Premium Parking, the New Orleans-based parking operator, has experienced phenomenal growth over the past decade, expanding from a small local business to a nationwide enterprise. Since its founding in 2005, Premium Parking has grown nineteen-fold, operating more than 1,000 locations across 60 cities and resorts in the U.S. The company's success can be attributed to its early adoption and development of technology that revolutionized the parking experience. Founder Jim Huger credits a significant portion of their growth to the innovative smartphone software introduced in 2013, which eliminated the need for traditional parking tickets and toll booths, allowing customers to handle transactions through their phones.
Premium's innovative technology has set it apart in a parking industry that typically sees less than 2% growth annually. With a steady 30% annual growth rate, Premium Parking has managed to stand out. Their partnership with ASM Global, a leading venue operator, is a testament to the company's successful integration of technology, an alliance that makes Premium ASM's preferred parking partner for major venues like the Caesars Superdome. Though still recognized locally for its services near landmarks like the National World War II Museum, Premium has expanded its influence across various markets, including hotels, beaches, office blocks, and entertainment venues.
Huger, who comes from a family with deep roots in the parking industry, transformed Dixie Parking into Premium Parking in response to the industry's technological needs. His grandfather, Joseph Merrick Jones, purchased Dixie Parking after World War II, sowing the seeds for future developments. Huger took control of the family business in the 1990s and spearheaded its transformation. By developing their own software at their Poydras Street headquarters, rather than relying on third-party solutions, Premium Parking found a distinctive competitive edge. Their proprietary software also allows for convenient new services like Dynamic Layouts, enabling consumers to select preferred parking spots, and FolioCharge, which integrates with hotels to streamline parking fees for guests.
Huger emphasizes that Premium Parking operates with a foundational technological mindset, avoiding the typical pitfalls of tech startups dependent on constant fundraising. This autonomy ensures greater flexibility and adaptability in a changing market. As the company continues to progress, it mirrors the trajectory of another successful New Orleans-based company, Intralox, known for their technological advancements in conveyor systems. With an annual revenue of around $200 million, Premium Parking is poised on the verge of further growth and innovation, with no current intentions to shift from private ownership to public listings. Huger's vision of a self-sufficient, tech-forward parking operator is reshaping perceptions of what the parking industry can achieve in the modern era.
