Case Study
City of Knoxville
Optimized Parking Strategies Accelerate Revenue
Recovery for the City of Knoxville
Summary
The City of Knoxville incorporated JustPark Smarking BI solution to analyze their parking assets’ performance against industry standards and track recovery trends. Despite significant disruptions in parking revenue due to pandemic-related shutdowns, Knoxville leveraged the data insights to identify opportunities for optimizing rate structures and maximizing oversell opportunities. This approach enabled the City to accelerate revenue recovery and outperform the majority of parking facilities in North America.
The Challenge
Significant decline in commuter and visitor parking revenues due to pandemic shutdowns – 50-70% less commuter parking activity and 95% visitor revenue loss.
Need to find new ways to generate revenue while maintaining essential services.
The Solution
Data-Driven Benchmarking
The City of Knoxville used JustPark’s Smarking BI Industry Benchmark to compare its parking facilities’ performance against other facilities across North America and monitor recovery progress. Benchmark insights helped the City to identify oversell opportunities and determine the right rate structures.
Standardized Metrics for Insight
JustPark’s Smarking BI standardized metrics offered real-time data to assess Knoxville’s parking performance. Unlimited users could access the benchmark data to inform strategic decisions.
The Results
Revenue Recovery for On-Street Parking
From April to December 2020, Knoxville’s on-street parking revenue surpassed that of 74% of other facilities in North America and 70% of facilities in the Nashville region.
Off-Street Parking Uptake
By December 2020, Knoxville had recovered 42% of YoY off-street parking revenue, while the average recovery across North America was only 26%. Occupancy rates also surpassed 73% of facilities across North America.
In Conclusion
The City of Knoxville used data-driven insights from JustPark’s Smarking BI solution to effectively manage pandemic-related disruptions to parking revenue. Knoxville was able to recover revenue and maintain accessibility by benchmarking its performance, identifying opportunities, and adjusting strategies.
Learn More
With integrated payments, devices, and business intelligence, JustPark is paving the road to a brighter digital future. On that road, JustPark customers are driving away from cash, quickly and seamlessly.