Our success and organic growth has come from the passionate deployment of our “Standard Operating Procedures” criteria for each of our clients. It is the mission of each of our family members and executive management to develop and reinforce these ideals, and we are fully commit to the aforementioned responsibilities and performance metrics. Because of this, the results we promised cannot help but be delivered.
Service companies live and die by their reputations and the goodwill of their clients. Our mission has been to develop the techniques and tools to create value for our clients, to cascade these methods throughout the organization and, by embracing these tenets as an organization, deliver results that exceed our clients’ expectations.
To properly assess a potential parking facility and develop strategies to improve its financial and operating performance, a level of commitment and expertise is required. Our due-diligent team begins a property review many weeks prior to developing a proposal or making specific recommendations to a client. We spend a significant amount of time reviewing the operation, canvasing the neighborhood to identify potential sources of additional revenue, quantifying the utilization demographics, assessing parking rate and time increments for maximization of revenues.
We follow these procedures with a full audit of revenue control equipment, compact versus standard stall allocations, validation procedures and appropriate staffing and hours of operation. Once we have completed our review, only then do we feel that our service offerings and assessment of the facility will be of use to the client and create the value and future revenue growth we know we can deliver.
CarPark has experienced tremendous organic growth by focusing on improving our clients’ net operating income (NOI). This complex undertaking consists of many diverse components that combined, achieves the results we have promised our clients and that they have become accustomed to receiving.
Our research is a critical first step in this process and is followed by internal audit procedures that are second to none. Lost ticket reports and percentages, exception reports, validation policies and monthly permit reconciliations coupled with tenant lease audits help us to develop a topline revenue analysis and determine the exact revenue that should be collected and turned over to our clients monthly. Secret ticket shops and surprise location audits further enhance our ability to manage and verify all collected revenues and those that should have been collected.
Careful analysis of each revenue control equipment function allows us to work with the PARCS vendors and manufacturers to ensure there are no potential opportunities for employees to disable its control features or jeopardize our ability to track and control all revenue, all of the time. CarPark collects millions of client revenues a year and accounts for every penny.
NOI is not only comprised of top-line revenues but takes into account facilities operating expenses as well. Our attention to detail and fastidious control of expenses contributes greatly to an improvement of NOI and is a vital component of a facility’s overall financial performance.
Our state-of-the-art “workforce management” technology allow us to carefully mange employee scheduling, overtime and turnover to minimize additional payroll costs that could adversely affect a facility budget.
Aggressive review of risk management and claims, both employee and vehicular, allow us to maintain competitive GKLL and worker’s compensation insurance costs, hard earned savings that we pass on to our clients.
We bid out all third party and subcontracted services annually to make certain our costs are as competitive as possible.
We aggressively research new technologies and other methods of operating to continually reduce staff and other operating costs where possible, while focusing on enhancing customer service deliveries.
As you can see CarPark’s understanding of “revenue” goes far beyond the collection of cash and represents a full understanding and focus on how each budget line item can impact financial performance and either improve or diminish NOI.
No system to collecting and accounting for revenue is complete unless the data collected is concise, understandable and in a format that benefits our clients’ own reporting needs. We work with individual clients to tailor their monthly financial package to reduce the time their staff must spend preparing internal reports to their owners or investors.
Several of our clients require early monthly results or have non-calendar fiscal years and our advanced reporting systems allow us to deliver the reports on their specific schedule and in the format most advantageous for their staff’s consumption.
Utilizing our state-of-the-art revenue collection software, we are able to offer our clients real-time revenue reporting and data analysis. Through our client portal, you can log into our cloud-based servers and review the financial performance both current and historical from any web device.
This capability is a critical value proposition for clients, who have complained about the lack of expediency and transparency received from other operators. It allows you or a property manager, preparing for a meeting with your firm or a tenant, to have the data and details necessary to report to ownership or negotiate a lease renewal with the most accurate, up-to-date financials in the palm of your hands.
This technology also is used for our onsite personnel, allowing them to clock in and out, track breaks and issue patron’s tickets in every case, reducing fraud and potential revenue slippage. The time spent by our supervisors managing payroll can now be spent our continued research and pursuit of additional revenue sources.
Our philosophy is simple to explain but difficult to properly execute, Allow technology to liberate our company and its staff from mundane, repetitive tasks in order to create more value and services for our clients.
Reconciliation includes the compilation of all collected data and the implementation of our audit program. This ensures correct shift reporting so daily account balances can be matched to bank records and deposits. All shift reports, validation exception logs, monthly permit records and card key deposits are reviewed. This audit also includes a cash composition review to ensure that all company procedures are followed without exception. Every transaction is recorded properly, and all revenues are accounted for and deposited promptly. It is complete transparency combined with peace of mind, working in harmony with you.
We help our clients to transform their parking operations with technology into profitable and up-to-date operations, while ensuring longevity in this constantly changing industry. In an environment of mobility, including ride sharing and autonomous vehicles, a new business model and strategy is required for the future of parking. CarPark works directly with real estate developers and management companies to drive this transformation of parking facilities into the future with the implementation of technology. CarPark has built a reputation for excellence by offering brand services to our clients through advanced technology in parking solutions. We possess the expertise and knowledge to provide integrated technology for any parking operation.