Growing up in St. Mary Parish in Louisiana, I got a chance to see a number of great examples of hospitality toward your neighbor. There was always someone you could call to get a ride (free of charge of course) to go to a doctor’s appointment or to the grocery store or even to church. Little did we know that this hospitality would grow to the tune of a billion-dollar industry.
Already producing billions in revenue, commute options such as Uber ($4.9 billion) are already leading the way in replacing taxi services. After seeing how many new companies are following suit (Lyft, Blablacar, Hallo), it started me to thinking: The larger these options become, what types of shifts might we see in the parking industry? What will happen to the building of new structures and what effect will a reduction have on supporting industries? Could the next generation purchasing fewer cars and deciding not to obtain driver’s licenses be the next big step in a paradigm shift? Will there be less hardware purchases and more software? How will hardware differ from what it is today?
These are questions that came to mind after reviewing software applications such as ParkWhiz ($12m), SpotHero ($7.4 million), Pango ($6.5m), or Parking Panda ($4.7m), which are certainly making access to parking less stressful and establishing themselves as a viable support system to companies that include Uber and Lyft.
With the aging Boomers and the encroaching Millennials, it is almost certain that there will be great demand for such services far into the future—not to mention fewer on the road decreasing CO2 emissions. I heard this morning on the news that insurance companies have already begun providing coverage for these new innovative options, seeing clearly the handwriting on the wall.
What should we be doing then to capitalize on this new trend? Where do these innovative options take us as an industry? What new skills, knowledge, and abilities will be required for this change? Will it further change the way we teach and train our future parking professionals?
I don’t know about you, but I am hoping that as the aging process in my life continues, I can go back to a time in my life where my neighbor is still willing to pick me up (for a small fee, of course).