Element Fleet Management Corp. Acquires Car IQ to Enhance Connected Fleet Ecosystem

Element Fleet Management Corp. (TSX: EFN) has finalized an acquisition deal with Car IQ, a San Francisco technology company specializing in connected vehicle payments. The acquisition is expected to bolster Element's position as a leading connected-fleet ecosystem in North America. The agreement will introduce vehicle-initiated payments technology directly into Element's fleet management system, allowing clients access to a full suite of connected mobility, data, and fleet management solutions integrated with digital payments capabilities.

Car IQ will operate as a subsidiary of Element Mobility, expanding Element's digital payments roadmap across the United States and Canada. The technology developed by Car IQ enables vehicles to autonomously initiate, authenticate, and complete transactions with merchants, eliminating the need for physical cards, PINs, and manual reconciliation. Kobi Eisenberg, President of Element Mobility and Autofleet, emphasized the significance of digital payments in their strategy, envisioning a seamless, digital payments experience to enhance operational efficiency and unlock new opportunities across the mobility lifecycle.

The acquisition aims to combine Element's scale, distribution, and client relationships with Car IQ's breakthrough vehicle identity and payments innovation, creating an end-to-end platform for digital and autonomous fleet operations. The transaction is expected to close in December 2025, subject to customary closing conditions. Car IQ will continue innovating within Element Mobility, focusing on intelligent payments and connected-vehicle data solutions to simplify fleet operations and drive long-term value.