We previously had hints that Garmin was planning to offer an iPhone GPS navigation app and those earlier rumors have now turned into an official announcement. Garmin has released the StreetPilot iPhone app that offers many of the features that are already available on the company’s GPS devices, such as free traffic alerts, lane assist and speed limit indicators. Depending on whether you’re traveling internationally or not, the good news/bad news is that the software is cloud-based, so you’ll need an Internet connection to download the maps. This multi-tasking app will only take up 7.5MB of space and can navigate both the US and Canada. If you’re willing to shell out $39.99 for the app, you can already check it out in the App Store.