SpotHero Eclipses $1 Billion in Parking Reservations Sold,
Sets Sights to Further Modernize the Parking Industry
Digital parking leader continues to unlock and expand availability of parking throughout North America
CHICAGO—October 20, 2022—SpotHero, the digital parking leader in North America, has exceeded $1 billion in parking reservations sold since its founding in 2011. SpotHero’s latest milestone signifies its continued leadership in the market and its commitment to further digitizing the parking industry, making it more affordable and convenient for drivers to find and book parking, and easier for parking operators to effectively manage and more efficiently monetize their parking lots/spaces. The North American parking industry is a $36B marketplace that is currently only two percent digitized.
“We’re extremely proud to celebrate the $1 billion milestone, but SpotHero isn’t stopping here. We see this as a larger opportunity to continue transforming an industry that is lagging in our digital-driven world where we can solve problems for people and parking operators in real-time,” said Mark Lawrence, SpotHero co-founder and CEO. “We don’t need to build or create more parking spaces; we just need a more efficient way of connecting drivers with existing inventory. This allows them space to spend more quality time at their desired destinations instead of circling the block looking for parking. This core focus has led to our growth, success and ongoing approach to innovation.”
The average motorist roams 1.22 miles before they find a place to park, which is why in SpotHero’s 2022 State of Parking Report, the company found that nearly half (48.5%) of all Americans say parking is a source of stress. SpotHero offers a solution to the hassle of finding a parking spot by equipping drivers with an easy-to-use platform. The platform, accessed online or via mobile app, allows drivers to explore affordable parking options near their destination and provides an instant parking pass upon receipt of payment. SpotHero’s consumer and operator-friendly platform has established the company as a leading parking marketplace and helped park more than 40 million cars throughout the United States and Canada.
“There’s a lot of room for growth in the parking industry because it’s one of the few industries where things are still done non-digitally, such as pulling tickets and paying with cash,” said Matt DiBari, Chief Product Officer at SpotHero. “From our SpotHero IQ pricing platform to our Customer Hero service team, we’ve created a product for drivers who demand reliability in where they can park and how much they will pay. We believe there is tremendous opportunity to innovate within this lens and are excited to continue developing new partnerships and forging ahead to make parking easier for our drivers and operator partners.”
Since its founding in 2011, SpotHero has seen an average 145% annual increase in digital parking reservations while partnering with 1600+ operators across more than 300 cities and 8,000 locations. Despite a complete market disruption and freeze in parking due to COVID, the company has seen a significant resurgence in demand across North America, with major U.S. cities including Boston, New York, Chicago and San Francisco surpassing pre-COVID usage levels. Over the next three years, SpotHero aims to significantly grow its impact on the parking industry through investments that will expand its digital capacity with a goal of achieving 20% digitization of parking inventory by 2025.
With over $1 billion in parking reservations sold, SpotHero solidifies its reputation as the most reliable and convenient option for customers across the industry. A key factor of SpotHero’s growth has been a direct result of its commitment and investment to excellent customer service. SpotHero’s Customer Heroes are available 7 days a week to assist drivers with everything from parking reservation cancellations to technical and location-based issues. This customer-centric focus is embodied throughout the company and has led to SpotHero receiving highly favorable customer experience rankings with an average Net Promoter Score (NPS) of 60, Customer Satisfaction Score of 4.44/5 and a Trustpilot score of 4.1, all of which are among the highest scores in the parking industry.
Parking operators have also seen the impact of SpotHero’s commitment to leadership in the industry with over 1600+ operator partnerships across North America. Since 2011, SpotHero has grown its number of parking locations by nearly 30% each year, as more and more operators have recognized the value of SpotHero’s innovative tools and insights. The data SpotHero can provide through SpotHero IQ, the parking industry’s most dynamic pricing tool, allows operators to run their businesses more efficiently and more effectively manage their parking inventory, further driving revenues.
SpotHero is the digital parking leader and only independent off-street parking marketplace in North America. Millions of drivers use SpotHero’s mobile apps and website to find, book and access off-street parking in over 8,000 locations across 300 cities in the U.S. and Canada. Leading operator partners leverage SpotHero’s AI-powered dynamic pricing platform SpotHero IQ to power data-driven decisions. For more information, visit SpotHero.com.