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Is your business leaking money when it comes to parking?

Most of us urbanites never give it a thought. Of course you drive around looking for parking. 40% of NYC drivers stopped in one survey* said they were driving in circles in an attempt to locate that elusive spot. But the current method of parking for business is more costly than you think. Let’s audit […]

Most of us urbanites never give it a thought. Of course you drive around looking for parking. 40% of NYC drivers stopped in one survey* said they were driving in circles in an attempt to locate that elusive spot.

But the current method of parking for business is more costly than you think. Let’s audit the realities of parking expenses and discover methods businesses can employ to recoup the money.

In Chicago, the average driver takes at least 15 minutes to find parking. Unclear destinations, crowded pedestrian crossings, and full lots mean a guaranteed trip around the block a time or two—wasting time and creating frustration. At a mid-level lawyer’s hourly bill rate of $350 per hour, that’s $87.50, before the parking bill.

While we’re on it, let’s talk about the price of parking. Downtown on-street spaces are trending toward dynamic market pricing—the highest amount they can to fill the spot, but not so much that it’s left vacant. Worse yet, most municipal parking software is not nimble enough to adjust for supply and demand. Hence the rise in the price of on-street parking.

According to the National Parking Association’s survey**, premium downtown parking rose an average of 4.5% in one year, while the least expensive spot rose the most—nearly 33%.

Off-street parking–garages and lots, once thought of as an expensive bastion of the fiscally-indulgent–have now become the reasonable alternative for business parking, thanks to technology leveraged by the only business-specific parking app—ParkWhiz for Business.

Find out more about this innovative parking solution. ParkWhiz for Business

Introduced in its hometown of Chicago, ParkWhiz for Business is poised to help companies recoup T&E expenses. This free platform offers employees the opportunity to park off-street for up to 50% off drive-up rates with virtual passes, while offering the company online, real-time expense tracking without the time-consuming paper trail.

Cha-Ching. That’s the sound of savings on gas, hourly fees and, even, pollution while circling. Now add in up to 50% savings on parking, less time spent expense filing, and quicker expense tracking–and you begin to get the picture.

In our Chicago example, that’s the $87.50 saved by no circling, plus half of the average daily fee of $34 per day*** (without in-out privileges) for another $17. Now add the hard-to-quantify (but beautiful to realize) savings on expense report and accounting time, and you begin to get the picture. The real recouped cost of using an app like ParkWhiz for Business for a downtown lawyer can be a whopping nearly $150 per trip! That’s per employee. At two trips per week, that’s nearly $16,000 in savings a year.

Lighten accounting time, eliminate paper reports and control T& E expenses?ParkWhiz for Business

So now’s the time to leverage this new technology to reign in the most difficult cost category for a business to control behind maintenance and repairs****—Travel and Entertainment expenses. You’ll not only be helping your business bottom line, you’ll be helping your town’s infrastructure.

Dr. Jean-Paul Rodrigue of Hofstra University***** states that cruising for parking accounts for 10% of a city’s congestion. Which means your business has a golden chance to free up the streets and cinch in your budget with a simple tech tool for parking.

JOIN the quick and easy way to book business parking–and save with up to 50% off drive-up rates. Set up your business account on our free platform. ParkWhiz for Business.

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