We were managing truck facilities ourselves, and running into problems trying to integrate multiple software solutions, so we set out to build it a solution ourselves. The original version of the platform simply facilitated a transaction, right? And then slowly we started building out the landlord tools to the point where we are today where it's truly a full-service piece of software that can automate and relieve the headaches associated with lot of manual process in truck parking facilities.

There's guys that we come across who are using land for their main business and happen to have extra acreage alongside their main use. And they've been parking trucks for 20 plus years.

Then you have somewhat these regional players where they've almost understood the business model, I guess you can call it, of truck parking. They saw the need early and they took advantage of it finding underutilized properties in their market that they're familiar with. Usually they're also somewhat related to trucking or logistics.

And then as Jake mentioned, you see people with institutional backing going across the country, finding these opportunities on a broader scale, building a brand behind it, something that drivers and carriers can know what they're getting into.

The most logical constraint for an operator to me is going to be capital, right? It's a capital intensive business. Whether you buy or lease the site, usually there's going to be improvements required. Guys are talking about doing a hundred, 200, 500 parking facilities. That's going to take a significant amount of capital, right? Remains to be seen who the players will be that are providing that liquidity.

I think it's still a little tough to finance truck parking operations with the short-term nature of the tenancy. But I think the biggest constraint for operators is from an operational perspective. And within operations, the biggest constraint is technology. If you look at self storage, RV storage, all those facilities are already pretty much unmanned and automated.

I think outdoor storage is going the same direction. Just nobody's really focused on the technology yet. We're doing that. We're, you know, we're launching some cool stuff that will provide for a lot of those automations.

The majority of the regional to mom and pop style truck parking operators have no automation. They may have a master code that's given out to everybody in the facility and it's never changed. That’s a big problem with truckers leaving and coming back months later to enter the facility without paying or re-registering. Or they could share codes.

So you have varying degrees of sophistication. Sometimes you can get in with your phone. Sometimes you can get in with unique codes per customer. that's one of the things that we wanted to talk about today. We are solving most of those issues with the product that we're launching here shortly.

Our existing feature suite basically solves for a few primary components, right? One is inventory. Who's supposed to be in your facility? Where are they supposed to be parked? If you have assigned spaces, what spaces do you have available? How do you accurately represent that out into the market? Right? That's one item.

Then we've got our pay flows. We offer a fully custom pay stack with payment reminders, messaging, and internal reminders that provide both the landlord and the end users, the tenants with status updates on payments, reminders, letting them know their bill is coming due. We confirm the number of spaces that they're occupying. So if there's an edit that needs to be made, we catch it ahead of time. We automate all pay flows with full reporting behind that.

Next, we handle automated delinquency and collections processing. So if you have a payment failure, landlords or operators are no longer having to pick up the phones and dedicate resources to collecting those past due amounts.

The new product is a dynamic gate system with a custom board that we designed and engineered that will allow us to tie our reservation and payment system into any gate operator, regardless of manufacturer. So it will provide the functionality where only active and paid reservations will have access to your facility.

So a lot more visibility, lot tighter security, a lot cleaner facility for landlords and we won't talk pricing today but it's very cost-effective.

We're booked through October right now. We pre-sold it to our existing customers, Our first one's going in, know, first week of October, and then we're pretty much booked through October on installs. But once we launch it out into the market, we expect it to be picked up pretty quickly.

Over the last, call it 24 months in aggregate, we've seen a drop in rates pretty much in every market that we're active in except South Florida, varying degrees of a drop. I think that's no secret. South Florida is unique because there's just way more demand than there is available supply.

We just got off the phone with a prospect that we were doing a demo with yesterday. By way of example, he's right outside of port Long Beach. Which historically, you know, Port Long Beach and Port Newark is the most expensive space in the country. He was telling us they quoted $1.30 a square foot per month 18 months ago. Now his leasing broker is telling him market is really more like 75 to 90 cents a foot per month. And so that's pretty significant drop on a net lease basis.

For daily truck parking we're still seeing some yards in SoCal at $30-$35 dollars a day which is always kind of surprising to me given Port Newark is at $50 to $55 a day and I would expect them to be in the same neighborhood, but there's a lot of supply In Southern, California.

Our number one goal is to be the dominant provider of truck parking technology. We want to drive efficiencies at managed parking facilities and provide tools for landlords to optimize those sites, right? Provide for more of an automated experience, provide higher levels of security, higher levels of access control, right? And to really promote the professional management of truck parking facilities. That's all we focus on. All we do live, eat and breathe is truck parking. We listen to our users and we build the product that they ask us for.