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Garmin competitor talking to carmarkers about built-in GPS devices

Updated at 12:30 p.m.

According to a Bloomberg News story, Garmin's chief competitor, TomTom NV, is in talks with “a number of” carmakers on the possible delivery of built-in navigation devices.

Those comments came from TomTom Chief Executive Officer Harold Goddijn on a conference call with analysts today.

TomTom is the big European-based developer of GPS devices.

Goddijn's comments are newsworthy because the auto industry represents a huge market for GPS companies to tap. At some point, I think, navigational devices will become standard equipment in autos. Is the race on?

TomTom also released quarterly earnings.

Net profit declined to $28.1 million, down 61 percent from the same quarter in 2008. Sales declined 19 percent.

In the second quarter, TomTom sold 2.5 million personal-navigation devices, down 20 percent when compared with the second quarter of 2008.

Submitted by Steve Rosen on July 22, 2009 - 7:58am.
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