Pricelock, the world's only electronic marketplace offering fuel hedging to businesses, and Wright Express have joined forces to offer fuel price and budget risk management solutions to Wright Express fleet customers.
The new partnership enables Pricelock and Wright Express to provide fleet customers with the option to purchase fuel at a certain fixed daily price for a fixed volume, and to effectively manage those purchases. Covering fleets of all sizes and levels of fuel consumption, this unique suite of products delivers budget control and price protection options to businesses by offering simple ways to manage the cost of fuel.
"We are delighted to offer our fuel price protection program to Wright Express customers," said Pricelock Chief Operating Officer Naveen Agarwal. "Presently, fleet managers have a great opportunity to price protect their fuel budgets as gas and diesel prices continue to be at historic lows. We are pleased to be part of Wright Express' vision to include our fuel price protection solutions as an integrated part of their fuel management offering."
"Customers are increasingly looking for ways to minimize the risk associated with fuel price fluctuations and monitor and manage their price-protected gasoline reserves on-line and in real time," said Wright Express Executive Vice President of Sales and Marketing David Maxsimic. "Wright Express and Pricelock offer unique functionalities to their respective customers. By combining the offerings of each company, we will be able to jointly provide relevant new services that simplify fleet management and save our customers time and money. This relationship is an exciting opportunity for both companies and their customers."
The new suite of fuel price risk management products allows customers to continue to use their current Wright Express program, with the settlement occurring on the Wright Express statement one month in arrears as an ancillary statement.