Our MRM growth initiatives continue to drive momentum and we believe that our products are gaining share in a market that is estimated to be growing at approximately 20% a year.
We also believe we are now the number one provider of mobile data devices to the domestic local fleet segment with our industry leading location monitoring unit or LMU product family. In addition, we are gaining traction in Latin America where we have developed tier-one cellular carrier channel partners to market our tracking products for the stolen vehicle recovery application.
As has been the case with channel partners in the U.S., we believe, we are well positioned to establish our products as the standard platforms for our customers internationally, thereby generating predictable and growing revenue streams once integrated into customers end market solutions.
In the emerging insurance segment, we believe our MRM business is competitively positioned with our recently introduced LMU 3000 product. We are currently working with a number of medium and large North American auto insurers to provide the hardware solutions to support their pay-as-you-drive and usage-based insurance initiatives.There are around 250 million insured vehicles in the United States alone. And while that may take some time before we see significant commercial deployments by key North American auto insurance companies, we believe we are well positioned to provide innovative hardware solutions for these deployments when they occur. In our Telemetric Systems business within MRM where we provide bundled solutions, including tracking hardware, hosted software applications and cellular data subscriptions, third quarter results were in line with expectations with healthy revenue from our vehicle finance segment and the seasonal ramp in our remote car start application with the onset of winter weather. Read the rest of this transcript for free on seekingalpha.com