Ford Motor Company (F) Attempting To Solve Parking Problems

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Ford F150

At Ford Motor Company (NYSE:F), beyond the efforts to produce vehicles that are more fuel-efficient and comfortable to drive, there is also a dream to solve parking headache. Every driver understands the problem of finding parking space in the major cities. As such, parking is an area that Ford thinks it can get into and solve so that it gains another edge against rivals. The question at this juncture is whether the company has a chance for success in solving parking problems.

Painless parking experience

The company seems to be getting somewhere in its efforts. Ford is already working on a project to help with painless parking. Such could also save drivers some money. According to the company’s CEO, Mark Fields, they are experimenting certain app solutions that they expect to help drivers enjoy painless parking.

For example, the company is working on apps that will give drivers suggestions about available nearby parking spots. The app will also give the best recommendation about the best parking spot out of the available ones. Such recommendations may include the cheapest parking spot available in an area. Ford is also trying apps that can allow people in a certain neighborhood to serve themselves a parking spot in their crowded area.

Fields revealed the parking solution projects at the 2015 Consumer Electronics Show in Las Vegas. He stated that there was no assurance that they efforts would yield a single solution, but they are determined to give their drivers painless parking experience.

The parking solution apps being tested by Ford Motor Company (NYSE:F) are dubbed Crowd Park and Parkopedia, each serving a different role. Crowd Park will help drivers get suggestions on the cheapest and most convenient spot to park. On the other hand, Parkopedia is designed to fetch and chronicle parking lot information across the U.S.

Smart mobility solutions

Ford Motor Company (NYSE:F) is already in collaboration with a number of universities to research on smart mobility issues. It is anticipated that the number of the middle class in the world will increase to 4 billion by 2030 from 2 billion. The number of major cities is also expected to increase to 41 from 28 over the same period. That means a need to address traffic and parking issues in a better way.

Neha Gupta

Neha Gupta has been in the financial space for over six years now. Gupta earned her MBA degree from Symbiosis Centre of Distance Learning in 2009 and her passion for finance led her to pursue Chartered Financial Analyst (CFA) course. She has successfully completed Level II of her CFA. She is a veteran in article writing, which is depicted in her numerous pieces published on SeekingAlpha, Nextiphonenews, InsiderMonkey, MarketWatch, and Techinsider. Her crisp and eloquent writing finds its best place in Researchcows, where emphasis is given on developing rich content for various websites, products, business plans, trainings, and book writing.

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