An Italian based app company is auctioning off San Francisco parking spots. The MonkeyParking mobile app offers an incentive for drivers to free up their parking spaces as other drivers make bids on that spot. Since San Francisco parking spots are hard to come by (800,000 people live in a 7 by 7 square mile area), this scheme also helps reduce traffic.
The Italian startup provides a platform for people occupying a parking spot to offer a starting bid, and for desperate drivers circling the vicinity to make a bid. Once the parked party accepts a bid they are happy with, the space seeker receives the exact parking location and MonkeyParking pockets a percentage of the profits.