Ituran is an Israeli-based telematics company that provides stolen vehicle recovery (SVR), fleet management, and connected car services, primarily in Israel, Brazil, and Latin America. Founded in 1995, Ituran installs hardware tracking units in customer vehicles and operates 24/7 manned control centers that use GPS/GPRS technology to locate stolen vehicles, coordinate with law enforcement, and dispatch private recovery teams. Ituran's business model is subscription-based: customers pay a recurring monthly fee for access to these services, generating predictable revenue that scales with subscriber count. Ituran had 2,630,000 subscribers at the end of 2025. Revenue breaks down into telematics services (~74% of revenue), which are recurring subscription fees, and telematics products (~26%), which are one-time hardware sales tied to new subscriber additions. Geographically, Israel contributes ~55% of revenue, Brazil ~23%, and the rest of Latin America ~22%. Ituran sells directly to consumers and through insurance companies, car dealers, and OEM partnerships with automakers including Stellantis, Renault, Nissan, Yamaha, and BMW Motorrad. OEM deals bring large subscriber pools at lower per-user pricing but at attractive margins, and Ituran can attempt to convert those subscribers to higher-rate direct plans after the OEM's free-trial period ends. Because much of Ituran's cost base is fixed, incremental subscribers expand margins. Ituran is debt-free with over $100M in net cash and returns substantially all net income to shareholders via dividends and buybacks.