From my research, that's what I thought, Mike. I was doubting my memory though, I don't have any hands on experience with them, and to be honest, I can't picture how an automatic transfer switch works. It appears that mdiack77 would know more than me, I've never been close to a set up like yours in person, I've only seen pictures and read descriptions, etc. He does the installs.
Once I hold a transfer switch in my hands and get a good look at it, I expect I can figure out what it does.