Element Fleet Management Corp. has signed a definitive agreement to acquire Car IQ, a San Francisco–based technology company specializing in connected vehicle payments. Element said the deal will integrate vehicle-initiated payments into its fleet management ecosystem across the U.S. and Canada.
Deal overview
The company announced the transaction alongside Car IQ on Dec. 2. Financial terms were not disclosed. Element (TSX: EFN) described itself as the largest publicly traded, pure-play automotive fleet manager and said the acquisition accelerates its Element Mobility strategy.
Element said folding Car IQ into Element Mobility will advance its position as a connected-fleet ecosystem provider in North America.
What Car IQ’s technology does
Car IQ develops technology that allows vehicles to authenticate and pay directly at merchants without the use of traditional fleet cards. According to Element, the capabilities include vehicle-initiated payments embedded within a full-suite fleet management platform.
- Fuel purchases at participating stations
- Toll payments
Why it matters for fleets
Element said the integration brings to market vehicle-initiated payments inside a broader fleet management ecosystem, aiming to streamline how fleets handle everyday transactions. The company indicated the capability will be deployed across its connected-fleet platform in the U.S. and Canada.