The Results

Increased Revenue

Through rate adjustments, such as increasing the 10-24 hour parking rate by $1 to $26, Raffle Parking projected an additional $10,088 in annual revenue, assuming stable transaction numbers.

Data-Informed Decisions

Smarking’s analysis clearly explained how rate changes would impact revenue and transactions, enabling Raffle Parking to make informed decisions. A breakeven analysis showed transactions would need to decline by more than 3.8% for the $1 increase on the 10-24 hour parking rate to impact overall revenue negatively.

Case Study

Raffle Parking

Raffle Parking operates 803 Fannin, a 1,100-stall garage in the heart of downtown Houston’s commercial core

Summary

Raffle Parking operates 803 Fannin, a 1,100-stall garage in the heart of downtown Houston’s commercial core. The structure caters to a diverse clientele, including JP Morgan Chase. Raffle Parking employed JustPark’s Smarking Business Intelligence (BI) and Automated Yield Management (AYM) technologies to improve its transient revenue while continuing to provide a positive customer experience for its monthly clients.

The Challenge

Need to maximize transient revenue without negatively impacting monthly parkers or overall customer satisfaction

Employ solid data and analysis to make informed rate adjustments

Understand the spectrum of potential revenue implications that come with a rate increase, knowing parkers are sensitive to transient rates

The Solution

Raffle Parking uses JustPark’s Smarking BI tool to analyze parking trends at its garage and recently updated its transient parking rate structure. By using the Smarking BI dashboard, Raffle Parking could access detailed data needed to decide how much to change rates and whether to add, remove, or consolidate rate bands.

Several models predicted the impact of various rate changes – Rate increases of $1-2 per rate band

The Results

Increased Revenue

Through rate adjustments, such as increasing the 10-24 hour parking rate by $1 to $26, Raffle Parking projected an additional $10,088 in annual revenue, assuming stable transaction numbers.

Data-Informed Decisions

Smarking’s analysis clearly explained how rate changes would impact revenue and transactions, enabling Raffle Parking to make informed decisions. A breakeven analysis showed transactions would need to decline by more than 3.8% for the $1 increase on the 10-24 hour parking rate to impact overall revenue negatively.