What is a Spot Rate?

Spot Rates are one-off exceptions to standard pricing rules.

You can set them for planned or unplanned periods of high demand.

They allow you to capitalize on temporary demand changes without adjusting your standard rates (Default Rates), because adjusting Default Rates for one period means also adjusting them for all future dates where the Default Rate applies.

<aside> 🎨 Spot Rates are overrides to your standard pricing structures.

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• When the Spot Rate is live, it supersedes your Default Rate(s).
• Once the Spot Rate expires, your Default Rate(s) go back into effect.

How do Spot Rates work?

Ocra has two rate functions within our Rate Management solution:

1. Default Rate – This is a standard rate that applies from now until forever, as long as it’s active.

2. Spot Rate – This is a “spot” update of a Default Rate that creates a rate override during an “X to Y” date range. When active, Spot Rates supersede Default Rates.

<aside> 🎨 In the screenshots in the following guide, Default Rates are always PURPLE and Spot Rates are always BLUE.

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<aside> ☂️ This guide applies to the Airport, Event, & Transient Verticals in Ocra.

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Setting Spot Rates for a Transient Location

As previously mentioned, one use case of Spot Rates is to temporarily override a transient Default Rate to increase prices during an unexpected influx of demand.