It's an app that's remarkably similar to the one used by the one-year-old SF Park, but developed by entrepreneurs for the profit of those who use it - sort of like "eBay for free parking". It's 'dynamic pricing' by the free market, not by a pre-determined rate.
"The (Parking Auction) app is simple to use. Drivers - or sellers - readying to leave their parking spot post their general location and time when they'll be leaving their spot on Parking Auction and name a price, say $5.
Meanwhile, the buyers - drivers in search of parking - check Parking Auction and see the spots pop up on a map. They bid, and if a seller accepts, that spot user then sends the buyer an exact location and the make and model of their car."
From Next American City's review of Don Shoup's "High Cost of Free Parking": In a parking benefit district, "residents could still park for free with a permit, but non-residents would have to pay for a permit to park on residential streets. The revenue generated from the sale of permits could fund sidewalk repairs or other improvements to residential neighborhoods."
However, bot apps share the benefit of reducing congestion and pollution by allowing motorists to quickly find an available parking space.
Thanks to Jesse Prentice-Dunn