This could be welcome news for those who habitually misplace their car keys.

Volvo says it hopes to be the first automaker to eliminate the key – even the remote key fob – altogether. Instead, owners would unlock and even start their vehicles via a smartphone app and Bluetooth wireless technology.

Volvo further envisions the technology will allow owners to share digital keys with family members, co-workers, and other designated third parties via their mobile phones for ride-sharing purposes. "Our innovative digital key technology has the potential to completely change how a Volvo can be accessed and shared," says Henrik Green, Volvo Cars’ vice president product strategy and vehicle line management. "Instead of sitting idle in a parking lot the entire day, cars could be used more often and efficiently by whoever the owner wishes."

Of note to Luddites and others married to the status quo, the automaker says it will continue to offer a physical key fob to customers who request it.