The 20 Most Admired Companies of 2018

ParqEx: Easing The Parking Problems In One Click

ParqEx Parking Problems

Modern technology has already become an essential part of modern life and is continuously changing the way people interact with each other. This can be easily seen on the street. Most of the people are seen staring at their phones or sharing the rides. Wireless connectivity has allowed the impact of technology to be much more personal and intense. The Internet of Things (IoT) is basically a materialization of this on a large extent and is extending the reach of technology into areas those were previously offline. This level of connectivity enables users to get more information from and control over remote devices, but the development of this technology is still at an infancy stage of its overall impact. In order to provide the best experience for the end consumer, technology products in the IoT space, which are fragmented, need to be more integrated. Therefore, the vendors offering IoT technologies need to start offering all-inclusive solutions rather than discrete products. As these technologies are getting incorporated in the daily routines such as parking and managing the parking spaces in the vicinity, the need for efficient tools is the instant need. To tackle these challenges, many tech companies are making the transition to IoT including ParqEx.

ParqEx, Parking Platform Helping The modern-day Drivers

Incepted in Chicago in 2014, ParqExis “The Smart Parking Platform”. Property owners and managers use this proprietary technology to raise the value of their parking real estate, which is often difficult to manage by using traditional methods. ParqEx gives these entities the tools to increase their income, reduce costs, provide new facilities, and lower management costs and efforts depending on the individual needs of each property. By implementing these services, ParqExoffers an alternative to traditional parking operators which are usually expensive and recalcitrant to deal with.

Leader With A Knack For Solving Routine Problems

CEO of ParqEx, VivekMehrafounded the company keeping in mind the amount of time people spend driving around looking for parking spaces, that gets wasted and costs more money than the parking space itself. Vivek found some facts upon doing research on the problem such as –

  • For every car in the US, there are 8 parking spaces,
  • Average peak utilization of parking spaces in urban areas is 61% and it drops to 34% in off peak hours, and
  • A typical rental building has a 27% overabundance of parking.

Instead of the overabundance of the parking spaces, finding one can prove extremely time consuming and expensive. From the perspective of a parking owner, parking real-estate is hard to manage and monetize. Vivek, using his technological prowess, started ParqExto find a feasible solution to this problem.

Service Folio Of  The Company

As every property is unique considering its distinct amenities, it needs a custom tailored solution. To tackle these challenges, ParqEx has built a set of modular solutions that can be implemented individually or packaged together depending on the needs of the distinct situation. Four of the quintessential solutions rendered comprise –

Marketplace: Provides property owners with the ability to increase income by facilitating rentals to drivers looking for a place to park. The owners set the availability and price, and ParqEx handles the rest of the procedure.

Access+: Tenders a better way to provide access to secure parking spaces by controlling garage doors and gates through the ParqEx mobile app. When compared with traditional opening methods such as fobs and “clickers”, this exclusive IoT technology solution is reasonably priced to install, saves operating costs, and reduces management hassle.

GuestParq: Intended primarily for apartment and condominium buildings, this plug-and-play offering is a facility, which improves the guest parking experience for residents, guests, and managers altogether. It improves the entire process: from reserving a spot to arriving at the building to managing who should be parking in what spot – all while capturing important usage data over that period of time.

Enforcer: Offers easy to use administrative tools and convenient enforcement services making sure that the vehicles are parked in the right locations. This service supports anyone who is self-managing their parking or using third parties for enforcement and wants to have better information at their fingertips enabling them to do so more efficiently.

Managing The Parking Predicament Like No Other

ParqEx is dedicated to provide the full suite of solutions specifically for self-managed (or private) parking, distinct from the competitors. The company has built its platform from scratch focussed to deliver value for this type of real estate that is totally different from commercial or public parking garages. Moreover, Access+ is a huge differentiator for ParqEx. Using this distinct IoT solution, with little or no requirement of investment on the owner’s end, ParqEx can augment the capabilities of a property unlike any other solutions in the market.

The one distinct thing that sets ParqEx apart from the competitors is that no other offering in the market can offer similar breadth to ensure the maximization of value for the customer. ParqEx is the only company that can seamlessly integrate technology to help on both the turfs, on the owner’s end and on the customer end. ParqEx is accessible on cross-platform devices as Android phones, iPhones, and web-based Windows devices.

Keeping Clients Satisfied

ParqEx stresses their team to fully understand the client’s situation so that the company can add value for them. The company makes sure that they conduct detailed interviews and site surveys prior to proposing or implementing a solution at a proposed property. It is critical for the company to learn the nuances that can help make a ParqEx implementation a raging success. Furthermore, the company follows up with the clients frequently to make sure that they continue to meet the expectations to keep them satisfied.

Future Endeavours

ParqEx is aiming for the milestones to reach in near future including –

  • Geographic expansion: Adding 6 new markets in 2019.
  • Technology: Enhancements to the company’s reservation system, especially to the AI/ predictive analysis engine to help owners further optimize their revenue generation from parking rentals using dynamic pricing.
  • Team: Hiring a Director of Marketing in 2019.