Experienced Executives Solve a Dilemma For Financial Institutions
"Our engineering has experienced rapid growth larger than the past decade," commented Progeny President Eric Brown. "Based on the 2010 inquiries report of IBISWorld, the parking sector in the US consisted of approximately 7,000 firms generating larger than $7.5 billion in annual revenues in 2009." Brown continued, "The report indicates that the overall size of the parking industry, counting public parking lots, was in excess of $30 billion in 2010 with more than 35,000 parking structures representing larger than 5,000,000 spaces in the United States."
Yet all of this growth has made valuation and appraisal of Parking engineering conveniences and leases very difficult to formulate.
"Ian and I realized that there were few eligible appraisers for the industry," Eric commented, "when an appraiser asked us to consult on prices on more than a few conveniences involved in a family unit struggle upon the death of their father. Such valuations are far more than unfussy real estate and cash flow-based formulas," Eric continued, "and our experience in the engineering made the advancement of this new service a natural for our company."
Eric Brown and his brother Ian Brown engage in been in the parking garage and car rental engineering since 1979 when they on track in the family unit operated business. The two learned all aspects of the business counting serving as parking attendants, managing every day operations, plus the marketing, pecuniary and consulting aspects of the company. The business operated 20 parking conveniences and 7 car rental conveniences with a fleet in excess of 500 vehicles.
In 1992, Eric and his brother Ian on track their own successful venture in the parking garage industry, called Smart Parking. By 1996 they had 28 garages and 3 car rental locations. By 1999 they operated larger than 70 parking conveniences doing $35 million in revenue.
Today, the two, through their Progeny Consulting Group, endow with consulting services for public entities counting management, organization, control systems, technology, infrastructure and now parking engineering valuation and appraisal services.
For further information on Progency Consulting Group, contact Eric Brown at 646-649-5591
Stephen F. Molinari, Chairman & CEO