Element Fleet signs deal to acquire Car IQ

Executive Summary

• Element Fleet Management Corp. has signed a definitive agreement to acquire Car IQ, a San Francisco-based technology company specializing in connected vehicle payments.
• The acquisition creates the fleet industry's first scaled platform for intelligent, vehicle-initiated payments, integrating Car IQ’s technology into Element’s full-suite fleet management ecosystem.
• The transaction is expected to close in December 2025, subject to customary closing conditions.

Key Details

• Transaction Structure: Definitive agreement to acquire Car IQ; Car IQ will operate as a subsidiary of Element Mobility.
• Strategic Rationale: Integrates vehicle-initiated payments technology directly into Element’s connected mobility, data, and fleet management solutions.
• Technology Capabilities: Car IQ’s technology allows vehicles to autonomously initiate, authenticate, and complete transactions with merchants, eliminating the need for physical cards, PINs, and manual reconciliation.
• Client Benefits: Provides clients with stronger controls, reduced fraud exposure, real-time spend visibility, and materially simplified operations.
• Geographic Expansion: Expands Element's digital payments roadmap across the United States and Canada.
• Closing Timeline: Expected to close in December 2025.

Notable Quotes

• "Digital payments is an important pillar of our Element Mobility strategy... It enhances our connected ecosystem and positions us to deliver a seamless, digital payments experience, enabling clients to operate more efficiently, streamline transactions and unlock new opportunities across their mobility life cycle." — Kobi Eisenberg, President, Element Mobility and Autofleet
• "Car IQ was built to enable vehicles to seamlessly interact with the physical world... By joining Element, we can accelerate adoption and deliver a broader suite of payment capabilities to more fleets. Together, we will modernize how vehicles pay for everyday services and unlock new data-driven value for clients." — Sterling Pratz, Founder and CEO, Car IQ