Protecting Americans from the Risks of Keyless Ignition Technology Act or the PARK IT Act This bill directs the Department of Transportation (DOT) to finalize regulations relating to automatic shutoff systems for motor vehicles and standards to prevent the movement of vehicles in specific situations. Specifically, DOT must require manufacturers to install technology in each motor vehicle with a keyless ignition device and an internal combustion engine to automatically shut off the motor vehicle after the motor vehicle has idled for a period necessary to prevent carbon monoxide poisoning. It must also require the technology in each motor vehicle with a keyless ignition device and automatic transmission to prevent movement (i.e., rollaway) of the motor vehicle if (1) the transmission of the motor vehicle is not in the park setting, (2) the motor vehicle does not exceed the speed determined by DOT, (3) the door for the operator of the motor vehicle is open, (4) the seat belt of the operator of the motor vehicle is unbuckled, and (5) the service brake of the motor vehicle is not engaged.