Pavemint: Redefining Parking Management

Could you elaborate on the benefits of the solution provided by the company?

The number one benefit we provide is the combination of increased revenue opportunities and reduced overhead costs. By offering SMS and automated text messaging options, we provide easy no-contact payment alternatives to customers with all mobile devices. We empower valets and attendants with our suite of tools designed to optimize lot operations. The products and services we offer–license plate scanning, key tracking, digital parking passes, and vehicle notes, to name a few–reduce overhead by simply making each operator more efficient. Our automated email digests and reporting tools give operators consistent access to performance metrics and open the door to predictive analytics.

Too many of the current solutions we see focus almost exclusively on preparing customers for the drive-up experience or being able to buy parking an hour in advance. And while those are important aspects to address, efficient parking operations are about much more than something like, say, matching ticket sales with the parking field. For example, the Fonda Theatre in Los Angeles manages its season passes for all their ticketed events, and they need to plan for parking accordingly. But they lack the insights and tools they need to maximize their overall productivity. We have a very path-focused management tool that helps event organizers improve both control and flexibility in their lot operations. Whether it’s predicting the expected demand or managing staffing needs, Pavemint helps lot operators reduce costs while maximizing their efficiency in the lot space.

Parking is incredibly complex and underserved. The network effect of our individual modules and applications is definitely a big part of our strategy. We believe the ultimate synergistic value is to integrate all the individual workflows, whether it be gate integration, valet, or back-end operations. Data collected at every point can be leveraged to improve the operators’ insight and decision-making around operations such as staffing, gate problems, variable pricing, and other external inputs, from weather to viruses, that can affect demand.

We also assist partners who build venues and housing to design the correct infrastructure, which may involve reducing the number of required parking spaces. We can then source those spaces and parking options through procurement and satellite parking in the area, suggesting where cars can park and ultimately controlling who parks where.

What does the future hold for the company?

In the future, we aim to keep innovating and developing more products based on the relationships we build. Several city departments have approached us about how they can do a better job planning for both parking and urban development. Parking lots are not only expensive to build but also to maintain. A lot of cities look at parking centers as a necessary evil. Some consider them as problem centers. Parking lots can contribute to or reduce traffic. They can make or break the appeal of a city’s skyline and aesthetic. Cities want their parking lots located in the best possible places to reduce traffic and enhance the city’s aesthetic appeal while eliminating parking problems to draw more people in. Urban planners also need a real-time data mechanism, and we’re excited to be working on solutions to offer them.

There has been a complete renaissance in parking operators wanting to provide tech-enabled solutions to their consumer-parkers. Our focus is on listening to our customers so we can build the right products in a way that will ultimately revolutionize the parking world for consumer-parkers and operators alike, even across industry lines.