Element Fleet Management has announced its acquisition of Car IQ, expanding the company’s connected fleet ecosystem wit the addition of connected vehicle payments.
The company says it now offers the first vehicle-initiated payments technology embedded into a full-suite fleet management system. Element customers will be able to access connected mobility, data and fleet management offerings integrated with digital payments capabilities, the company announced.
Car IQ’s technology allows vehicles to autonomously initiate, authenticate and complete transactions with merchants, eliminating physical cards, PINs and manual reconciliation.
“Digital payments is 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 will continue operating under its current name as an Element Fleet Management subsidiary.
