DURBAN - Car manufacturer BMW has just purchased a parking mobile service called Parkmobile.
Parkmobile assists people in finding and paying for parking using their mobile device.
Through the investment, the parking service has been able to combine their shareholder base and also gain access to capital.
The German car manufacturer has been a minority investor in Parkmobile since 2014. Now, BMW will be the only outside investor after buying out legacy shareholders in the business.
BMW has said that their investment in Parkmobile will serve to "drive continued expansion and innovation throughout North America".
The mobile parking service accomplished record revenue growth for 2017 and passed 8 million registered users.
Parkmobile has also collaborated with BMW to provide the industry's first fully-integrated-in-car mobile parking resolution.
BMW said that an estimated 30% of the traffic in cities is caused by people looking for spots to park their cars. And they sought to decrease that number by assisting their customers in locating open spots.
CEO of Parkmobile, LLC John Ziglar said, "This new investment by BMW Group clearly validates our leadership position in the industry and our future growth potential".
He added that they have been working with BMW over the past few years and that they share a common outlook for the "future of transportation and frictionless consumer mobility".
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