Car IQ Partners With Lewis & Clark Bank to Offer the First Fleet Vehicle Credit Payment Solution
23 Abril 2024 - 10:00AM
Business Wire
Groundbreaking Credit Program extends credit lines directly to
fleet vehicles without the use of cards
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240423333206/en/
Hilary Wolfe, press@cariqpay.com