06 LS430 w/ Nav and ML, 48k.

One of my Smart Key fobs does everything properly except allowing the ignition to turn and start the car. It must be inserted into the ignition to start the car. When not inserted the dash display says key is not detected and the keyfob has two quick red blinks. Any ideas?

 

are you sure this is not the valet key? My valet key does not have the option to remotely open the trunk.

 

How old is the battery in the smart key?

 

It is a master key, not a valet key. The battery is relatively new but cheap to replace. I will pick up a new one tomorrow.