For the third consecutive year, the City of Indianapolis saw an increase in revenue as a result of selecting ParkIndy, a public-private partnership between the city and Xerox (NYSE: XRX), to modernize its antiquated coin-operated parking meters.
The City has collected $2.7 million more in parking meter revenue and reinvested more than $12 million in infrastructure improvements – including sidewalk and road and bridge enhancements – since shifting parking meter operations to ParkIndy in 2010.
As one of the first U.S. cities where all meter payments can be made by credit card or phone, Indianapolis has seen substantial growth in the number of motorists choosing ParkIndy's convenient payment methods:
More than 70 percent of meter payments were made by credit card – a 10 percent increase from 2012.
Currently 14 percent of total meter payments are submitted via pay-by-phone or smartphone app.
Approximately 80 percent of the improved net revenue results from Xerox's management and analytics capabilities, including predictive algorithms, to optimize operations. Just 20 percent of the revenue improvement is due to rate increases and changes to hours of operation.
"Before overhauling its public parking system, Indianapolis was challenged with increasing operational costs due to low turnover of 3,600 parking spaces and outdated meters and payment options," said David Cummins, senior vice president and managing director, Xerox Transportation and Government. "ParkIndy has modernized parking technology to not only simplify operations, but to make parking easier for customers and increase business for local merchants as well."
The technology supports sustainability efforts as the meters require lower maintenance, reduce vehicle congestion emissions and use solar power instead of batteries. Wireless connectivity makes it easier to identify and repair damaged or faulty meters, lowering the carbon footprint of maintenance workers. In addition, Xerox uses analytics to improve compliance and provide policy recommendations to the City.
Xerox has successfully implemented, managed and operated intelligent parking systems for more than 25 cities in the U.S. over the past 25 years.
