Modu Parking "2 Million Users Last Year Used Parking Lots at Up to 80% Discounted Prices"

Socar's online parking platform, Modu-ui Juchajang, announced on the 30th that about 2 million members used parking lots at least once last year with an average discount of over 78%. The total transaction amount exceeded 40 billion KRW.

According to the 2023 year-end report released by Modu-ui Juchajang, the total transaction amount from approximately 2 million users last year surpassed 40 billion KRW, marking a 39% increase within one year.

In office-dense areas such as Seocho-gu, Mapo-gu, Jongno-gu, and Seodaemun-gu, usage during the morning commute hours (8 to 9 AM) accounted for the highest share at 20%. A total of 3.91 million parking tickets were sold last year, a 75% increase compared to the previous year. The days with the highest purchases were Saturday, weekdays, and Sunday, in that order, reflecting high mobility demand.

The types of parking tickets purchased were weekday day passes, holiday day passes, weekday night passes, and holiday night passes, with a high proportion bought for parking near workplaces during commuting hours. Notably, in Busan, the number of parking ticket purchases increased more than 12 times compared to 2022.

The "Idle Parking Space Sharing Service," which sells parking tickets by utilizing the vacant time slots of parking lots or parking spaces owned by individuals, exceeded 10 million uses last year, a 65% increase from the previous year. Users typically used shared parking spaces at an average discount of 90% compared to nearby paid parking lots on weekdays. Sharers generated additional income by sharing their owned parking spaces in villas, resident-priority parking spaces, officetels, etc., during vacant weekday daytime hours.

Modu-ui Juchajang experts also launched the "Parking Lot Value-Up Service" in April last year, which provides a revenue model minimizing idle parking spaces by analyzing demand data and location for all types of parking lots. Over 400 applications were received monthly on average. The application regions were 67.1% in the metropolitan area and 32.9% in non-metropolitan areas, with Seoul accounting for 46.1% of metropolitan applications, higher than other regions. Applicant types were 45.1% landlords, 43% tenants, and 11.9% parking lot managers. After adopting the service, the applied parking lots generated an additional monthly revenue of 443,000 KRW on average. In Gangnam-gu, the service introduced customized products, resulting in an additional monthly revenue of 204,000 KRW per parking space. Additionally, 197 parking lots newly introduced Socar Zones through the Parking Lot Value-Up Service, generating more than 100,000 KRW in additional monthly revenue on average.

Meanwhile, since 2013, Modu-ui Juchajang has been providing services such as parking lot information guidance, parking partnerships, and smart parking, boasting 7.1 million application downloads and a cumulative membership of 4 million, making it the leading online parking platform in Korea. Currently, Modu-ui Juchajang offers information on 60,000 parking lots nationwide, 18,000 shared parking lots, and about 2,600 affiliated parking lots.