by John Keller | May 26, 2015 | Customer News, Fuel Price Management, Fuel Price Management Solutions, Fuel Price Optimization, Fuel Pricing Software, Fuel Pricing Strategy, Fuel Pricing Technology, Fuel Software, Industry News, PriceAdvantage, Retail Fuel Margins
Kocolene, an operator of 22 Fast Max stores throughout Indiana and Kentucky, experienced a 3% increase in 2014 fuel volume sales after just one year of using PriceAdvantage fuel pricing software – exceeding the national average increase by 2%. At the same time, the fuel retailer was able maximize fuel margins to create a substantial increase with overall gross fuel profits. The 2014 performance improvements are featured in a recent case study alongside other organizational benefits derived from using PriceAdvantage mobile fuel pricing technology. The case study may be found here.
In early 2013, Fast Max executives realized their manual, tedious processes for obtaining market data and setting fuel price changes needed updating. By adopting PriceAdvantage mobile fuel pricing technology, Fast Max was able to replace manual phone and paper processes for collecting competitive fuel prices, gained immediate access to accurate competitive information and market data, and automated price changes from headquarters to the store POS system and fuel price signs.
Within the first year of using PriceAdvantage, Fast Max increased its fuel sales and productivity. PriceAdvantage allowed Fast Max to quickly and easily catch developing trends in the market, signaling when an adjustment in their pricing strategy was needed to capture fuel sales. “Using PriceAdvantage, we have seen a 3% gain in fuel volumes over the previous year while maximizing margins and experiencing significant growth in gross profits. On top of that, we have a relationship with PriceAdvantage that feels more like a partnership.” Lance Gentry, Vice President of Operations.
By using PriceAdvantage mobile fuel pricing software, Fast Max corporate management reviews data, receives alerts and makes price changes on their smart phones, as well as perform many functions without having to call each store and interrupt a team member or manager who may be assisting customers. PriceAdvantage streamlined the entire pricing process and provided store managers and team members more time to service and sell to customers, as well as perform other tasks.
Fast Max chose the PriceAdvantage subscription pricing model that provided rapid software implementation with minimal upfront costs or hardware investments. This flexible model allowed Fast Max to license specific software components, enabling them to create an affordable solution to meet their specific needs. With the demonstrated increase in sales, PriceAdvantage easily delivered a measureable ROI.
by John Keller | May 22, 2015 | Customer News, Fuel Price Management, Fuel Price Management Solutions, Fuel Pricing Strategy, Fuel Pricing Technology, Industry News, PriceAdvantage
Today was the kickoff meeting for another PriceAdvantage Customer Advisory Board. The purpose of the PriceAdvantage Customer Advisory Board meetings are to provide industry updates, as well as product feedback and direction to the PriceAdvantage team. The PriceAdvantage CAB helps to be the eyes and ears of what’s going on at the front lines of the c-store industry. On this advisory board we have the wisdom of these industry leaders:
- Varish Goyal, President, Vintners Distributors
- Kyle Lawrence, President, By-Lo Oil (Speedy Q)
- Tom DiMercurio, CFO, Flyers
- Karen Meyer, Fuel Pricing Manager, J&H Oil
- Ben Stealy, Fuel Pricing Manager, Mapco
- Tom Navarre, VP Petroleum Marketing & Logistics, Family Express
In our meeting today, each member provided an overview of their business and the strategies they use to compete. Then we discussed future product versions and specific features of PriceAdvantage as a team so everyone could weigh in on what’s important.
Customer collaboration is an integral part of how we do business here at PriceAdvantage. I look forward to our ongoing meetings with this group, and learning from their collective wisdom.
by John Keller | Apr 29, 2015 | Customer News, Fuel Price Management, Fuel Price Management Solutions, Fuel Pricing Software, Fuel Pricing Strategy, Fuel Pricing Technology, Fuel Software, Industry News, PriceAdvantage
The PriceAdvantage team would like to extend a warm welcome to Get-n-Go as our latest c-store customer to join the PriceAdvantage family. Get-n-Go is using PriceAdvantage to automate and accelerate fuel pricing at their 18 convenience stores throughout South Dakota.
Get-n-Go selected PriceAdvantage based on their confidence that the software will help them price fuel more confidently and quickly.
“We’ve had our eye on PriceAdvantage for quite some time,” stated Dave Vande Kamp, Get-n-Go’s Controller. “It was simply a matter of timing. We were operating on an older version of the Gilbarco POS, and once we upgraded we were able to easily take advantage of the PriceAdvantage pre-built integration. Now all of our critical pricing data is streamlined and I can price fuel faster with great confidence that I am making a sound decision.”
Get-n-Go is running PriceAdvantage as a SaaS solution to leverage the benefits of a cloud service model including the low upfront cost, ease of implementation, and the maintenance and infrastructure cost benefits.
“The fact that I can price fuel from my phone is huge. I’m no longer tied to my desk and I have more time to focus on my other responsibilities,” stated Vande Kamp.
by John Keller | Nov 3, 2014 | Customer News, Fuel Price Management, Industry News, PriceAdvantage
PriceAdvantage customer CST Brands opened yet another store last week, this time in Humble Texas, which is in the Houston Metropolitan area.
As part of the opening ceremony, CST Brands presented a check for $5000 to the Humble High School Band, as a sign of commitment and appreciation to the community.
This year, CST Brands plans to build 30 brand new stores in the U.S., adding to its network of 1,046 stores throughout Texas, Louisiana, Arkansas, Oklahoma, New Mexico, Colorado, Wyoming, Arizona and California.
CST Brands selected PriceAdvantage as their fuel price management solution company-wide when they were still under the Valero umbrella in 2011. The full PriceAdvantage implementation was completed in 2012.
Read more about the opening ceremony here.
by John Keller | Oct 3, 2014 | Fuel Price Management, Fuel Pricing Strategy, Industry News, PriceAdvantage, Retail Fuel Margins
The OPIS report today revealed the average retail fuel margin across the US dropped again this week, down $0.027 to $0.214 per gallon. The equivalent day in 2013 we had an average of $0.255. That makes the second consecutive week where retail fuel margins are lower than last year.
The year to date average is a solid $0.190 per gallon, and the six week average is $0.222 per gallon. The Q4 average in 2013 ended at $0.200 per gallon, so we’re starting the quarter above that number. However, 2013 began the fourth quarter at $0.255 so it lost $0.05 over the three month period. Let’s hope we can hold margins steady this year.
by John Keller | Sep 15, 2014 | Fuel Price Management, Fuel Pricing Strategy, Fuel Software, PriceAdvantage, Retail Fuel Margins
Brian Milne, Energy Editor for Schneider Electric, contributed another excellent update on Convenience Store Decisions today.
From a fuel price management perspective, the key takeaways are as follows:
- Brent crude oil dropped into the mid $90s bbl, below $100 bbl for the first time in over a year.
- West Texas Intermediate traded at $90.43, the lowest since May 2013.
- Retail fuel prices are likely to drop as much as $0.25 or more over the next 6-8 weeks.
We know that with the summer travelling season behind us, the annual seasonal trend should show us lower volumes from here through the end of the year. If Mr. Milne’s prediction holds true, and retail fuel margins increase as retail fuel prices drop, we’re heading into a season of strong retail fuel margins through Q4. In 2013, retail fuel margins hovered in the $0.188 to $0.191 range throughout the fourth quarter, and we didn’t see such margin increases. Hopefully 2014 will prove to be more profitable.
