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- 09 Jul
WEX Announces Agreement with PriceAdvantage to Provide Fuel Pricing and Inventory Intelligence Solutions for Petroleum Operators
SOUTH PORTLAND, Maine – July 09, 2014 – WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, today announced an integration between its WEX Fuel Management TelaPoint solution and PriceAdvantage, a division of Skyline Products, for petroleum operators that leverages real-time fuel inventory and sales information to optimize fuel prices.
Tom Wagner, director of WEX Fuel Management, said, “This integrated solution incorporates both WEX’s Fuel Management software to provide inventory levels and PriceAdvantage’s SMART market pricing analysis to provide insight into fuel pricing strategies. It gives fuel retailers a combined solution with the accuracy of WEX TelaPoint and the power of PriceAdvantage.”
With access to real-time fuel inventories from WEX Fuel Management, managers of fuel stations who use PriceAdvantage can adjust pricing strategies throughout the day based on how many gallons have been sold through a milestone period in the day, such as the morning commute. If volume sales for the day are low at the noon hour, the station manager may decide to adjust fuel prices to be more aggressive during the evening commute and recover the lost volumes. The solution also can be used when sales are high and inventories are low to raise prices in order to make sure there is enough fuel to meet demand until the next delivery. Instead of waiting for fuel volume sales information to be updated the day following the close of business, this integration makes this information available the same day.
“Retail establishments, such as convenience stores, thrive when fueled by speed, innovation and knowledge,” said Chip Stadjuhar, CEO of Skyline Products. “This integration provides them with the real-time data and innovative fuel pricing software they need to produce fuel prices quickly and accurately.”
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing more than 7.8 million cardholders and offering exceptional payment security and control across a wide spectrum of business sectors. The Company’s operations include WEX Bank, Fleet One, Pacific Pride, rapid! PayCard, WEX Australia, WEX New Zealand and WEX Europe, as well as a majority equity position in UNIK S.A., Brazil. WEX and its subsidiaries employ more than 1,400 associates. For more information about WEX, please visit www.wexinc.com.
