Element Fleet Management (EFN.TO) has agreed to acquire San Francisco-based Car IQ, a pioneer in connected-vehicle payments, in a move that will create the fleet industry's first large-scale, vehicle-initiated payments platform.
Car IQ will become a subsidiary of Element Mobility, expanding the company's digital payments capabilities across the U.S. and Canada.
Car IQ's technology allows vehicles to autonomously authenticate and complete transactions with merchants, removing the need for cards, PINs, or manual reconciliation. By embedding this system into Element's fleet management ecosystem, clients gain tighter spend controls, reduced fraud exposure, real-time visibility, and more efficient operations.
Element Mobility President Kobi Eisenberg said the acquisition strengthens the company's digital payments strategy and enhances its connected-mobility platform. Car IQ founder Sterling Pratz added that joining Element will accelerate the adoption of intelligent vehicle payments and deliver broader data-driven value to fleets.
The deal is expected to close in December 2025, after which Car IQ will continue innovating within Element Mobility to advance intelligent payments and connected-vehicle data solutions.
EFN.TO currently trades at C$36.54 or 0.61% lower on the Toronto Stock Exchange.
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