CHICAGO, Jan. 25, 2011 (GLOBE NEWSWIRE) -- Standard Parking Corporation (Nasdaq:STAN), one of the nation's leading providers of parking management, ground transportation and other ancillary services, today announced the release of its newly developed monthly parker management and billing system, MPM PlusTM. Built on Oracle financial and contract management software, MPM PlusTM contains comprehensive functionality to accurately invoice and collect the revenue associated with the complex parking provisions of multi-year commercial tenant leases.
Thomas L. Hagerman, Standard Parking's Executive Vice President and Chief Operating Officer, noted that, "For years, our clients have been clamoring for a monthly parker billing system they can rely on to enforce the parking-related provisions of their tenant leases, which often obligate tenants to take various numbers of parking spaces at various times and at various rates. Without a billing system to accurately track those obligations, property owners stand to lose a lot of revenue. The MPM PlusTM system solves those issues and fills the void."
Addressing the system's impact on the Company's clients, Hagerman stated, "In developing this product, we invested substantial time and resources to make sure that MPM PlusTM performs well in areas where we believe other products on the market fall short. We're confident that our existing clients will enjoy the system's benefits, and that prospective clients will see MPM PlusTM as a competitive differentiator."
Using the Oracle E-Business Suite as its foundation, the MPM PlusTM system leverages world-class financial processes and controls that can be lacking in custom-built applications. In addition to an array of flexible rate management tools designed to ensure proper billing, the system contains enhanced invoicing options so parkers can easily understand their monthly bills. MPM PlusTM can handle operations of all sizes, from the single facility to large real estate portfolios. The Company indicated that it will roll out MPM PlusTM in phases throughout the course of 2011.
"Standard Parking has always been about maximizing parking profit for our clients," said James A. Wilhelm, President and Chief Executive Officer. "MPM PlusTM is just the latest example of our use of technology to maximize revenues and drive down operating costs through processes that also serve to reduce our carbon footprint – from paperless financial reporting to electronic procurement to letting our parkers find and pay for their parking over the web. The bottom line for our clients is exactly that – we expect MPM PlusTM to increase operating profit through more sophisticated billing and tenant lease management."
Standard Parking is a leading national provider of parking facility management, ground transportation and other ancillary services. The Company, with approximately 12,000 employees, manages approximately 2,200 facilities, containing over 1.2 million parking spaces in approximately 340 cities across the United States and four Canadian provinces, including parking-related and shuttle bus operations serving more than 60 airports.