With Apple's map service still messy, the company is now eyeing the online map service Waze. Apple is willing to pay upwards of USD 500 million for the company!
Waze's twist on the online map and navigation market is social networking. The company gathers map data through users as they drive, and is seen as generally more accurate than some other online map services since users are contributing information daily. In contrast, Google's Maps relies primarily on its own cars to gather data and street view photos.SOURCE
Apple found itself with a marketing black eye after the release of iOS 6 in fall 2012 when it replaced Google's Maps for its own service -- a service that suffered from accuracy issues and missing location data. Apple responded with a public apology and a promise to "throw its weight" behind improving its Maps service.
The company also recently approved Google's own mapping app for the iPhone, which brought back features missing from Apple's own app such as public transportation information. With Google Maps available, competition in the navigation space ramped up a little, although Waze is apparently the only navigation app that gained serious traction after Apple released its own Maps app.
Apple also already has a working relationship with Waze since the company is providing some of the location data iOS 6 users rely on.