Spare has now launched Spare Platform in three continents, across a wide variety of geographies, demographics and system types, and our reach continues to grow. Many cities around the world are moving to Spare Platform, and now some of the world's largest cities, like Dallas, Texas, are using Spare Platform as a core piece of the city’s transportation infrastructure. However, in order to drive continued adoption of efficient transportation worldwide for everyone, on-demand transit needs to be more versatile, and the interconnectivity with the surrounding transportation infrastructure needs to be turned on by default. Today we’re unveiling Spare Platform V2, the next step in the growth of Spare Platform. V2, which was born from our experience operating some of the world’s largest on-demand transit networks, enables the most versatile, interconnected on-demand transit systems available on the market today.
V2 rearchitects the way that riders book trips, drivers get navigated, and Spare Engine routes vehicles. Now, instead of a pickup stop getting assigned to a user in advance of a trip booking, pickup stops are optimized throughout the trip booking experience. Once the trip is confirmed, an optimal stopping location is chosen that maximizes both the best user experience and highest routing efficiency for current and future demand. Combined with other improvements, V2 will improve overall service efficiency by 15 percent, and increase trip quality for passengers by up to 40 percent.
Stop optimization isn’t the only way we’re improving customer experience. Beginning with select partners in North America, Spare is rolling out a new feature called Multimodal. Now, whenever you look for a trip using the Spare app, your trip estimate will include options for connections to busses and trains within your city. When you select a Multimodal trip, Spare will intelligently route on-demand vehicles based on real-time transit vehicle locations, and ensure that your ride will be ready at your bus stop or train station when you arrive.
Transit networks are complex and often heavily interdependent. With V2, Spare Platform uses available, open data from cities and transit agencies to generate demand models for a particular region. These demand models are then used by Spare Engine to better allocate vehicles and reduce overall wait time. Predictive Demand is available today in any location worldwide with open data.
A challenge that all transportation services face on a day-to-day basis is managing driver supply. Peak and low periods of demand often create inconsistent rider experiences, and require elevated costs due to oversized vehicle fleets designed to guarantee a certain level of service. Spare Platform V2 introduces a new feature, available today across all geographies, called Mixed Supply. Now, in addition to a fixed vehicle fleet, services can contain additional suppliers that are automatically used in times of low and peak demand. This means that vehicle fleets can be deliberately undersized, and fluctuations in demand can be handled without a decrease in rider experience. By using Mixed Supply, service providers can save an estimated 30 percent on day one from efficiency gains, and remain well positioned for changes in market demand.
Three years ago, we deployed a platform that was three years ahead of anything available on the market at that time. With V2 we are doing even more, propelling on-demand and efficient transportation systems another three years into the future, while providing a platform that is built to scale in an incredibly fast-growing market. As more transit agencies and cities move to Spare Platform, V2 enables us to deliver the most versatile, interconnected, and advanced transit networks available on the market today. With more geographies launching frequently, and an incredible existing customer base, we are able to build on a diverse set of experiences and invest heavily into the cities of the future.