Car owners in urban areas face several pain points:
Finding parking is expensive, stressful and inconvenient. And taking care of regular and unplanned maintenance issues can require a major commitment of time.
Valet Anywhere is aiming to solve these problems:
Via a monthly subscription program and mobile app, the company provides valet parking services at rates equal to or far lower than standard parking garages.
Its add-on maintenance services include vehicle inspections, fuel service and washing.
Cars are never left on the street: Valet Anywhere leverages existing parking companies’ under-utilized real estate to park cars in a safe, secure location. All vehicles are protected by comprehensive insurance policies.
Valet Anywhere is addressing a growing market:
Rising populations in urban locations are resulting in increases in property values -- this trend translates to increases in parking costs, and fewer parking garages and gas stations.
Valet Anywhere operates in large addressable markets. IBIS World estimates that the markets for long-term valet parking and urban auto services are worth $25 billion.
In contrast to "on-demand" parking companies like Zirx and Luxe, Valet Anywhere is able to leverage its business model to generate recurring revenues, positive gross margins, and low churn rates.
Valet Anywhere launched about a year ago. After raising $1.7 million from relevant investors (including Uber’s General Manager of NY and its Director of Global Expansion), its monthly revenues quickly surpassed $200,000.
The company’s business model is straightforward:
It costs the company about $200 to acquire each new customer. It recoups that $200 in six-to-eight weeks based on its monthly fees, then it earns a profit of about $1,300 per year.
Based on that business model, the company could become substantial. But it has a longer-term vision that could make it even bigger:
Valet Anywhere will soon have thousands of cars on hand—cars that are only being utilized about 10% of the time.
It also has proprietary software that organizes car pickups and deliveries, and it already has systems in place to fuel, wash, and maintain them.
Given all these assets, it plans to launch a “peer-to-peer” car-sharing service:
Customers who lend their car would earn a cut of the profits each time their car is rented out, as well as free monthly parking.
And for its role handling everything from logistics to storage to payment processing, Valet Anywhere would earn a cut of every transaction.
Valet Anywhere's advisors include Josh Mohrer (General Manager of Uber NY) and Bradley Tusk (former campaign strategist for NYC Mayor, Michael Bloomberg).