New CEO Rick West plans to restore the focus of Reimagined Parking while guiding the company through an evolving industry landscape.
By Jay Landers
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Rick West, the newly appointed chief executive officer (CEO) of parking giant Reimagined Parking Companies, is no stranger to the parking industry. His career spans more than 3 decades, beginning with his family's parking business and extending through leadership roles at major concerns like the Central Parking Corporation and Chicago’s Millennium Parking Garage (MPG) Concession.
Now, he is taking on a new challenge — refocusing and revitalizing Reimagined Parking, which faltered when its management sought to transform it from a parking company into a provider of multipurpose hubs for the on-demand economy. In an interview with Parking Today, West highlighted his plans for emphasizing innovation, operational efficiency, and adaptability in the face of changing market dynamics.
A history of transformation
West's extensive experience in the parking industry has been marked by strategic growth and transformation. From expanding Kinney System’s regional operations in the 1990s to spearheading private equity-backed ventures, he has consistently identified opportunities to modernize parking assets.
In 1996, West co-founded the off-airport company Airport Satellite Parking, LLC (aka AviStar Airport Parking) in the greater New York City area, relying on $18 million in private funding. In 2003, Macquarie's Global Infrastructure Fund bought the company for $60 million, renaming it Parking Company of America Airports. In 2007, West, again working with private equity investors, helped a team that bought the Central Parking Corporation — then one of the largest parking operators in the U.S. — and took the publicly traded company private.
In 2012, as an executive vice president at Central Parking, West helped to oversee the merger of Central Parking and the Standard Parking Corporation. The resulting company, SP Plus, became the largest parking company in North America, boasting more than 4,200 locations and 26,000 employees in 42 states.
In addition to investing in parking garages and providing parking advisory services through his entity West FSI, LLC, West advised two private equity firms on their 2015 acquisition of the MPG, a 3.8 million square foot complex comprising four underground parking garages in downtown Chicago. In 2018, West became the CEO of MPG, a position he held until he was tapped to take the helm at Reimagined Parking this past January.
Clearly, West brings to the table a wealth of hands-on operational experience as well as financial acumen honed by his extensive dealmaking background. “I've done somewhere around $2 billion of transactions and financing in parking,” West said.
Restoring focus
Reimagined Parking operates five major brands in North America: Impark, Lanier, Republic Parking, AmeriPark, and Park One. All told, the company has roughly 3,000 parking facilities with 8,000 employees in more than 500 cities in the U.S. and Canada.
However, under its previous ownership, Reimagined Parking lost focus and saw key personnel depart. "It was losing market share, and it was losing some good people over a period of about 5 years," West said.
Formerly known as REEF Technology, and ParkJockey Global before that, Reimagined Parking saw its performance and prospects diminish in the wake of a series of moves beginning in 2019 aimed at transforming the company from a pure parking play into a provider of “multipurpose hubs” to be located at REEF parking facilities.
A key component of this plan involved the creation of “ghost kitchens” at REEF facilities to be used by restaurants to create and deliver meals to nearby customers. The company also planned other partnerships, involving such entities as electric bike and scooter rental companies, on-demand aviation firms, and peer-to-peer car rental companies.
West's plan to reinvigorate the organization includes recruiting top industry talent and implementing a clear, strategic vision. He has already brought in Roamy Valera, an experienced industry leader, to serve as president. "He's a great operator,” West said. “He has national experience. He was CEO of PayByPhone in Canada and turned that company around," West noted, emphasizing the need for strong leadership to build a cohesive and forward-thinking culture.
Embracing innovation
One of West’s key strategies involves positioning Reimagined Parking at the forefront of innovation. “I tend to exist on the tip of the spear of what's new and innovative,” West said.
He is particularly focused on three major trends shaping the industry: electrification, digitization, and personalization. "We will be reimagined,” West said. “We’ll become a leader in those areas because it's what our clients need, even though half our clients don't realize it yet.”
