a leap into the future with us, where possibilities are limitless.
