Revenue Growth & Cost Savings
A technology-infused parking solution boosts both capability and Return on Investment.
Conventional Parking
Increase
Revenue Generating Space
The most powerful way to increase a project's ROI is to implement an automated parking solution.
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For most projects, parking is not the highest and best use for available space. In fact, developers often consider parking as a necessary yet detrimental aspect of their projects, one which detracts from their design aesthetic and constrains their financial performance.
Automated parking shifts the paradigm.
With automated parking, developers can recapture lost revenue by reducing their parking footprint up to 50%, freeing up space for offices, residential units, or other more profitable uses. Further, the adaptable and technology-enhanced elements of automated parking create opportunities for efficient EV charging and analytics-based dynamic pricing, each capable of increasing revenue within the parking garage itself.
IEG Automated Parking
Employ
Dynamic Pricing
Only automated parking systems have the intelligence to employ comprehensive dynamic pricing in real time.
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The customized software integration within each automated parking facility allows garage owners to employ dynamic pricing strategies to maximize profit. Market demand for parking can change by the minute, so pricing should flex based on local economic indicators in real time.
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Automated garages are capable of analyzing competitor pricing, peak period parking demand and other market demand changes, and can instantaneously set parking prices to achieve market efficiency.
Various integrated pricing strategies include:
Segmented Pricing per customer type
Peak Pricing for special events
Market Condition Monitoring and real-time response
Penetration Pricing to increase early adoption rates
Reduce
Costs and Expenses
Reduce Development Costs
Automated parking increases parking density up to 50%, which can drastically reduce overall development costs. Plus, vehicles are stored in an enclosed structure without pedestrian traffic or running vehicles, negating the need to meet certain building code and regulatory requirements. Overall, development costs are reduced through:
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Automated parking systems are completely modular, allowing installation above ground or underground, and either at the top or the base of a building. This gives developers flexibility to implement a parking solution that best suits their overall vision while managing costs effectively.
Less Ventilation Requirements
Less Lighting Requirements
Lower Insurance Costs
Lower Excavation Costs (up to 50%)
Less Land Area Required
Source: Robotic Parking Systems
Reduce Operating Expenses
Life cycle costs are up to 55% lower for automated parking compared to conventional garages.
Expenses going towards ramp maintenance, resurfacing, security, cleaning, and snow removal are either drastically reduced or completely eliminated. Plus, a conventional parking garage has an estimated useful life of about 20 years, where steel framed automated systems can last 40+ years.
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Lower maintenance and operating costs and an extended useful life puts automated parking in a
league of its own.
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Source: The Garage of the Future Must be Green, March 2009 issue of Parking, the National Parking Association's Magazine
Reduce Insurnance Costs
Property owners can reduce their recurring insurance costs and premiums by implementing an automated parking solution in lieu of a conventional garage. By limiting personnel access to vehicle storage structures and simplifying the parking process, automated parking reduces overall liability for numerous risks. Similarly, these facilities are uniquely designed and outfitted to dissuade criminals from committing various property and violent crimes.
Patrons benefit from the safer and more secure parking experience, and owners receive considerable insurance savings and peace of mind.