Payments

ParkWhiz lets you Reserve, Pay and Compare prices for Parking Spot via Smartphone

It can be very hard to find a parking spot sometimes, and that nearly always seems to happen at a crucial time (Murphy ’s Law?). ParkWhiz is an app that enables users to reserve a parking spot, pay for it before hand and even compare prices, location and garage amenities via smartphone.

ParkWhiz was Co-Founded by Aashish Dalal (CEO) and Jon Thornton (CTO) in June 2006. The company has received a total funding of $2 Mn through investors Hyde Park Venture Partners, Amicus Capital, Alexis Ohanian, Hyde Park Angels, Henry J. Feinberg, Garry Tan, Amreesh Modi and Adam Erlebacher. ParkWhiz was essentially formed out the founder’s frustration over being unable to find a decent parking spot at a ball game.

This video gives you an overview of ParkWhiz:

How does it work?

  • Users can compare location, price and amenities for parking all across the US to find the right parking spot for themselves. 
  • When they find a parking they like, users must lock it in by booking a spot on ParkWhiz. parkwhiz2
  • Users will instantly receive an electronic parking pass to print at their convenience or use on their smartphone.  
  • His spot is guaranteed and there are no extra fees or surcharges when the user park. 
  • The user must then follow the provided driving directions and present his ParkWhiz parking pass to the parking attendant who will guide him to his parking spot. 
  • Parking is prepaid, so there are no hidden taxes or fees when the user parks.  
  • For a full refund, cancellations can be made up to 24 hours earlier. 

ParkWhiz recently revealed some striking statistics about the parking habits of Americans:

  • Americans spend and average of $1290.30 on parking per vehicle every year. 
  • The most expensive city to park in the US at a median rate of $42/day is Honolulu, HI. 
  • This is followed by New York at $38/day, Chicago, Boston, San Francisco and Los Angeles. 
  • In the United States, an average of 30% of urban congestion is caused by drivers looking for a parking space. 

How ParkWhiz says it Improves things:

  • The ParkWhiz app allows everyday drivers to unlock hidden savings (an average of 50% for drivers in NYC), by offering real discounts over drive-up rates. It also enables real-time price-comparisons. 
  • ParkWhiz says its app saves valuable time for the driver, and also reducing everyone’s commute and the carbon emissions generated by clogged city-traffic. 
  • ParkWhiz’s customer satisfaction rating is above 95% according to the company which is an excellent figure. 

On December 12th 2013, ParhWhiz announced a strategic partnership with Datapark, a leading manufacturer of automated parking systems. This combination brings end to end eParking solutions to the commercial marketplace and enables managers, operators and parking asset owners to optimize yield.

“ParkWhiz immediately generates new revenue streams for parking providers while increasing repeat business from a greatly enhanced user experience,” said Datapark’s Stefan Tea. “Datapark and the HUB Parking Technology Group pride ourselves in delivering innovative solutions that provide added consumer value while generating incremental profits for parking providers and our alliance with ParkWhiz does just that.”

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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