Investor Alert

press release

Oct. 1, 2020, 9:01 a.m. EDT

Xevo and REEF Technology Team Up to Offer Contactless Parking Payments

BELLEVUE, Wash., Oct. 1, 2020 /PRNewswire/ -- Lear Corporation /zigman2/quotes/203548859/composite LEA -4.59% , a global automotive technology leader in Seating and E-Systems, today announced its Xevo software business has partnered with REEF Technology to allow consumers to find, reserve and pay for parking spaces from their in-vehicle touchscreen.

Integrating REEF with the award-winning Xevo Market cloud-based technology, which is already live in millions of vehicles today, eliminates the need to collect a receipt or push a button on a parking lot ticket machine, avoiding contact with often-touched surfaces during these times of social distancing.

REEF is the largest operator of parking lots and neighborhood hubs in North America with more than 4,500 off-street parking sites in the U.S. and Canada and additional locations in Europe. It is also actively transforming underutilized urban spaces into neighborhood hubs that connect people to locally-curated goods, services and experiences.

Xevo Market enables ordering with popular brands, including gas stations and restaurants, via the in-vehicle touchscreen, completing transactions and taking advantage of services while on the go.

"Xevo strives to help automotive OEMs deliver the most advanced connected-car experience possible, so we are thrilled to be working with REEF. It gives our OEM customers, and consumers, access to more robust parking and vehicle-related services that offer a little extra peace of mind," said John Absmeier, Lear's Chief Technology Officer.

"Our mission at REEF is to connect the world to your block by taking underused urban spaces, such as parking lots, and use that real estate to connect neighborhoods to the goods, services, and experiences they need to thrive," said George Fallica, REEF Chief Revenue Officer. "By partnering with Xevo, we are able to take another step in realizing our vision by not only offering a safe and seamless way to find and pay for parking, but also through the unlimited potential of the in-vehicle services they can offer."

In the future, REEF and Xevo hope to allow owners of Xevo Market-equipped vehicles to take advantage of additional in-vehicle services, including refueling, electric vehicle charging, and food and package delivery into vehicles. Routine vehicle maintenance, tire replacement, and even detailing could also be available while the vehicle is parked. Deep integration with the Xevo app will provide the option to complete these actions while away from the vehicle, saving people time and increasing efficiency by making it possible to do multiple things at once.

About Lear Corporation
Lear, a global automotive technology leader in Seating and E-Systems, enables superior in-vehicle experiences for consumers around the world. Our diverse team of talented employees in 39 countries is driven by a commitment to innovation, operational excellence, and sustainability. Lear is  Making every drive better™  by providing the technology for safer, smarter, and more comfortable journeys. Lear, headquartered in Southfield, Michigan, serves every major automaker in the world and ranks #166 on the Fortune 500. Further information about Lear is available at  lear.com , or follow us on Twitter @LearCorporation.

About Xevo Xevo, a part of Lear Corporation, is a Seattle-based global leader in connected car software and a development partner to some of the world's largest automakers. Xevo is a leader in automotive IoT deployments worldwide, with its technology active in millions of vehicles on the road today.  Xevo Market , the company's in-vehicle commerce and services platform, connects customers with their favorite brands and services by delivering highly-contextual offers through the touchscreens of their vehicles and vehicle-branded mobile apps. Xevo  Journeyware , a thin-client platform for the cloud, cars, and mobile devices, enables consumer commerce, multimedia applications, and enterprise services to improve performance and safety, deliver an AI-enhanced driving experience, and provide new monetization opportunities for automakers.

About REEF REEF's mission is to connect the world to your block.We transform underutilized urban spaces into neighborhood hubs that connect people to locally curated goods, services, and experiences. With an ecosystem of 4,500 locations and a team of 15,000 people, REEF is the largest operator of mobility, logistics hubs, and neighborhood kitchens in the United States.Together we are leveraging the power of proximity to keep our communities moving forward in a sustainable and thoughtful way. 

Copyright ©   2020   Xevo Inc. All rights reserved. The   registered   marks Xevo and Journeyware are owned by Xevo Inc. All other trade, brands, names, logos, and marks are the property of their respective owners.


View original content to download multimedia: http://www.prnewswire.com/news-releases/xevo-and-reef-technology-team-up-to-offer-contactless-parking-payments-301143958.html

SOURCE Lear Corporation


Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

Copyright (C) 2020 PR Newswire. All rights reserved

$ 172.08
-8.28 -4.59%
Volume: 504,485
April 20, 2021 4:00p
P/E Ratio
Dividend Yield
Market Cap
$10.92 billion
Rev. per Employee


Partner Center

Link to MarketWatch's Slice.