A park-by-wire system uses a single spring to bias the system towards park and to permit a ratcheting feature which delays the engagement of park until vehicle speed drops below a threshold. A cam slides with respect to a rod. A stop on the rod limits travel in one direction. The spring biases the cam toward the stop but compresses as necessary to allow the cam to move during ratcheting operation. The spring reacts against the housing. Acting through the cam and the stop, the spring biases the rod toward the park position. The design limits the number of components that move during ratcheting operation. Specifically, the rod and actuator do not oscillate during ratcheting operation.