SP Plus runs parking lots, valet services, and airport baggage handling across North America—think of it as the behind-the-scenes operator for garages and terminals.
Revenue comes from long-term contracts with property owners, airports, and cities; gross margin is thin at 12.26%, with net margin just 1.74%, so it's a high-volume, low-margin business.
Local contracts and operational scale create switching costs, but rivals like ABM Industries and LAZ Parking can underbid on price, and tech disruptors like SpotHero erode the parking reservation edge—moat is eroding.
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