Element Fleet Management announced that it has entered into a definitive agreement to acquire Car IQ, a San Francisco-based technology company known for developing autonomous vehicle-initiated payments. The transaction will bring Car IQ under the Element Mobility division as a subsidiary, marking a significant expansion of Element’s connected fleet and digital payments ecosystem across North America. Closing is expected in December 2025, subject to customary conditions.
The acquisition enables Element to integrate vehicle-initiated payments into its existing full suite of fleet management, data, and mobility solutions. Car IQ’s technology allows vehicles to initiate independently, authenticate, and complete transactions with merchants without the need for physical cards, PINs, or manual expense reconciliation. Element expects the combination to improve client control over spending, reduce fraud, provide real-time visibility, and streamline operational workflows.
Element stated that digital payments have become a central pillar of its broader Element Mobility strategy and sees this acquisition as a step toward a more seamless, integrated experience for fleet customers. In addition to expanding Element’s payments roadmap, the move combines Element’s scale, distribution, and established client relationships with Car IQ’s proprietary identity and payments platform. Together, the companies aim to form an end-to-end environment that supports increasingly autonomous fleet operations and next-generation mobility systems.
Car IQ will continue operating within Element Mobility while advancing new intelligent payments products and connected vehicle data services. The companies say the partnership positions them to modernize how vehicles interact with merchants, pay for services, and unlock new value for fleet operators in both the United States and Canada. Element noted that its global footprint, including operations across North America, Australia, New Zealand, and Ireland, along with its Autofleet platform, further strengthens the reach of the combined offering.
The companies indicated that the integration will expand clients’ opportunities to leverage real-time data, dynamic planning, and advanced digital capabilities, while enhancing performance, efficiency, and overall fleet management outcomes.
KEY 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 lifecycle.”
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 of Car IQ
