Profile: SP Plus Corp (SP.OQ)
22 Aug 2019
SP Plus Corporation (SP Plus), incorporated on September 24, 1981, is a provider of parking management, ground transportation and other ancillary services to commercial, institutional and municipal clients in the United States, Puerto Rico and Canada. The Company's segments include Region One (Urban), Region Two (Airport transportation), Region Three and Other. Region One (Urban) encompasses its services in healthcare facilities, municipalities, including meter revenue collection and enforcement services, government facilities, hotels, commercial real estate, residential communities, retail, colleges and universities, as well as ancillary services such as shuttle and transportation services, valet services, taxi and livery dispatch services. Region Two (Airport transportation) encompasses its services at all major airports, as well as ancillary services, which includes shuttle and transportation services and valet services. Region Three encompasses other operating segments, including USA Parking and event planning, including shuttle and transportation services.
The Company's SP+ brand, includes an array of its operating divisions, such as SP+ Airport Services, SP+ GAMEDAY, SP+ Healthcare Services, SP+ Hotel Services, SP+ Municipal Services, SP+ Office Services, SP+ Residential Services, SP+ Retail Services and SP+ University Services. It offers traditional parking services under its SP + Parking, Standard Parking, Central Parking and USA Parking brands. It also offers related services through SP+ Facility Maintenance, SP+ GAMEDAY, SP+ Transportation, SP+ Event Logistics and in certain sections of the country and Canada, SP+ Security service lines. SP+ University is the Company's Web-based learning management system, which promotes customer service and client retention. The Company's SP+ Remote Management Services allow SP Plus to provide remote parking management services, whereby personnel are able to monitor revenue and other aspects of a parking operation and provide around the clock customer assistance, including remedying equipment malfunctions.
The Company's services include a range of on-site parking management and ground transportation services, which include facility maintenance, event logistics services, training, scheduling and supervising all service personnel, as well as providing customer service, marketing, and accounting and revenue control functions. It also provides a range of ancillary services, such as airport and municipal shuttle operations, valet services, taxi and livery dispatch services and municipal meter revenue collection and enforcement services. SP Plus operates its clients' properties through over two types of arrangements: management contracts and leases. As of December 31, 2016, the Company operated approximately 81% of its locations under management contracts, and approximately 19% of its locations under leases. It held a partial ownership interest in two parking facilities (one leased and one managed), as of December 31, 2016. As of December 31, 2016, the Company managed 3,686 parking facility locations containing approximately two million parking spaces in 357 cities; operated 78 parking-related service centers serving 73 airports; operated a fleet of approximately 700 shuttle buses, and operated 652 valet locations. As of December 31, 2016, the Company operated parking facilities in 45 states and the District of Columbia in the United States, Puerto Rico and three provinces of Canada.
SP Plus uses its license plate recognition (LPR) system and video analytics for car counting, on-street enforcement and security, and its MPM Plus monthly parker management and billing system, which provides billing of the parking-related provisions of multi-year commercial tenant leases. The Company provides a package of parking services to its clients. The Company also provides a range of ancillary services, such as providing shuttle bus vehicles and the drivers to operate; ground transportation services, such as taxi and livery dispatch services, as well as concierge-type ground transportation information and support services for arriving passengers; on-street parking meter collection and other forms of parking enforcement services, and remote parking management services using technology that enables users to monitor a parking operation from a remote, off-site location and provides around the clock customer assistance.
The Company competes with ABM Industries Incorporated.
SP Plus Corp
200 E Randolph St Ste 7700
CHICAGO IL 60601-7702