Rekor Systems Announces Its Roadway Intelligence AI Reduces Uninsured Driving Up to 40% in Oklahoma

Rhea-AI Summary

Rekor Systems (NASDAQ:REKR) announced significant results from Oklahoma's Uninsured Vehicle Enforcement Diversion (UVED) Program, revealing a reduction of approximately 100,000 uninsured vehicles since its inception. The program, which has seen over 83,000 enrollments and generated about $15 million in diversion fees, aims to mitigate uninsured driving through AI technology. More than 55,000 citizens have opted for insurance, avoiding court proceedings. The program also achieved a 33% to 40% reduction in uninsured vehicles on the roads, demonstrating a successful approach to addressing uninsured driving issues.

Positive

• Generated approximately $15 million in diversion fees since inception.
• Over 83,000 citizens enrolled in the UVED program.
• More than 55,000 citizens obtained insurance and avoided legal repercussions.
• Achieved a 33% to 40% reduction in uninsured vehicles in Oklahoma.

Negative

• None.

• Since the inception of Oklahoma's Uninsured Vehicle Enforcement Diversion Program, more than 83,000 citizens have enrolled in the program
• Over 55,000 citizens have agreed to acquire insurance and are no longer at risk of a court appearance, prosecution, or roadside interaction with law enforcement
• Self-funded program generates approximately $15 million in diversion fees

COLUMBIA, MD / ACCESSWIRE / March 27, 2023 / Rekor Systems, Inc., (NASDAQ:REKR) ("Rekor" or "the Company"), a global AI technology company with a mission to provide insights that build safer, smarter, and more efficient cities around the world through intelligent infrastructure, today announced key metrics relating to the success of the Oklahoma Uninsured Vehicle Enforcement Diversion (UVED) Program in reducing uninsured driving in the state by approximately 100,000 vehicles. As of the first quarter of 2023, the self-funded program has generated approximately $15 million in diversion program fees since its inception.

Rekor's roadway intelligence AI powers the UVED program, and Rekor's systems are deployed throughout Oklahoma to support the program mission. As motorists travel on the state's roads and highways, strategically placed Rekor Edge systems capture and recognize vehicles and their license plates, gathering information about the vehicle's make, model, color, and license plate. With support from Oklahoma, captured vehicle and license plate information is automatically compared with data from the state's real-time insurance verification system. When a vehicle matches, an evidence package is sent to the District Attorneys Council notifying them of an uninsured vehicle detection. Upon review by the state, the motorist receives an automatic notice to respond in the mail, encouraging them to obtain insurance and enter a diversion program instead of prosecution. The UVED program seeks to keep Oklahomans away from criminal proceedings by notifying the owners of uninsured vehicles about the potential for charges before law enforcement intervenes and supports enrolling them in an affordable insurance program.

Since its inception in 2018, more than 83,000 people have enrolled in the program. Over 55,000 citizens have agreed to acquire insurance and are no longer at risk of a court appearance, prosecution, or roadside interaction with law enforcement. There has also been at least a 33% reduction in personally registered, uninsured vehicles on the roadway, with some estimates reaching as high as 40%.

"Oklahoma's success proves a citizen-focused, solutions-based diversion program is an effective alternative to traditional compliance methods that do not use modern technology. Across the state, Oklahomans are safer because of UVED," said the UVED Program Director Amanda Arnall Couch.

According to the Insurance Information Institute, uninsured vehicles are a significant problem for state governments and the nation's motorists, as nearly 1 in 8 drivers in the US are uninsured, which puts all drivers at greater risk in the event of a crash. Additionally, states are deprived of significant tax revenues from insurance premiums used to fund infrastructure and other investments, further improving roadway safety and efficiency.

A key goal of the UVED Program is to divert cases of insurance noncompliance away from the court system. The Company developed a web portal where citizens can explore low-cost coverage options and avoid potential penalties, recognizing that one of the reasons for the state's high number of uninsured drivers is that many cannot afford insurance. To date, over 1,000 citizens have taken advantage of this easy way to enroll in an affordable insurance program.

"The UVED Program has helped Oklahomans stay safe on the roads, but its use cases could eventually extend beyond flagging uninsured motorists. Tax agencies could use the same cameras to identify unregistered or registered vehicles with out-of-state insurance. Law enforcement agencies can also piggyback on the system to detect suspicious or stolen vehicles or those involved in an Amber Alert or Silver Alert," said Charles Degliomini, EVP Government Relations, Rekor. "The UVED Program has been a resounding success in reducing uninsured driving in Oklahoma. Rekor is proud to be part of this innovative initiative."

About Rekor Systems, Inc.

Rekor Systems, Inc. (NASDAQ:REKR) is a trusted global authority on intelligent infrastructure providing innovative solutions that drive the world to be safer, smarter, and greener. As a provider of comprehensive, continuous, and real-time roadway intelligence, Rekor leverages AI, machine learning, and holistic data to support the intelligent infrastructure that is essential for smart mobility. With its disruptive technology, the Company delivers integrated solutions, actionable insights, and predictions that increase roadway safety. To learn more, please visit our website: https://rekor.ai, and follow Rekor on social media on LinkedIn, Twitter, and Facebook.

Forward-Looking Statements

This press release and its links and attachments contain statements concerning Rekor Systems, Inc. and its future expectations, plans, and prospects that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the impact of Rekor's core suite of AI-powered technology and the size and shape of the global market for ALPR systems. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," by the negative of these terms or by other similar expressions. You are cautioned that such statements are subject to many risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual circumstances, events or results may differ materially from those projected in the forward-looking statements, particularly as a result of various risks and other factors identified in our filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events, or otherwise.

Media & Investor Relations Contact:

Rekor Systems, Inc.
Charles Degliomini
ir@rekorsystems.com

SOURCE: Rekor Systems, Inc.

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FAQ

What impact has Rekor Systems had on uninsured driving in Oklahoma?

Rekor Systems has contributed to a reduction of approximately 100,000 uninsured vehicles through the UVED program.

How much revenue has the UVED program generated for Rekor Systems?

The UVED program has generated about $15 million in diversion fees since its inception.

How many citizens have enrolled in the UVED program as of 2023?

As of 2023, more than 83,000 citizens have enrolled in the UVED program.

What percentage reduction in uninsured vehicles has the UVED program achieved?

The UVED program has achieved a reduction in uninsured vehicles between 33% and 40%.

What does the UVED program aim to achieve?

The UVED program aims to reduce uninsured driving and provide citizens with affordable insurance options.