Case Study
ABM Industries
ParkHub Increases Revenue by 95-250%
with Its Dynamic Pricing Engine
Who’s Involved
Matt Andrews | Branch Manager at ABM
Jim Alexander | Vice President at ABM
John Leaf | Senior Branch Manager at ABM
Customer Takeaways
We’ve used [ParkHub’s] dynamic pricing (AYM) and Business Intelligence (BI) solutions at our Chicago locations for years, it’s played a key role in driving new demand to our site. Within the last 3 months, we’ve driven 82% more transactions than the national average. The BI solution has provided us with real-time, granular, visibility into our garages’ performance, making it easier for our team to double-down on what’s working well and uncover opportunities.
Matt Andrews, Branch Manager at ABM
[ParkHub] has played a key role in keeping our parking assets across the U.S. competitive for years, especially now during the COVID-19 pandemic. No one else in the industry is doing, or can do, what [ParkHub] does for their clients. That’s why they’re a strategic partner of ours.
Jim Alexander, Vice President of ABM
[ParkHub’s] dynamic pricing solution, AYM, has helped prevent our locations’ revenue from falling as much as others during COVID. And we didn’t have to spend time or resources trying to figure out what the new pricing should be. It just updates it throughout the day according to demand, resulting in our NY location generating 26% more revenue than the U.S. average.
John Leaf, Senior Branch Manager at ABM
Summary
ABM Industries uses ParkHub’s Smarking Business Intelligence solutions, such as integrated parking management and dynamic pricing engine, to maximize revenue and facilitate timely, data-driven decisions. ParkHub’s dynamic pricing tools have allowed ABM to create operational efficiency across its parking facilities in multiple key markets.
The Challenge
Maximize revenue while adapting to rapidly changing market conditions during the COVID-19 pandemic.
Track occupancy patterns, optimize pricing, and communicate parking trends to property managers.
The Solution
ABM tapped into ParkHub’s Smarking Business Intelligence solutions for Automated Yield Management (AYM), enabling dynamic pricing adjustments based on real-time data. ABM used the solutions to optimize prices across its locations in Manhattan and other strategic markets.
The Results
Adjustments helped ABM’s Midtown Center garage outperform 75% of US garages and recover from pandemic-related losses.
Since implementing ParkHub’s AYM system in June 2020, the garage saw an online revenue increase of 95-250%, amounting to an additional $90,000 to $200,000 per year at targeted sites.
Online sales channels reached about three times pre-pandemic levels at ABM’s Midtown Center garage despite the impact of COVID-19. The garage outperformed year-over-year in August 2020, an incredible feat given that the industry average was down about 60%.
The garage’s peak occupancy trend compared to the benchmark showed that it retained the same or higher volume of overall parkers throughout the pandemic recovery period.
In Conclusion
ParkHub’s dynamic pricing and BI tools have transformed ABM’s parking management strategy, resulting in significant revenue increases and enhanced competitive positioning in the market. This case study demonstrates the effectiveness of ParkHub’s technology in helping operators adapt to and capitalize on market changes.
Learn More
With integrated payments, devices, and business intelligence, ParkHub is paving the road to a brighter digital future. On that road, ParkHub customers are driving away from cash, quickly and seamlessly.
Experience How ParkHub Can Transform Your Parking Operations
“ParkHub was designed to revolutionize an antiquated industry by providing an agnostic and open technology platform for finding, reserving, and paying for event parking online. As we expanded, we developed a best-in-class, mobile-point-of-sale device and comprehensive management suite, currently used by hundreds of parking operators, sports & entertainment venues, universities, festivals, & more, at thousands of locations across the U.S. With our recent acquisition of Smarking, we also offer full-scale business intelligence, dynamic pricing, and pre-paid reservation products, utilized by numerous municipalities across the country.”
Chris Elliston
ParkHub Chief Revenue Officer