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I.D. Systems Awarded Patent For Automated Wireless Vehicle Rental System

Stocks in this article: IDSY

WOODCLIFF LAKE, N.J., Feb. 6, 2013 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for securing, tracking and managing high-value enterprise assets, has been awarded United States patent number 8,370,268 for a wireless, fully automated, remotely controlled vehicle rental system.

The patented system enables a renter to reserve a vehicle via the Internet or a Smartphone, confirm a specific vehicle's availability in real time by means of a wireless device inside the vehicle, automatically unlock the vehicle's doors with a remote authorization signal, and return the vehicle without the aid of any other person.

This is I.D. Systems' second patent award pertaining specifically to wireless rental car management. The company's first patent application for an automated vehicle rental system was filed in 1999, and the company currently has multiple related patent applications pending.

I.D. Systems has deployed its rental vehicle management technology for Avis Budget Group  on approximately 30,000 vehicles in North America, as reported in November, 2012. As part of the contract between the companies, announced in August, 2011, Avis Budget also acquired an approximately 9% equity stake in I.D. Systems.

I.D. Systems expects that the newly awarded patent will help it further penetrate the rental car market and serve as a barrier to competition.

"We are very excited to be awarded this patent," said Jeffrey Jagid, I.D. Systems' chairman and CEO. "We envision consumers taking more control of their own car rental experience, and rental companies enjoying significant cost savings and revenue enhancements through wireless automation of their operations. This is starting to happen already, with virtual, remote rentals constituting the fastest-growing segment of the rental car industry. We believe our patented technology will be a cornerstone in revolutionizing this industry, just as electronic ticketing and check-in transformed the airline industry."  

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