AirIQ and Aircept Promote Key Patented Technology
AirIQ Inc., a telematics service provider intends to promote its U.S. patent rights for vehicle location in the vehicle leasing and financing market.
Following its recent acquisition of Aircept.com, LLC, in Irvine, Calif., AirIQ and Aircept are aligned to promote their rights under U.S. patents relating to a "Method for Retrieving Vehicular Collateral".
The patents document the method of using wireless tracking, or other means of data transfer, to and from a vehicle where the purpose is to recover a vehicle that has been used as collateral for a loan or lease. The process would involve the confiscation of a vehicle in the event of a loan default where the use of a transmitter installed in the vehicle would assist in its retrieval. The use of telematics for this purpose has proven highly effective and its deployment by lending institutions is growing dramatically.
AirIQ and Aircept are telematics service providers, integrating computing intelligence, the Global Positioning System (GPS), wireless communications, digitized mapping, and the Internet to provide vehicle location and information services to commercial and consumer customers. The products and services supplied to the customers of AirIQ and Aircept will automatically fall under the patents' protection.
The patents cover the use of any system, similar to the ones provided by AirIQ and Aircept, to monitor vehicles in the vehicle financing industry.