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Press Release -- September 10th, 2014
Source: Verizon

Verizon CEO Encourages Transportation Industry to Reinvent Business Models

5 things you might have missed at Intelligent Transportation Systems (ITS) World Congress

by Marie McGehee

Verizon Chairman and CEO Lowell McAdam delivered the opening keynote address earlier today on day three of the Intelligent Transportation Systems (ITS) World Congress in Detroit, Michigan. In a world where:

  • Americans still waste $120 billion a year sitting in traffic
  • Thirty percent of the congestion in cities is caused by people looking for a parking space
  • More than 200 million cars in the U.S. have no connectivity
  • 33,000 Americans still lost their lives in traffic accidents each year, and where
  • Two-thirds of the world’s population will live in urban areas by 2040

McAdam encouraged the transportation industry and its ecosystem partners to reinvent business models and foster collaboration to improve people’s lives and make societies function better. Here are five things you might have missed on how Verizon is tackling these challenges for consumers, enterprises and the public sector.

  1. Connecting all Cars: Of the more than 250 million vehicles on American roads today, only seven percent are connected to the communications network. To address this challenge, Verizon plans to deliver an off-the-shelf solution that will bring the benefits of telematics to everyone in 2015.
  2. Smart Cities at Waltham Innovation Center: Recently, Verizon built a smart cities test bed at its Innovation Center in Waltham, Massachusetts to showcase the new solutions that Verizon has in the pipeline, such as
    • Command centers that allow city planners to monitor traffic and manage resources in emergencies
    • Smart street lights that dim or brighten according to traffic and weather
    • Environmental solutions that manage energy and water for high efficiency
  3. Smart Parking: Verizon is working with its extensive provider network to offer smart parking solutions in places like Indianapolis, Washington DC, New Brunswick and Ellicott City, Maryland. These systems use sensors connected to a wireless gateway to help drivers find parking spaces and pay for them via their wireless device.
  4. Verizon Auto Share: On Monday, Verizon announced its entry into the sharing economy with Verizon Auto Share allowing rental agencies, car dealers and municipalities to share or rent cars via a smartphone app by the end of this year.
  5. University of Michigan Partnership: On Friday, the University of Michigan announced that Verizon is one of 13 leading technology and automotive companies in the Leadership Circle for the next phase of its groundbreaking research project — the Mobility Transformation Center.

For a full transcript of McAdam’s remarks as delivered at ITS World Congress, click here.

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