Element Fleet Management Corp. announced on December 2, 2025 that it had entered into a definitive agreement to acquire Car IQ, a San Francisco–based financial technology company and pioneer in connected vehicle payments, in a transaction that will create what the parties describe as the fleet industry’s first scaled, vehicle-initiated payments platform. Car IQ’s technology allows vehicles to autonomously initiate, authenticate, and complete transactions with merchants, eliminating the need for physical cards, PINs, and manual reconciliation, and will operate as a subsidiary within Element Mobility. The acquisition is intended to embed vehicle-initiated payments directly into Element’s end-to-end fleet management ecosystem, expanding its digital payments roadmap across the United States and Canada and enhancing connected mobility, data, spend control, and fraud-reduction capabilities for fleet clients.