Super auto app Way.com's AI-driven dynamic pricing and listing engine has created millions in revenue for parking transactions, creating value for both customers and partners with the best rates possible and increased utilization.
Through a constant influx of data, the technology's predictive engine optimizes pricing and anticipates supply and demand in the parking industry marketplace, down to every location Way.com serves within the United States.
"It's been an exciting journey building our AI-based pricing engine, which has played a vital role in our rapid growth," said Way's Senior Director of Product Rakesh Kanchamreddy. "It started with solving the usual suspects, such as a lack of clean historical data and identification of factors affecting price elasticity, in building our MVP version to enhance it to its current version of AI-powered algorithm, which can process huge amounts of complex data in real time."
Parking partners have benefitted greatly from Way's AI-driven engine. "Our partnership with Way has been extremely lucrative, adding over $500,000 in annual revenue just within the Flushing, New York, market alone," said Jeff Sanders, Regional Vice President of LAZ parking. "At LAZ, we are all about creating opportunities for our employees and value for our clients and Way.com has certainly contributed to that."
Launching with its popular parking platform in 2014, Way.com has added multiple strategic verticals alongside its successful flagship parking reservation app, including car washes and the ability to shop and purchase the best rates for auto, renters, motorcycle, and home insurance.
In August, Way.com's insurance vertical was ranked the #1 product quality insurance app by unitQ.
About Way.com:
Way.com has quickly become the leading financial platform for the future of car ownership, where four million drivers have discovered high-quality car services in one destination. Customers saved $50 million in 2020 with the company's tech-forward approach, as they signed up for the best auto insurance rates in-app in seconds. The car services marketplace also finds and reserves the best city and airport parking and sets customers up with the top-rated car washes in the area, and has partnered with thousands of parking locations, car washes and more than 100 insurance carriers, covering all 50 states.
About LAZ Parking:
LAZ Parking is a parking management service provider founded in 1981. Over three decades later, the people-focused philosophy and a mission to "create opportunities for employees and value for our clients" has transformed LAZ from a single valet location to one of the nation's largest parking companies. Today, LAZ operates over one million parking spaces in thousands of locations across the United States.
Contact:
Jeannie Assimos, Communications
jeannie.assimos@way.com
Source: https://www.newswire.com/news/ai-powered-dynamic-pricing-and-listing-engine-drives-millions-in-21494861
