Park-and-Ride a Rising Market for Parking Industry

Every once in awhile I have a million-dollar idea that I wish I could make reality. The truth is, I’m a writer, not an entrepreneur. I can live with that. An article I just read on parknews.biz gave me my latest million-dollar idea and I’m sharing it with blog readers today. It’s parking for mass transit. According to greenbiz.com, park-and-ride is an up- and-coming parking arena with enormous potential.

Innovations in transit technology, business and policy are uncovering the real value of system components, and revealing that one of the most significant market opportunities is the park-and-ride (PnR).

Providing parking for public transportation users is a money maker that has a positive impact on the environment, communities and individuals. More available parking for mass transit users creates more mass transit users. That creates more mass transit. Parking is still part of the equation – a major part of the equation, because mass transit cannot be successful, in most areas, without it.

The article reports that while charging for parking can be a deterrent in other scenarios, charging for parking increases public transportation ridership. Despite that, most mass transit plans do not emphasize parking as part of construction, implementation or financial forecasts.

…most transit agencies don’t rank parking as a top strategy for attracting ridership, even though it is one of their highest expense categories. Given the imbalance in PnR management and use, it appears to be time for a new strategy.

It wouldn’t be too hard to adjust current parking technology and strategies to address the public transit setting. In my view, a new and untapped market is just ready and waiting for members of the parking industry.

Read the article here.

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