Video streaming-based real-time vehicle identification and license plate recognition systems are challenging to design and deploy in terms of real-time processing on edge, dealing with low image resolution, high noise, and identification. This paper addresses these issues by introducing a novel multi-stage, real-time, deep learning-based vehicle identification and license plate recognition system. The system is based on a set of algorithms that efficiently integrate two object detectors, an image classifier, and a multi-object tracker to recognize car models and license plates. The information redundancy of Saudi license plates’ Arabic and English characters is leveraged to boost the license plate recognition accuracy while satisfying real-time inference performance. The system optimally achieves real-time performance on edge GPU devices and maximizes models’ accuracy by taking advantage of the temporally redundant information of the video stream’s frames. The edge device sends a notification of the detected vehicle and its license plate only once to the cloud after completing the processing. The system was experimentally evaluated on vehicles and license plates in real-world unconstrained environments at several parking entrance gates. It achieves 17.1 FPS on a Jetson Xavier AGX edge device with no delay. The comparison between the accuracy on the videos and on static images extracted from them shows that the processing of video streams using this proposed system enhances the relative accuracy of the car model and license plate recognition by 13% and 40%, respectively. This research work has won two awards in 2021 and 2022.