Element Fleet Management Corp. announced on Dec. 2 a definitive agreement to acquire Car IQ, a San Francisco–based technology company and pioneer in connected vehicle payments. Car IQ will operate as a subsidiary of Element Mobility and immediately expand Element’s digital payments roadmap across the United States and Canada.

Car IQ Acquisition Details

According to a press announcement by the two companies, the acquisition brings to market the first vehicle-initiated payments technology embedded directly into a full-suite fleet management ecosystem. It also enables Element to offer clients access to its suite of connected mobility, data, and fleet management solutions integrated with digital payments capabilities.  

Together, Element and Car IQ will combine their complementary strengths: Element’s scale, distribution, and client relationships with Car IQ’s vehicle identity and payment systems to create an end-to-end platform.

“Digital payments are an important pillar of our Element Mobility strategy,” said Kobi Eisenberg, President, Element Mobility and Autofleet. “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.”

“Car IQ was built to enable vehicles to seamlessly interact with the physical world,” said Sterling Pratz, founder and CEO of Car IQ. “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.”

The transaction is expected to close in December 2025.  

How Car IQ Works

Car IQ’s technology enables vehicles to autonomously initiate, authenticate, and complete transactions with merchants, eliminating physical cards, PINs, and manual reconciliation.  

Integrating this capability into Element’s platform will provide Element’s clients with stronger controls, reduced exposure to fraud, real-time spend visibility, and materially simplified operations, the statement said.  

Q&A with Element’s David Attard

Automotive Fleet connected with David Attard, SVP, chief digital and product officer at Element Fleet Management, to learn more about the acquisition.  

AF: What made Car IQ the right acquisition for Element now?  

Car IQ enables us to accelerate a key pillar of our Element Mobility strategy: delivering integrated, digital payments that simplify how fleets transact and manage spend. Digital payments are central to creating a more seamless and connected mobility experience, and Car IQ’s vehicle-initiated technology strengthens that foundation by reducing friction in day-to-day operations and improving real-time visibility into vehicle-level expenses.  

DA: Paired with Element’s scale of nearly 1.5 million vehicles, this acquisition allows us to advance these capabilities faster and build the connected ecosystem fleets need as mobility becomes increasingly intelligent and automated.  

AF: Will Car IQ’s identity and authentication technology extend beyond payments to other fleet operations? What are Element’s plans to expand vehicle-initiated payments to new merchant categories?  

DA: As Car IQ’s Know Your Machine technology integrates into Element’s ecosystem, vehicles will be able to authenticate and transact autonomously across fueling, maintenance, violations, and other service categories. This capability moves us toward a unified digital experience under Element One, where data and automation simplify fleet operations and support faster, more informed decisions.  

Our roadmap includes expanding vehicle-initiated payments to new mobility use cases, such as maintenance, EV charging, parking, and tolls. These enhancements reduce manual steps, consolidate spending data, and give fleets more real-time insight to run their operations with greater confidence.  

AF: How will this acquisition change Element’s competitive position compared to other FMCs?  

DA: Our focus remains on advancing our leadership in intelligent mobility and staying ahead of emerging mobility services. As the industry shifts toward more connected, automated experiences, combining Car IQ’s technology with Element’s scale positions us to innovate alongside OEMs, payment networks, and new mobility partners. This ensures clients continue to gain the solutions and options they need to prepare for what comes next.  

AF: Will Car IQ remain open to non-Element fleets, or will this technology become exclusive to Element clients?  

DA: Car IQ will operate as a subsidiary of Element Mobility, and our goal is to expand the reach of this technology, ensuring that clients, prospects, and other organizations interested in vehicle-initiated payments can access these capabilities.  

AF: How will the acquisition affect Car IQ’s management and personnel in the short and long term?

DA: Our focus right now is on introducing this platform to our clients and thoughtfully bringing our teams together.

AF:  How will this sale affect Car IQ’s existing vendor partnerships, including with Visa, Verra Mobility, Sunoco, and its OEM integrations?  

DA: Car IQ has built strong partnerships, and together we will assess how they best support our shared clients.