Oct 16, 2021
AirGarage — The Future of Parking?
What is AirGarage?
AirGarage is a company that is ‘Reimagining the use of parking real estate in cities’ by allowing churches and other businesses to rent out their parking spaces to drivers, stating that this could repurpose roughly 30% of the American cities that are occupied by parking. You could think about it as the Airbnb of parking.
How Will It Work?
They even have a system of enforcement officers and will implement ‘Automatic License Plate Recognition Cameras’, which are cameras that automatically recognize a license plate number, to prevent someone from stealing a parking spot. They say that they work on a revenue share model, which will benefit the business, unlike other companies, according to them at least. A revenue share model is when a company shares its losses and profits among its partners. There are pros and cons to it, as you have an extremely low chance of going bankrupt, you aren’t going to be sure that you won’t earn a consistent income.
Results, Partners, and Investors
They have already been working with Hilton and Marriott, among other companies. They plan on branching out to ghost kitchens, micro-mobility, self-driving vehicles, and more. They say that they handle all the basic logistics that used to come with managing a parking lot. They say their technology allows businesses to take up to 50% more than their competition, which sounds like a great deal. They have also had a story of a Los Angeles Church that made $3,000 a month during the Coronavirus pandemic. Their investors consist of The Founders Fund, Floodgate, Worklife, etc.
