Gentex and TransCore Complete Agreement to Provide Automakers With Vehicle-Integrated, Nationwide Tolling Solution
ZEELAND, MI--(Marketwired - Jan 4, 2016) - Gentex Corporation (NASDAQ: GNTX) and TransCore are teaming up to provide auto manufacturers with a vehicle-integrated tolling solution that enables motorists to drive on all U.S. toll roads without a traditional toll tag on the windshield. Currently more than 75 percent of new car registrations are in states with toll roads with over 50 million drivers accessing these roads each year.
Gentex and TransCore have signed an exclusive agreement to integrate TransCore's Universal Toll Module™ (UTM) technology into Gentex's electronic rearview mirrors. The interior mirror is the optimal location for a vehicle-integrated toll transponder and it eliminates the need to affix multiple toll tags to the windshield.
"Gentex is always interested in combining new technologies with our auto-dimming mirrors due to the ideal location of our product," said Gentex Senior Vice President and CFO, Steve Downing. "This strategic partnership with TransCore allows us to develop an all new product offering that helps automakers seamlessly integrate toll collection into the car, just like they've done with navigation systems, HomeLink®, satellite radio, and other technologies that debuted in the aftermarket. UTM offers the new car owner the ability to enjoy a hassle-free driving experience using managed lanes and toll roads across the country."
Since the Universal Toll Module enables travel across all U.S. toll roads, motorists would no longer need multiple toll tags for different regions of the country or have to manage multiple toll accounts. Gentex's vehicle-integrated solution simplifies and expedites local, regional, and national travel.
In 2012, President Obama signed into law the Moving Ahead for Progress in the 21st Century Act (MAP-21). The Act calls for the development of a nationally interoperable electronic toll collection system by October 2016. The UTM provides transportation agencies with an interoperability solution without costly infrastructure changes to the thousands of miles of toll lanes throughout the country.
A leader in the transportation industry, TransCore provides innovative, technical solutions and engineering services for applications encompassing next generation All Electronic Tolling and Traffic Management Systems. TransCore's RFID products secure access for airports, hospitals, parking garages, border patrols, trucking fleets and the rail industry. Since pioneering radio frequency identification (RFID) technology for the transportation industry, TransCore has delivered more than 71.1 million toll tags and 84,000 readers. TransCore also operates tolling customer service centers for transportation agencies throughout the U.S. and Middle East.
Based in Nashville, Tenn., TransCore is a wholly owned subsidiary of Roper Technologies, a diversified technology company in the S&P 500, Fortune 1000 and Russell 1000 indices.
About Gentex Corporation
Founded in 1974, Gentex Corporation (NASDAQ: GNTX) is a supplier of automatic-dimming rearview mirrors and electronics to the automotive industry, dimmable aircraft windows for aviation markets, and fire protection products to the fire protection market. Visit the Company's web site at www.gentex.com.