AI-Powered Dynamic Pricing and Listing Engine Drives Millions in Revenue for Super Auto App Way.com
The AI-based engine plays a vital role in the company’s tremendous growth
Super auto app Way.com’s AI-driven dynamic pricing and listing engine has created millions in revenue for parking transactions, creating value for both customers and partners with the best rates possible and increased utilization.
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Through a constant influx of data, the technology’s predictive engine optimizes pricing and anticipates supply and demand in the parking industry marketplace, down to every location Way.com serves within the United States.
“It’s been an exciting journey building our AI-based pricing engine, which has played a vital role in our rapid growth,” said Way’s Senior Director of Product Rakesh Kanchamreddy. “It started with solving the usual suspects, such as a lack of clean historical data and identification of factors affecting price elasticity, in building our MVP version to enhance it to its current version of AI-powered algorithm, which can process huge amounts of complex data in real time.”
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Parking partners have benefitted greatly from Way’s AI-driven engine. “Our partnership with Way has been extremely lucrative, adding over $500,000 in annual revenue just within the Flushing, New York, market alone,” said Jeff Sanders, Regional Vice President of LAZ parking. “At LAZ, we are all about creating opportunities for our employees and value for our clients and Way.com has certainly contributed to that.”
Launching with its popular parking platform in 2014, Way.com has added multiple strategic verticals alongside its successful flagship parking reservation app, including car washes and the ability to shop and purchase the best rates for auto, renters, motorcycle, and home insurance.
