Element to acquire Car IQ, creating the fleet industry's first scaled platform for intelligent, vehicle-initiated payments

Acquisition accelerates Element Mobility's strategy and advances the Company's position as the leading connected-fleet ecosystem in North America

TORONTO and SAN FRANCISCO, Dec. 2, 2025 - Element Fleet Management Corp. (TSX: EFN) ("Element" or the "Company"), the largest publicly traded, pure-play automotive fleet manager in the world, today announced a definitive agreement to acquire Car IQ, a San Francisco–based technology company and pioneer in connected vehicle payments.

The acquisition brings to market the first vehicle-initiated payments technology embedded directly into a full-suite fleet management ecosystem. It also enables Element to offer clients access to its full suite of connected mobility, data, and fleet management solutions, integrated with digital payments capabilities. Car IQ will operate as a subsidiary of Element Mobility and immediately expand Element's digital payments roadmap across the United States and Canada.

Car IQ's technology enables vehicles to autonomously initiate, authenticate, and complete transactions with merchants, eliminating physical cards, PINs, and manual reconciliation. Integrating this capability into Element's platform will provide our clients with stronger controls, reduced fraud exposure, real-time spend visibility, and materially simplified operations.

"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."

Together, Element and Car IQ will combine their complementary strengths: Element's scale, distribution, and client relationships with Car IQ's breakthrough vehicle identity and payments innovation. This creates an end-to-end platform that redefines how fleets connect, transact, and move in an increasingly digital and autonomous world.

"Car IQ was built to enable vehicles to seamlessly interact with the physical world," said Sterling Pratz, Founder and CEO of Car IQ. "By joining Element, we can accelerate adoption and deliver a broader suite of payment capabilities to more fleets. Together, we will modernize how vehicles pay for everyday services and unlock new data-driven value for clients."

The transaction is subject to customary closing conditions and is expected to close in December 2025. Car IQ will continue innovating within Element Mobility, advancing the next generation of intelligent payments and connected-vehicle data solutions that simplify fleet operations and drive long-term value.

About Element Fleet Management 

Element Fleet Management (TSX: EFN) is the world's largest publicly traded pure-play automotive fleet manager in the world. Operating across North America, Australia, New Zealand, and Ireland, with global reach through our Autofleet platform, Element provides end-to-end fleet management solutions, from vehicle acquisition, maintenance, and risk management to route optimization, EV integration, and remarketing. Purpose-driven and client-centric, we deliver value through scalable, sustainable, and technology-enabled fleet and mobility solutions. By combining deep fleet expertise with advanced digital capabilities, we unlock real-time data insights and dynamic planning that maximize efficiency and performance. Through Element Mobility, we drive innovation and develop transformative partnerships that shape the future of intelligent fleet and mobility management. For more information, visit: https://www.elementfleet.com.

About Car IQ 

Car IQ is a leading vehicle payment technology company, enabling vehicles to transact directly with merchants. Through its Know Your Machine^™ platform, Car IQ makes it possible for cars and trucks to initiate and complete secure payments autonomously. Car IQ is a financial technology company and not a bank. Credit Card Services are provided and issued by Lewis & Clark Bank, Member FDIC.