Socar Reaches 1.26 Million Shared Uses of Seoul Resident-Priority Parking

## Leading Urban Parking Innovation: Socar's 'Modu Parking' Paves the Way for Resolving Parking Shortages with 50% Annual Growth Mobility platform Socar's online parking service 'Modu Parking' is garnering attention for its significant contribution to alleviating urban parking shortages. Last year, it achieved the feat of sharing residential priority parking spaces 1.26 million times within Seoul, recording a remarkable average annual growth of approximately 50% over the past three years. This service maximizes individual income generation and the parking efficiency of the entire city by allowing residents to share their assigned parking spaces during vacant times, and in return, receive 'Modu Parking' points that can be used for in-app parking payments or gift card exchanges. The generated revenue operates under a win-win model shared by residents and local governments. Socar has driven these remarkable achievements by operating over 7,200 residential priority parking spaces across 21 districts in Seoul. The service's performance has steadily increased from 620,000 uses in 2022 to 950,000 in 2023, and 1.26 million in 2024, with 510,000 uses recorded from January to May this year, foreshadowing continuous expansion. Particularly, explosive usage rates were observed in key areas with high concentrations of business, shopping, and tourism functions, such as Mapo, Seocho, Jongno, Songpa, and Yongsan. These five areas account for approximately 65% of all shared service transactions in Seoul, clearly reflecting the characteristics of urban centers with frequent influx of external vehicles and high demand for short-term parking. It is noteworthy that the contribution of 'unassigned parking spaces' (not allocated to residents) is also significant. Unassigned parking spaces, which boast higher flexibility and efficiency due to being available 24 hours a day, accounted for 390,000 parking uses last year, approximately 31% of the total usage. Currently, Socar is collaborating with 18 districts in Seoul to share approximately 2,300 unassigned parking spaces, showing particularly active transaction volumes in the Seocho, Songpa, and Yongsan areas. Choi Yoon-soo, head of Socar's Public Hub Team, stated, "We aim to expand the sharing of idle parking spaces by collaborating with various local governments, focusing on key areas in Seoul and the metropolitan region. Through the digitization and sharing of idle urban spaces, we will not only enhance parking accessibility and convenience but also contribute to building sustainable urban infrastructure." Through such an innovative shared economy model, Socar is leading the way in solving pressing urban challenges and opening new horizons for future mobility.