SAN FRANCISCO--(BUSINESS WIRE)--Car IQ Inc. announced a strategic partnership with Lewis & Clark Bank to offer a new credit line to its fleet payments service, allowing medium and large fleets to manage their operating expenses more effectively.
For the first time ever, the vehicle will connect directly to the fleet owner’s credit line and pay for services such as fuel, tolls, repair and more nationwide.
With this new program, businesses are now removing the driver from the management of their daily credit spend by transferring the purchase power to the vehicle. This new way to charge for daily vehicle expenses eliminates any potential misuse of the fleet's credit line by using vehicle and transaction data to precisely calculate the vehicles available credit. This new way to pay enables access only when vehicle services are needed and for the exact amount requested at the time of the transaction.
“Car IQ Pay knows with certainty the vehicle’s identity and service needs at the time of the transaction, so we’re no longer tying up as much of our credit line as we had with our previous fleet fuel card program every time our drivers swiped their cards.” Joel Vazquez, Crown Capital Management. “Today, they have reduced our overall spend and our daily cash outlay by eliminating misuse across our entire fleet.”
“Our partnership with Lewis & Clark Bank answers our fleet customers’ #1 request, which is offering direct credit lines for their fleets. Our new credit platform is more advanced than anything on the market and uses vehicle data to tailor access to credit at the vehicle level and only for the exact amount the vehicle needs,” said Sterling Pratz, CEO of Car IQ. “Tying Credit to the vehicle payment has already shown a 50% reduction in our customers’ daily cash outlay that is tied up in the credit & payment process using card based programs”.
About Car IQ Inc.
Founded in 2017, Car IQ Inc. has created the first digital payment platform for vehicles that allows cars, trucks and all vehicles to connect directly to merchants nationwide and pay, eliminating credit cards, and preventing fraud.
With Car IQ Pay, powered by Visa, vehicles automatically initiate and complete payments for services ranging from fueling, tolling, parking, repair and more. To learn more, follow our journey at www.cariqpay.com
About Lewis & Clark Bank
A champion for responsible innovation in financial services, Lewis & Clark Bank is more than just a traditional commercial bank. With deep roots in the Pacific Northwest and selective strategic partnerships on a national scale, we prioritize partnerships that propel businesses and communities forward. We specialize in integrating foundational banking raw materials and risk management practices with the dynamic needs of modern fintech and embedded finance. Based in Oregon City, Oregon, we seek to power the next generation of financial products and services. Dive deeper into our story at lewisandclarkbank.com.
