Although a system widely utilized on a daily basis, parking is chock-full of costly inefficiencies. This results in significant waste in the form of revenue, time, labor, resources and environmental waste. In the U.S. alone, inefficiencies in our current parking system cause $96 billion of annual waste. Broken down further, $73 billion of this waste is attributed to searching for parking, $20 billion is lost on overpaying for parking and $3 billion is spent on parking fines.

If most pricing models in our society are based off of supply and demand, why is the same logic not consistently applied to the $100 billion parking industry? We pay premium prices for airfare and ride-hail services during peak times, yet we don’t do the same when it comes to parking. Instead, the majority of parking systems employ static pricing models based on historical data that is often times inaccurate. Giving way to a more modern method such as dynamic pricing not only enhances the overall parking experience, but also benefits all parties involved.

If most pricing models in our society are based off of supply and demand, why is the same logic not consistently applied to the $100 billion parking industry? We pay premium prices for airfare and ride-hail services during peak times, yet we don’t do the same when it comes to parking. Instead, the majority of parking systems employ static pricing models based on historical data that is often times inaccurate. Giving way to a more modern method such as dynamic pricing not only enhances the overall parking experience, but also benefits all parties involved.