The Parking Spot added to its Dallas Love Field Airport capacity with the acquisition of 632 additional parking spots, the company announced earlier this week.
The Chicago-based company now operates more than 2,700 spots at 6900 Cedar Springs Road after acquiring the additional spaces from the adjacent facility formerly known as Best Parking. The combined entity is now known as Parking Spot 1.
When The Parking Spot decides to expand or enter a location, it looks at factors including the health of the local economy and airport passenger growth. Love Field checks those two boxes.
“Obviously since the Wright Amendment got lifted, Love Field has seen tremendous growth,” said Ed Orkand, vice president of Field Sales West at The Parking Spot. “We see that airport continuing to grow and ultimately the opportunities to take over the operations for the Best Parking location and expand our operation made a lot of sense.”
Previously, the Wright Amendment restricted flights out of Love Field to adjacent states. When those restrictions were lifted allowing carriers at the airport — primarily Southwest Airlines Co. (NYSE: LUV) — to fly to more destinations, passenger growth quickly took off.
The Parking Spot is the country’s largest near-airport parking company, and it has a significant history in Dallas as it was the company’s second ever location, Orkand said. In total, The Parking Spot has 39 properties at 22 airports including operations at the two major Houston airports and Austin–Bergstrom International Airport.
Another community attribute The Parking Spot looks at when deciding where to expand is the size of the corporate community. Dallas-Fort Worth has seen several new entries into its corporate community recently, including the massive Toyota North America relocation from California a few years ago.
“Toyota recently shifting their headquarters and U.S. operations to Plano has had a big impact on the market and we’ve certainly seen that in our business as well,” Orkand said.
SOURCE: Dallas Business Journal