Driving around in search of a parking space is never fun, but a new company is set to launch a parking spot locator service this fall. SpotScout is betting on a couple of new ideas to connect drivers through their cellphones.

The basic premise is that those with parking spaces will broadcast their willingness to vacate the spot, and drivers will schedule a time to take over the space. The new driver winds up paying a finder's-fee premium, and the original occupant of the parking space gets a small payment for his thoughtfulness. All the transactions are taken care of through SpotScout's network, and the company pulls a percentage each time the money changes hands.

Many commercial garages have already jumped on board, and the company is working with automakers to integrate the new service with onboard navigational systems. Wired's coverage reports over 800,000 users are already signed up, and the initial service offering is slated to begin with New York, Boston, and San Francisco.

Picked up from TechWeb @ Yahoo.