ParqEx, a Chicago-based technology start-up that connects individuals and businesses who have underutilized parking spaces with drivers seeking parking, today announced an alliance with ShareASpot, a company based in the Chicago suburbs with a similar vision of leveraging the sharing economy. The two companies plan to combine resources to optimize the customer experience and to speed growth by expanding their geographic reach beyond the city of Chicago.
“This partnership makes sense for all the right reasons,” said Devin Bates, co-founder of ShareASpot. “Both companies want to improve congestion and hassle by utilizing existing resources in a better way, and we both want what’s best for our parking owners and renters. We are very impressed with ParqEx’s technology and by maximizing our strengths, we know we can achieve our goals more effectively than if we’re in competition.”
Both ParqEx and ShareASpot launched in early 2015 with the similar idea of making parking easier in and around Chicago. ParqEx originated in the city and has been primarily focused on neighborhoods near downtown, whereas ShareASpot originated in the Oak Park suburb of Chicago where commuters and local residents were often in competition for limited spots near public transportation.
“We created ParqEx to help solve urban parking challenges while providing benefit to local residents and businesses,” said ParqEx founder and CEO Vivek Mehra. “We know that to accomplish this, we need to create a great customer experience for both sides of each parking transaction. We feel that this alliance will not only allow us to expand faster, but it will also allow our customers to enjoy both superior technology and customer service.”
As part of the alliance, existing ShareASpot users will be transitioned onto the ParqEx platform, where all future transactions and customer support will occur. ParqEx’s long-term vision is to expand to other markets within the US and the company has been actively seeking funds to fuel its next phase of growth. The alliance with ShareASpot allows ParqEx to quickly add business within Chicago, which provides additional momentum towards geographic expansion.
The ParqEx platform replaces traditional methods of listing parking — such as posting a sign or using classified ads — by giving spot owners a simple, flexible way to make their parking available to the market. They can list their spots to be rented short-term (daily / hourly) or longer-term (weekly / monthly), and even just for specific hours during the day. ParqEx also provides personalized service to ensure that owners maximize the marketability of their spots by helping with pricing and photos, and to handle the reservation and payment details. Drivers then use the ParqEx smartphone app website to locate and book a spot that meets their needs.
