What exactly happened on December 2, 2013?
First, we changed the name of our parent company from Standard Parking Corporation to SP Plus Corporation and, in Canada, we changed Standard Parking of Canada’s name to SP Plus Corporation Canada.
Secondly, we changed the ticker symbol that our stock trades under on the Nasdaq from STAN to SP.
Why did you change the Company name?
We changed the Company’s name because we have grown into more than just a parking company. Certainly we’re still the largest provider of parking management services in North America with our Standard Parking and Central Parking brands (and our USA Parking brand in the hospitality industry), but the fact is we also provide:
- Ground transportation services – we operate a fleet of more than 750 shuttle buses and transport more than 41 million passengers every year.
- Facility maintenance services in 28 U.S. cities – we can sweep, scrub, power wash, paint and stripe the parking garages, and provide other seasonal services such as snow removal.
- Professionally trained and licensed security officers in six states and in Canada, and we’ll expand into other states as client needs dictate.
- Event logistics services for major special events (like the Super Bowl, the Olympic Games, the NCAA Final Four, World Cup Soccer and even the Presidential Inauguration) and major event venues (like Dodger Stadium, FedEx Field and MetLife Stadium).
Given the breadth of our service lines, it became important for our company to have a name that doesn’t give the impression we’re just a parking company.
How does the name change affect my relationship with you?
In substance, not at all. All we did was change Standard Parking Corporation’s name (much like changing a phone number). More specifically:
- The name change applies only to Standard Parking Corporation (Central Parking is a separate, wholly-owned subsidiary that is not affected by the change). Standard Parking’s TIN will remain the same, so while Standard Parking vendors may wish to update their records to reflect SP Plus Corporation as our new corporate name, invoices to Standard Parking (which now is an assumed name) will still be processed and paid in the ordinary course.
- Since Central Parking is a wholly-owned subsidiary unaffected by the name change, Central Parking vendors do not need to take any action at all.
I notice you’re still operating many of your garages under your Standard Parking and Central Parking brands. Why?
We didn’t want to cause confusion by making an immediate switch to an unfamiliar brand because our clients and consumers had known us for years as Standard Parking and Central Parking. We now have started the process of converting our garage operations to our new SP+ Parking brand. The conversion will take place gradually but we expect it to be substantially completed by the end of 2015.