New Tool Aids Fuel Purchasing Decisions
With fuel prices as much as 28 cents per gallon higher within a three-digit zip code, managing fuel purchases in real time using FleetAdvance by Comdata can help fleet managers save money and track purchasing performance. Photo credit: Comdata
Research shows that drivers could have frequently purchased fuel at a lower price 54% of the time, according to electronic payment solutions company, Comdata.
Further research shows that the average spread of fuel prices within a three-digit zip code area can be as much as 28 cents per gallon. So, how can drivers be encouraged to make smarter fuel purchasing decisions?
FleetAdvance from Comdata helps fleets manage fuel purchases with real-time insight.
Available to Comdata customers, the system allows fleet managers to set fuel price thresholds and purchasing criteria, receive immediate text or email alerts when drivers do not comply within set thresholds and track fuel purchasing performance and savings via a dedicated portal.
“FleetAdvance demonstrates our commitment to payment innovation in the fleet industry, providing additional value to what is already the most trusted fuel transaction,” says Randy Morgan, executive vice president for Comdata.
A VISUAL REVIEW OF FUEL PURCHASES
Here’s how the new system works: A driver swipes a Comdata Card at the pump. The exact location of the swipe is identified and compared to other fuel locations within a preset geography.
Once the retail price and the fleet’s unique net price is determined, the swipe is scored.
If the score is lower than a set threshold, an immediate alert is sent via text message or email. Scores are also stored for additional, future analyses.
Fleet managers can also view fuel purchasing activity fleet-wide via the FleetAdvance dashboard.
And a ticker scrolls across the bottom of the screen — similar to those used on sports networks for game scores — that shows total fuel spend and total fuel savings in real time, along with other key industry data.
Additionally, an analytics platform includes the ability to quantify additional savings potential and drill down into specific opportunities by driver, merchant and geography.
“Comdata introduced real-time fuel management to the fleet industry in 1981 and again revolutionized the industry with the one-card solution in 2000,” Morgan says. “With FleetAdvance, we are once again setting a new standard for successful fuel transactions in the transportation industry.”