One can have the car easily but they always remain worried will they get a required parking slot. Do we need to constantly check the parking displays and the free parking spaces available?
There is light at the end of the tunnel now, Wayne Johnson brought the answer with ValPark Mobile the parking app. Johnson himself being a Washington DC native created this app, to help people find parking space in the Washington DC area.
ValPark at a glance:
| BUSINESS | Mobile parking app to find parking space |
| ENTREPRENEUR | Wayne Johnson |
| ASKED FOR | $300,000 For 20% |
| ACCEPTED OFFER | No/None |
| SHARK | No Shark |
| BUSINESS STATUS | Out Of Business |
Index:
Who is the owner of ValPark?
Wayne Johnson always had the entrepreneurial spirit and the idea on ValPark was the right one to let customers find, book, and pay for parking directly from their mobile device.
We would be wondering how to get a garage or valet parking at a restaurant or nightclub, that’s exactly what ValPark made it feasible. Wayne’s app had a tie-up with the parking locations which would list the venues on the website in greater Washington.
Guess you could get your valet parking, directly from your phone too. Johnson wanted to expand his business beyond Washington, DC to other cities to scale his business. Will a Shark buy into the value proposition of Valpark?
Did ValPark get a deal on Shark Tank?
Wayne pitches for an investment of $300K for 20% of ValPark at Shark Tank. Wayne explains the whole journey on how easy the app is to use and ValPark is present at 115 locations. Wayne explains that he has a partner who owns a lot of parking companies and owns 48% of his business. Wayne has himself invested $100,00 USD as his own investment. The business also made $270K in sales that year.
Mark Cuban questions on how he plans to scale his business. Mark wants to know how to scale the business. Kevin questions how will the restaurant pay cash against parking and what value they will app bring?
Mark evaluates that ValPark would not be able to make enough to be valuable as investors. UBER can do it in millions and ValPark does not have it. Mark is out.
Troy who had invested in UBER in the initial stages doesn’t believe there is enough real estate in the parking market. Troy on whom Wayne had relied is also out.
Daymond does like the concept but asks if Mark or Troy will join him, as they don’t, Daymond is also out. Unfortunately, Wayne had to walk out of the Shark Tank episode without No Deal.
WHAT HAPPENED to ValPark after Shark Tank?
Wayne’s website is no longer functional and not available in the app store. The business could not see the end as it came to a halt in 2016.
ValPark made its revenues by adding an 8.5% convenience fee to the end-user. The new model had an additional 15% convenience fee, which was split between the credit card fee with the venue. Monthly charges for each venue are priced at $49.
Wayne made $270K in the initial stages of the business but it did not pick any further and currently is out of business.
ValPark PRODUCT ANALYSIS:
ValPark was available in-app store (currently not) and is a platform that allows users to book and pay for parking at events, hotels, clubs, etc. The Users can request for Valet to return the car from parking. ValPark applies Bluetooth iBeacon technology for their in-app payments. Earlier ValPark app was available for the iOS platform but is currently not available in-app store.
COMPETITORS of ValPark:
ValPark app does have multiple competitors in the fray and some of the key competitors are CurbStand, DropCar, Caarbon, and many more (almost 50+). Few are listed below –
Is ValPark still in business?
No currently ValPark is Out of Business. Wayne Johnson has moved into other businesses and now is owns three Washington DC area bars and nightclubs and declares himself as a “hospitality entrepreneur.”
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What is ValPark?
ValPark help people find parking space in the Washington DC area.
Who founded ValPark?
Wayne Johnson always had the entrepreneurial spirit and the idea on ValPark was the right one to let customers find, book, and pay for parking directly from their mobile device.
