Element Fleet Management to acquire Car IQ

Fleet management company Element Fleet Management  has reached an agreement to acquire Car IQ , the San Francisco–based company that builds systems allowing vehicles to authenticate and pay merchants directly.

The deal will fold Car IQ into Element Mobility and bring vehicle-initiated payments into Element’s broader connected-fleet ecosystem across the U.S. and Canada.

Car IQ’s technology lets cars and trucks initiate, verify, and complete transactions without cards, PINs, or manual reconciliation. Element plans to integrate this capability into its fleet platform to give customers tighter spend controls, lower fraud exposure, real-time visibility, and simpler day-to-day operations. The acquisition is expected to close in December 2025.

Founded in 2018, Car IQ has raised $50 million to date. Avanta Ventures — the now inactive venture arm of CSAA — was one of its early backers. The company also recently hired FT Partners to lead its next growth round after securing an $8 million strategic investment from a major North American fleet manager earlier this year.