Verra Mobility Commercial Services Accelerates Fleet Mobility with New Solutions and Partnerships
Verra Mobility (NASDAQ: VRRM) announced new solutions enhancing efficiencies and compliance for commercial fleets. Key offerings include the TollLink™ nationwide toll management system, facilitating toll payments via a single device. The company partnered with Car IQ for connected vehicle payment solutions and is piloting toll transactions with a California toll authority. Additionally, Verra has collaborated with Reviver for digital license plate processing. These initiatives aim to streamline operations for over 5.8 million vehicles globally, improving cost management and toll compliance.
- Introduction of TollLink™, a single-device nationwide toll management solution.
- Strategic partnership with Car IQ to enhance connected vehicle payment solutions.
- Collaboration with California toll agency for innovative toll transaction automation.
- Agreement with Reviver for digital plate processing to improve vehicle compliance.
- None.
- New, single-device nationwide toll management offering
- New connected vehicle payment solutions
- Digital license plate processing capabilities
- Innovative partnership to pilot connected vehicle toll transactions with a California toll authority
MESA, Ariz., July 18, 2022 /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announced today new solutions and capabilities that improve efficiencies, reduce costs and enhance compliance for commercial fleet customers. Verra Mobility's Commercial Services business expands its portfolio of industry-leading offerings with a new nationwide toll management solution using a single device and new payment solutions and transaction capabilities for connected vehicles via strategic partnerships.
"As vehicles increasingly become more technologically enabled and connected, they not only allow for the solutions we have announced today, but also the ability to reimagine the future of fleet services for our current customers and new segments," said Steve Lalla, executive vice president of Commercial Services, Verra Mobility. "These partnerships provide us access to cutting-edge technology and industry thought leaders."
Single-Device Nationwide Toll Management Solution
Verra Mobility unveils TollLink™, a nationwide toll management solution that leverages a single device and connects fleets operating across the U.S. with regional toll savings at scale. Developed to simplify toll management for fleet vehicles that frequently toll across regions, TollLink eliminates the need for fleets to acquire multiple transponder devices and manage multiple toll accounts. The new fleet offering simplifies operations, reduces tolling expenses, and enables fleets to travel without friction across toll regions in the U.S.
Innovative Connected Fleet Payment Solutions with Car IQ
Verra Mobility and Car IQ, an innovative payment solution for connected fleets, signed an agreement to enable toll payment integration with the Car IQ vehicle payment platform. The Car IQ platform enables vehicles to automatically conduct secure and autonomous transactions with payment networks, banks and merchants. Through this partnership, Car IQ can provide the power of Verra Mobility's comprehensive tolling solution to their growing customer base.
New Innovation Agreement to Pilot Connected Vehicle Tolling and Road Usage Charging (RUC) in California
In collaboration with California toll agency, Transportation Corridor Agencies (TCA), Verra Mobility is exploring potential uses of connected vehicle and blockchain technology to automate tolling transactions to enhance accurate and transparent tolling for private, rental and leased vehicles. Topics under study include the ability to instantly record tolling transactions and accurately determine miles driven across multiple networks and toll rates.
Digital Plate Processing with Reviver
Verra Mobility has entered into a commercial agreement with Reviver, the industry pioneer of digital license plates, to enable processing of Title and Registration transactions for digital plates. Verra Mobility's modernized Title and Registration platform will process critical vehicle compliance transactions for Reviver's digital license plate fleet customers. As part of the partnership, Reviver will also be able to offer industry-leading toll management solutions through their fleet sales channels.
Verra Mobility's toll management services are used by major fleet owners, operators and managers to conveniently and automatically pay tolls for more than 5.8 million vehicles globally while also protecting vehicle owners against costly toll fines and burdensome administrative tasks. The company's proprietary software technology allows for tolls to be matched to a specific vehicle and driver so that tolls can be accurately and reliably billed and collected on behalf of, or directly from, its customers.
Verra Mobility (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 Arizona, Verra Mobility operates in North America, Europe, Asia and Australia. For more information, please visit www.verramobility.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about Verra Mobility's plans, objectives, expectations, beliefs and intentions and other statements including words such as "hope," "anticipate," "may," "believe," "expect," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology. The forward-looking statements herein represent the judgment of the Verra Mobility, as of the date of this release, and Verra Mobility disclaims any intent or obligation to update forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. This press release should be read in conjunction with the information included in Verra Mobility's other press releases, reports and other filings with the SEC and on the SEC website, www.sec.gov. Understanding the information contained in these filings is important in order to fully understand Verra Mobility's reported financial results and our business outlook for future periods. Actual results may differ materially from the results anticipated in the forward-looking statements and the assumptions and estimates used as a basis for the forward-looking statements.
We periodically provide information for investors on our corporate website, www.verramobility.com, and our investor relations website, ir.verramobility.com.
We intend to use our website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following the Company's press releases, SEC filings and public conference calls and webcasts.
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