That is the redeiver/montior for a Pressure Pro Tire Pressure Monitor system
I have one as well.. This unit will display the pressure of the selected tire (Provided the sensors are properly installed) and alarm if the pressure goes low.. Once saved me big time when the towed got screwed.... Put air in tire, many times over the weekend, and when I got to the tire store on Monday, they un-screwed it and put in a proper patch, All was good after that.
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