| No The PC does not bypass anything, all it does it alter the length of the injector pulses coming out of the ECU.
The Transponder in the Key is read by the ariel around the ignition switch and then decoded by the clocks, these in turn send another coded signal to the ECU to allow it to run.
To have the IMMO removed from the ECU costs about £250, then you can run without the clocks and the key, for another couple of hundered quid you could also have the ECU reprogrammed so that you can do away with the powercommander..
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