Case Study
City of Knoxville
Optimized Parking Strategies Accelerate Revenue
Recovery for the City of Knoxville
Summary
The City of Knoxville incorporated ParkHub Smarking BI solution to analyze their parking assets’ performance against industry standards and track recovery trends. Despite significant disruptions in parking revenue due to pandemic-related shutdowns, Knoxville leveraged the data insights to identify opportunities for optimizing rate structures and maximizing oversell opportunities. This approach enabled the City to accelerate revenue recovery and outperform the majority of parking facilities in North America.
The Challenge
Significant decline in commuter and visitor parking revenues due to pandemic shutdowns – 50-70% less commuter parking activity and 95% visitor revenue loss.
Need to find new ways to generate revenue while maintaining essential services.
The Solution
Data-Driven Benchmarking
The City of Knoxville used ParkHub’s Smarking BI Industry Benchmark to compare its parking facilities’ performance against other facilities across North America and monitor recovery progress. Benchmark insights helped the City to identify oversell opportunities and determine the right rate structures.
Standardized Metrics for Insight
ParkHub’s Smarking BI standardized metrics offered real-time data to assess Knoxville’s parking performance. Unlimited users could access the benchmark data to inform strategic decisions.
The Results
Revenue Recovery for On-Street Parking
From April to December 2020, Knoxville’s on-street parking revenue surpassed that of 74% of other facilities in North America and 70% of facilities in the Nashville region.
Off-Street Parking Uptake
By December 2020, Knoxville had recovered 42% of YoY off-street parking revenue, while the average recovery across North America was only 26%. Occupancy rates also surpassed 73% of facilities across North America.
In Conclusion
The City of Knoxville used data-driven insights from ParkHub’s Smarking BI solution to effectively manage pandemic-related disruptions to parking revenue. Knoxville was able to recover revenue and maintain accessibility by benchmarking its performance, identifying opportunities, and adjusting strategies.
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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