Element Fleet Management buying vehicle payment technology firm Car IQ

TORONTO — Element Fleet Management Corp. says it has signed a deal to buy Car IQ, a San Francisco-based technology company.

Financial terms of the agreement were not immediately available.

Car IQ helps companies replace fleet cards with technology embedded in vehicles that can make payments at gas stations and toll roads. It is expected to operate as a subsidiary of Element Mobility.

Element helps companies manage fleets of vehicles. It has operations across North America, Australia, New Zealand and Ireland.

The company says that integrating Car IQ’s technology with its platform will provide clients with stronger controls, reduced fraud exposure and simplified operations.

The deal is subject to customary closing conditions and is expected to close later this month.

This report by The Canadian Press was first published Dec. 2, 2025.