When you purchase this product, you will receive via email an activation code to operate: 
 
Requires SRS firmware. If you have an older version, please follow instructions here.
 
SRS Firmware also supports the following functionality
RPM Strip
Shift Light
Gear
 
SRS is also 10x quicker refresh rate than original flags. So you get spotter and others right away. no Lag.
 
You can purchase this hardware here: iRacingiFlag