BMW continued to diversify its automotive business with the acquisition of Parkmobile, LLC, the largest provider of mobile parking services in North America.
The move placed the group as the leading international provider of digital parking solutions, it claimed. Its corporate strategy, Number One > Next, focuses on future mobility and investing heavily in new technology, including expanding mobility services.
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Board member Peter Schwarzenbauer said: "Up to 30% of city traffic is caused by people looking for parking spaces. The acquisition of Parkmobile means we can better address the pain point of parking by scaling our offering for customers worldwide."
The group has held a minority stake in Parkmobile since 2014 and has now acquired the company with its over 100 employees, based in Atlanta, Georgia. It is active in more than 300 US cities including New York, Philadelphia and Phoenix.
Parkmobile Group Europe, whose brands also include ParkNow, has been wholly owned by the group since April 2016. It has over 22m customers in Europe and North America and offers digital parking solutions in 1,000 cities.
Its service can be used by drivers of all car brands and enables ticketless and cashless on street parking via an app or directly from the car. The service also helps users find, reserve and pay for off street parking in garages as well as other transit related services.
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By GlobalData
