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There has been considerable work addressing security in vehicular network systems for intelligent transportation system (ITS) usages. We examine the proposed security framework and solutions in this space. Our analysis leads to several key observations. The current security work misses many practical ITS usage and security requirements, since it fails to consider practical economic models and critical ITS functional requirements as a control system. Consequently, the standardized ITS communication message authenticity solutions have little utility relative to addressing the real threats. Furthermore, we analyzed the missing requirements for public key infrastructure support for secure vehicular communication. Based on our analysis, we call for future research directions in analyzing practical problems and designing solutions to secure vehicular communication in order to achieve its full potential.