West sees electric vehicle (EV) charging as a major opportunity. By partnering with companies like EV charging solutions provider EV Passport, Reimagined Parking aims to work with its clients to install charging infrastructure at key locations, anticipating the growing demand for EV parking solutions. "If you need 25 EV chargers now, next year or the year after, you're going to need a hundred," West noted.
West also emphasized the importance of identifying and capitalizing on what he called “tailwinds,” or emerging trends that can drive growth. One such tailwind is the U.S. government's investment in electrification. "The Biden administration gave billions of dollars to cities and counties to electrify their fleets, but no one has addressed where those vehicles will park and charge," West said. By proactively installing EV infrastructure, Reimagined Parking is positioning itself to meet this growing demand.
Another growing need in the industry is financing for parking access and revenue control systems (PARCS). "A lot of clients are looking for the parking company to either arrange financing or to actually finance themselves for the new PARCS systems that are needed at their locations,” West said. "That includes airports, hospitals, downtown garages, and other key parking assets.” This shift reflects the increasing role parking operators play in helping property owners modernize their facilities.
Rising electricity costs and parking’s future
West also sees energy costs as a critical factor for the parking industry in the coming years. "For the last 20 years, the cost of electricity hasn’t gone up very much, but that’s changing," he said. With the rise of data centers, the reshoring of U.S. manufacturing, and the increased demand for EV charging, electricity costs are expected to accelerate as demand rises.
Rather than expanding its power grid, the United States has largely engaged in energy conservation efforts, West maintained. However, this approach will not last indefinitely, he said. As greater demand for electricity leads to higher prices, “it's going to become more important to become more energy efficient,” he said.
At MPG, West implemented energy efficiency measures that reduced kilowatt consumption by 20%, an especially impressive achievement in an underground setting. "How many parking companies even focus on this?” he asked. “Not many."
Marketing to Millennials and Gen Z
West recognizes that the younger generations of parking customers approach mobility differently than previous generations, making digital marketing an essential strategy for Reimagined Parking.
“When you look at the demographics of the United States, the biggest population cohort ever are the Millennials, and they're 100% in the workforce,” West said. “Gen Z is next, and they're the first native digital generation to grow up with a phone in their hand,” meaning they are much more likely to access the Internet on their phones than on a computer, he noted.
To capture this audience, West emphasized the importance of online sales channels and digital engagement. "More and more parking every year is being bought in advance, and it’s being bought in advance because people can get a better deal,” he said. “They’re not just driving down the street looking for a ‘P’ sign. They can look online and understand, ‘Oh, I have five options.” West continued: “If you're not wherever they're looking, then you're not going to get their business.”
Mapping the future of parking
Another innovative initiative West led at MPG entailed the digital mapping of its massive underground parking complex. "We digitized the walls of our parking garage," he explained, a move that aligns with the future of indoor navigation. Although navigation apps such as Google Maps and Apple Maps guide drivers to a parking location, the next evolution in navigation will extend inside large facilities, West noted.
West envisions a future where navigation systems direct drivers not only to a garage but to a specific parking space suited to their needs. "If you have a disability and need a handicap space near an elevator, your car’s navigation should be able to guide you directly to an open space that meets those criteria," he said. This level of personalization will become increasingly important in complex parking environments like hospitals, airports, and urban centers, West noted.
The road ahead
West understands that successfully leading Reimagined Parking requires more than just implementing new technologies. It also means fostering a culture of adaptability. "Success is now measured in the ability to navigate change," he said. “Pivoting is key in everything.”
West acknowledged that guiding Reimagined Parking into the future will require addressing multiple challenges. From shifting energy costs to evolving customer expectations, the industry is evolving rapidly, necessitating changes in how parking operators do business.
"How you managed the last 20 years is not how you're going to manage the next 20 years," he said.
JAY LANDERS is the editor-in-chief of Parking Today magazine. He can be reached at jay@parkingtoday.com.
