Join the transitime forum on googlegroups to learn more and discuss this project. See https://groups.google.com/d/forum/transitime to join the group.
The goal is to use real-time GPS data to make useful public transportation information readily available for. The system is for both letting passengers know the status of their vehicles and helping agencies more effectively manage their systems. By providing a complete open-source system agencies can have a cost effective system and have full ownership of it.
The software is currently under development. The full source code is available on Github at http://transitime.github.io/core