Case Study
Raffle Parking
Raffle Parking operates 803 Fannin, a 1,100-stall garage
in the heart of downtown Houston’s commercial core
Summary
Raffle Parking operates 803 Fannin, a 1,100-stall garage in the heart of downtown Houston’s commercial core. The structure caters to a diverse clientele, including JP Morgan Chase. Raffle Parking employed ParkHub’s Smarking Business Intelligence (BI) and Automated Yield Management (AYM) technologies to improve its transient revenue while continuing to provide a positive customer experience for its monthly clients.
The Challenge
Need to maximize transient revenue without negatively impacting monthly parkers or overall customer satisfaction
Employ solid data and analysis to make informed rate adjustments
Understand the spectrum of potential revenue implications that come with a rate increase, knowing parkers are sensitive to transient rates
The Solution
Raffle Parking uses ParkHub’s Smarking BI tool to analyze parking trends at its garage and recently updated its transient parking rate structure. By using the Smarking BI dashboard, Raffle Parking could access detailed data needed to decide how much to change rates and whether to add, remove, or consolidate rate bands.
Several models predicted the impact of various rate changes – Rate increases of $1-2 per rate band
The Results
Increased Revenue
Through rate adjustments, such as increasing the 10-24 hour parking rate by $1 to $26, Raffle Parking projected an additional $10,088 in annual revenue, assuming stable transaction numbers.
Data-Informed Decisions
Smarking’s analysis clearly explained how rate changes would impact revenue and transactions, enabling Raffle Parking to make informed decisions. A breakeven analysis showed transactions would need to decline by more than 3.8% for the $1 increase on the 10-24 hour parking rate to impact overall revenue negatively.
Learn More
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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 permitting products, utilized by numerous municipalities across the country.”
Chris Elliston
ParkHub Chief Revenue Officer