ORLANDO, Fla., July 12, 2018 /PRNewswire/ — VOXX Automotive, a leading designer, manufacturer and supplier of electronic products for the world’s automakers, and UniKey Technologies, the world’s largest mobile access control platform provider, today announced a strategic partnership that will see the two companies bring secure, keyless products, and vehicle access solutions to the automotive market. VOXX Automotive is a business unit of VOXX International Corporation (NASDAQ: VOXX)
VOXX brings strength and experience in the automotive vertical to this partnership as well as its Phone-as-a-Key technology, which seamlessly lets drivers use smartphones as vehicle key fobs. UniKey adds Bluetooth® location capabilities, communications and secure cloud services expertise, as well as a scalable digital key sharing platform. Together, the technology harnesses a Bluetooth-enabled mobile application, vehicle sensor array and cloud infrastructure for drivers to seamlessly access, use and share their vehicles.
A contract awarded to VOXX Automotive by an electric vehicle (EV) maker has the two companies already working on a keyless solution for an EV model to be delivered in 2019. Looking ahead, this partnership is expected to yield family key-sharing and car-sharing services as well as similar uses by car rental firms and auto fleet operators.
“The relationship with UniKey allows VOXX Automotive to further accelerate our drive to eliminate the need for consumers to carry their car keys or fobs,” said Michael Schroeder, VOXX Automotive’s Senior Vice President of OEM Sales and Business Development. “More importantly, it represents yet another way VOXX allows OEMs to differentiate themselves from other marques in the global automotive market. In UniKey we have a partner who shares our efob Phone-as-a-Key vision.”
The agreement with VOXX represents UniKey’s first move into the automotive OEM arena and comes after its technology has been employed by leading home door hardware and commercial access control brands, with more than 200 million lock and unlock events to date.
“Our vision is to let consumers effortlessly access their homes, offices, and automobiles, while increasing security, visibility and control,” said Phil Dumas, UniKey’s Founder and CEO. “Far more than a matter of convenience, this partnership will help automakers and related companies capitalize on major market shifts in how consumers use automobiles. As car-sharing, ride-sharing and fleet management markets rapidly advance, the opportunity to create competitive advantages from the products we will jointly develop with VOXX Automotive is massive.”
The global car-sharing market is projected to grow at 34.8%, year-over-year, between now and 2024, when it will total $16.5 Billion, according to Global Market Insights. The car rental market is estimated to show a compound annual growth rate of 10.24% between now and 2220, based on analysis by Research and Markets.
UniKey Technologies, the world’s largest smart access control platform provider, is changing the way the world accesses everything by replacing the entire keychain with your phone. With the most secure and convenient mobile key platform, UniKey is empowering access control manufacturers with the tools to future-proof their legacy systems. Leveraging Touch-to-Open® and Inside/Outside Intelligence™, UniKey’s platform powers an unparalleled, seamless user experience. UniKey serves the access control industry by licensing its technology, and partnering with market-leading companies in the residential, commercial, automotive industries, and beyond. For more information on UniKey, please visit www.unikey.com.
About VOXX Automotive
VOXX Automotive, headquartered in Orlando, Florida with OEM operations in Detroit, Michigan, is a global automotive designer, manufacturer and supplier of a broad range of consumer visible electronic products for the world’s automakers on an OEM basis. The Company is an innovative leader in rear-seat infotainment solutions, vehicle security and seamless access systems, remote start systems, car sharing systems, smartphone telematics applications and more. VOXX Automotive counts among its customers FCA, Ford, GM, Hyundai, KIA, Lincoln, Mazda, Nissan, Subaru, and Toyota, among others. For more information, please visit www.voxxintl.com/bu/automotive.
About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has grown into a worldwide leader in the Automotive, Consumer Electronics, Consumer Accessories and Premium Audio industries. Today, the Company has an extensive distribution network that includes power retailers, mass merchandisers, 12-volt specialists and many of the world’s leading automotive manufacturers. The Company has an international footprint and a growing portfolio, which comprises over 30 trusted domestic and global brands. Among the Company’s brands are Klipsch®, RCA®, Invision®, Rosen®, Audiovox®, Terk®, Acoustic Research®, Advent®, Code Alarm®, 808®, Prestige®, EyeLock, Jamo®, Energy®, Mirage®, Mac Audio®, Magnat®, Heco®, Schwaiger®, and Oehlbach®. For additional information, please visit our Web site at www.voxxintl.com.
Safe Harbor Statement
Except for historical information contained herein, statements made in this release that would constitute forward-looking statements may involve certain risks and uncertainties. All forward-looking statements made in this release are based on currently available information and the Company assumes no responsibility to update any such forward-looking statements. The following factors, among others, may cause actual results to differ materially from the results suggested in the forward-looking statements. The factors include, but are not limited to risks that may result from changes in the Company’s business operations; our ability to keep pace with technological advances; significant competition in the automotive, premium audio and consumer accessories businesses; our relationships with key suppliers and customers; quality and consumer acceptance of newly introduced products; market volatility; non-availability of product; excess inventory; price and product competition; new product introductions; foreign currency fluctuations and concerns regarding the European debt crisis; restrictive debt covenants; the possibility that the review of our prior filings by the SEC may result in changes to our financial statements; and the possibility that stockholders or regulatory authorities may initiate proceedings against VOXX International Corporation and/or our officers and directors as a result of any restatements. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company’s Form 10-K for the fiscal year ended February 28, 2018.