Startup LetMeParkIt To “Recycle” Underutilized Parking Inventory For Public Use

Company Hopes To Disrupt $100 Billion Worldwide Parking Industry

Thursday, March 19, 2015

New startup LetMeParkIt will launch in April, bringing discounted parking options to the public by “recycling” existing, underutilized parking inventory. 

LetMeParkIt allows private entities and individuals to list parking inventory for use by the public. These parking spaces will generate revenue for the owners and provide more parking options for drivers. 

“LetMeParkIt gives parking space owners the ability to make incremental revenue on an existing asset,” said founder Marco Biscarini. “And it gives drivers the ability to locate and reserve parking before getting to their destination.” 

Users of the company’s website, letmeparkit.com, can both list and reserve parking spaces. 

Mr. Biscarini’s idea for recycling parking spaces developed when he noticed the high parking demand in communities all over the world. The parking supply problems are further complicated by the high cost of building new parking spaces—which typically cost $4,000-$20,000 per space. 

"The recycling movement is happening all around us, along with pushes towards more of a “shared economy,’” Mr. Biscarini said. “It’s changing the way we create and engage with products and services, but until now I believe we’ve overlooked some of the most critical recyclable concepts, like parking spaces.” 

In its current phase, the company is focusing on partnerships with churches, which generally have large parking capacities that are not in use during peak parking hours. 

“Churches located in downtown areas or near airports are extremely lucrative as they can provide great parking alternatives,” Mr. Biscarini said. 

The company will launch in Chattanooga (with doors open for Nashville and Atlanta), with 50-100 parking spaces and has plans for rapid expansion after its initial launch.



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