Quick–how many hours of your life have you spent in the car searching for parking spots and wasting precious gasoline (and cash) in the process? A new iPhone app called iSpotSwap could make parking problems a thing of the past. The free app’s usefulness is twofold–it finds open parking spots and notifies others when you are about to vacate a spot.

Here’s how it works: the iPhone‘s GPS “tags” your parking spot, and you key in an expected departure time. Users can search for spots via a color-coded map from their current location, contact list, or by direct address–and voila, you know exactly where to go to find parking, no circling the lot necessary.

The app has an added bonus for the forgetful among us. Since your car is geotagged when you park, the iPhone app can track it down in a crowded parking lot with the “Find My Car” feature. That feature might not save gasoline, but it will certainly save you from the headache of a lost vehicle.

+ iSpotSwap

Via Treehugger