Verra Mobility launches AutoKinex™ to provide drivers with seamless and secure in-vehicle payments; Partners with Stellantis for nationwide automated tolling service
Rhea-AI Summary
Verra Mobility (NASDAQ: VRRM) launched AutoKinex™, an OEM-ready in-vehicle commerce platform that enables drivers to pay for tolling, road-usage charging, parking, fueling and EV charging directly from the car.
Verra Mobility partnered with Stellantis to offer AutoKinex to U.S. Chrysler, Dodge, Jeep and Ram vehicles model year 2021 and newer; enrollment is free and new users receive the first 30 days at no cost. The service processes payments instantly, verifies vehicle location against toll sites, matches agency rates, and can provide a transponder at no charge for gated toll locations. AutoKinex is available via branded owner mobile apps and autokinex.com/stellantis.
Positive
- OEM partnership with Stellantis covering 2021+ Chrysler, Dodge, Jeep, Ram vehicles
- First 30 days free for new users, lowering adoption friction
- Transponder provided free for gated toll sites requiring one
- Instant in-vehicle payments with location verification and real-time charge confirmations
Negative
- Drivers of non-Stellantis brands enroll without in-vehicle display notifications
- No financial terms disclosed for the Stellantis partnership
News Market Reaction – VRRM
On the day this news was published, VRRM declined 4.92%, reflecting a moderate negative market reaction. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $174M from the company's valuation, bringing the market cap to $3.36B at that time.
Data tracked by StockTitan Argus on the day of publication.
- Connected vehicle technology enables drivers to pay for tolling, road usage charging, parking, fueling and EV charging
- Unlocks new revenue opportunities for auto manufacturers
- Stellantis is the first automaker to offer Verra Mobility's AutoKinex™ for seamless, pay-as-you-go tolling
Verra Mobility has partnered with Stellantis to provide AutoKinex to drivers of 2021 model year and newer Chrysler, Dodge, Jeep® and Ram vehicles in the
Drivers can learn more and verify whether their vehicle manufacturer has enabled the AutoKinex platform by visiting autokinex.com. For all other automotive brands, drivers can enroll to use the service for automated toll payments, without in-vehicle display notifications.
Built on Verra Mobility's 20-year expertise in tolling and connected mobility, AutoKinex transforms vehicles by enabling seamless, secure transactions directly from the car, without additional hardware or mobile apps. Payments are processed instantly and securely, while real-time charges are displayed in the vehicle, if enabled, giving drivers a transparent and frictionless commerce experience.
Using AutoKinex as a service, drivers of compatible vehicles can pass through most toll plazas nationwide without stopping or needing to track down local tolling authority websites to register and make payment. If users frequent gated tolling locations that require a transponder, Verra Mobility will provide one at no charge.
AutoKinex verifies the location of the vehicle in relation to the toll site, matches that to the tolling agency's rates and automatically pays the toll on behalf of the driver. Drivers will see a confirmation of the toll rate in the vehicle's infotainment screen, if enabled.
"With AutoKinex, we're improving the driving experience and simplifying payments to enable drivers to pay for everyday services, such as tolls, directly from their vehicle," said Stacey Moser, Executive Vice President of Verra Mobility's Commercial Services business. "AutoKinex also provides automakers with a scalable revenue channel by embedding today's essential services and payments in the vehicle, paving the way for future connected mobility experiences. We are proud to partner with Stellantis as the first automaker to bring this groundbreaking connected vehicle service to market."
Verra Mobility piloted AutoKinex with hundreds of Chrysler, Dodge, Jeep® and Ram drivers throughout the
As automakers accelerate their shift toward delivering enhanced value through connected services, AutoKinex offers a plug-and-play solution that simplifies the experience for drivers. By consolidating multiple mobility services into a single, commerce-ready and intuitive platform, AutoKinex eliminates the complexity of managing disparate tools, helping manufacturers provide a seamless and smarter driving experience.
About Verra Mobility
Verra Mobility Corporation (NASDAQ: VRRM) is a leading provider of smart mobility technology solutions that make transportation safer, smarter and more connected. The company sits at the center of the mobility ecosystem, bringing together vehicles, hardware, software, data and people to enable safe, efficient solutions for customers globally. Verra Mobility's transportation safety systems and parking management solutions protect lives, improve urban and motorway mobility and support healthier communities. The company also solves complex payment, utilization and compliance challenges for fleet owners and rental car companies. Headquartered in
Forward-Looking Statements
We describe factors that drive our business and future results in this press release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are those that address activities, events, or developments that management intends, expects, projects, believes or anticipates will or may occur in the future. They are based on management's assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments, and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties that can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this press release can or will be achieved. These forward-looking statements should be considered in light of the information included in this press release, our Form 10-K, and other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time.
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SOURCE Verra Mobility
FAQ
What is AutoKinex from Verra Mobility (VRRM) and when was it launched?
Which Stellantis vehicles support AutoKinex for automated tolling (VRRM)?
How can drivers enroll in AutoKinex for Stellantis vehicles (VRRM)?
Will AutoKinex display toll charges in the vehicle for all brands (VRRM)?
Does AutoKinex require extra hardware to pass toll plazas (VRRM)?
