Xtraspots

Problem:

1. Do you know In New York City, drivers spend an average of 107 hours annually looking for parking, costing each driver around $2,243. Los Angeles drivers spend about 85 hours per year, while those in San Francisco spend about 83 hours which wasting time and fuel, while increasing stress. according to the INRIX.

2. Parking spots shortage cause the Financial Impact, NYC, as example, issues over 100,000 parking tickets each year, costing drivers millions in fines and fees. Third, it's cause environmental Impact, 55% of the population lives in urban areas.

3. Parking often exceeds capacity during peak hours, leaving drivers circling for an open spot significantly increasing CO2 pollution.

4. EV Charging Impact, 14% of new cars sold in 2022 were EV, with the charging market expected to reach $20.5B in 2025 (32% CAGR). NJ has a mandate to be 51% EV by 2027 (currently 6%). NY and NJ need to be 100% EV by 2035.

To address this critical concern, we developed Xtraspots—an innovative parking solution. SMART: Our 2-sided parking app and dynamic buffer time system makes parking more accessible and efficient by linking drivers with underutilized parking spaces. CLEAN: Xtraspots reduces congestion and emissions, contributing to a more sustainable urban environment. MONEY: Property owners can generate income from dormant spaces, similar to the Airbnb model.

For Drivers: With Xtraspots’ intuitive UX design, drivers can find available spots within a minute and reserve them. For spontaneous parking needs, drivers can open the app, press "find spots nearby," and park immediately. We offer hourly charges to accommodate various user requirements.

For Hosts: Property owners can earn passive income by renting out their parking spaces, creating a win-win solution. We aim to leverage the power of product design to create a win-win solution and sustainable environment. As one of our clients, Johnathan, a Bronx resident, said: "As a Bronx resident, I can support my community where parking is scarce. Renting my spot not only brings convenience and reduces emissions but also gives me fantastic financial benefits!"