Lear's Groundbreaking Commerce and Services Platform, Xevo Market, Wins Automotive News PACE Award

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Apr 28, 2020, 10:30 ET

SOUTHFIELD, Mich., April 28, 2020 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today announced that Automotive News has recognized its innovative in-vehicle commerce platform Xevo Market as a 2020 PACE Award winner. This technology came to Lear through its 2019 acquisition of Xevo Inc., a leader in connected car software and data-driven user experiences.

Xevo Market is the first white-label, intelligent, in-vehicle commerce and services platform for the automotive industry. The cloud-based technology enables occupants of equipped vehicles to engage and interact with merchant brands and services via their in-vehicle touchscreen by enabling embedded ordering and transactions directly through the screen. Xevo Market is already live in millions of connected cars on the road today.

By leveraging real-time interaction data, as well as strong merchant partnerships and automotive software expertise in vehicle applications, cloud and mobile software, machine learning, and data analysis, Xevo Market delivers a safer, more productive and enjoyable drive. Consumers can find the nearest gas station and pay for fuel, order their favorite food and beverages, make a dinner reservation, or reserve and pay for parking with over 14 million spots available nationwide, all from the comfort of their vehicle.

"Drawing upon Xevo's deep artificial intelligence and car, cloud, and mobile expertise allows us to deliver a powerful solution that improves in-vehicle experience while simplifying and enhancing people's daily lives. We are thrilled that the industry is recognizing our revolutionary technology with this award," said John Absmeier, Lear's Chief Technology Officer.

Xevo Market's seamless connectivity allows merchant partners to extend their customer relationships into millions of vehicles, where drivers and passengers spend hundreds of hours each year. The platform also helps merchants drive adoption of loyalty programs and promote featured products by offering a new way to reach consumers directly with convenient, highly-contextual offers. Especially important during this time is Xevo Market's contactless payment method, allowing consumers to purchase fuel and food without touching a credit card that someone else may have handled.

The Automotive News PACE Awards have recognized superior innovation, technological advancement, and business performance by automotive suppliers for the last 26 years. This award, judged by an independent panel of technologists, is recognized around the world as the industry benchmark for innovation. This marks Lear's second consecutive PACE Award, having won last year for its powered, adaptable rear seating rail system, ConfigurE+.

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 #147 on the Fortune 500. Further information about Lear is available at lear.com, or follow us on Twitter @LearCorporation.

About Xevo
Xevo, a division 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 leads 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. Xevo was acquired in April 2019 by Lear Corporation, a global automotive technology leader in seating and electrical and electronic systems headquartered in Southfield, Michigan. For more information, visit xevo.com.

SOURCE Lear Corporation