BMW finds parking spot

BMW (Xetra: 519000 - news) has taken a stake in ParkatmyHouse, the UK website matching people willing to rent out their driveways with motorists looking for a space and willing to pay.

The move from the luxury German carmaker comes amid debate as to whether a second dotcom bubble is forming around a decade after the dotcom crash.

 

Symbol	Price	Change
BMW.DE	72.01	+1.01

 

BMW would not reveal the size of its "strategic long-term" investment through its new venture capital arm i Ventures, but said it represented a minority stake.

Anthony Eskinazi, the website's founder, said the carmaker will help with the global expansion of his company, which is working on mobile phone versions of its service.

"We are currently developing mobile applications, including an iPhone App, which will enable drivers to find, book, pay for and get directed to any available private parking space while on the go," he said.

BMW launched i Ventures in February with $100m (£62m) funding and the aim of investing in driver aids such as car sharing and navigation systems. ParkatmyHouse represents its second investment. The first was into MyCityWay, a New-York based mobile app developer which offers apps providing transport, parking and entertainment information for various cities.

Bernhard Blaettel, a vice president at BMW Group, said: "We see parking as a key asset for mobility services today and in the near future."

Mr Eskinazi founded Parkatmyhouse as a 23-year-old five years ago after struggling to find a parking space before a baseball game during a trip to San Francisco.

Spotting an empty driveway close to the stadium sowed the seeds for his online "matchmaking" service, where the owners of unused driveways, garages, car parks and other spare pieces of land can find willing renters.

Listing a parking space is free, but owners pay a fee to the site - which manages the booking and payment process - when their space is successfully rented out. The company has 125,000 drivers registered with its service.

 

We welcome your views! Please feel free to comment below.

 

http://uk.finance.yahoo.com/news/BMW-finds-parking-spot-tele-1983578367.html?x=0&.v=1

 

 

Comments

[St Louis Ford]

I can see how this could be a hit in areas where parking is sparse. I am currently taking acting lessons in Hollywood, right off Hollywood Blvd and for the past 2 weeks I've had to pay $10 each to find a parking spot. I'm sure locals know where to find free parking but since I don't (yet) I've had to pay. This service would work if the fees are affordable.