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Wright Express to Debut OPIS Fuel Price Tools
SOUTH PORTLAND, Maine, Aug. 8 /PRNewswire-FirstCall/ -- Wright Express Corporation (NYSE: WXS) and Oil Price Information Service (OPIS) have joined together to develop exclusive online tools that can help Wright Express fleet customers reduce fuel costs by providing an overview of all local area fuel prices, and showing how a fleet's fuel buying practices compare to the local market average. It is the first benchmarking tool of its kind and allows fleet managers to quickly and easily grade their fuel buying performance against their peers. Fleet managers will be able to spot branches or drivers who are paying more than the market average and work to alter that behavior.
The tools consist of reports that integrate OPIS fuel price data with WEX individual fleet fuel transaction data and offer high-value, pre-calculated fuel price information reports through WEX Online to fleet managers and business owners to help them better control and even possibly reduce their fuel expenses. The three reports have the potential to redirect fuel-buying behavior based on customized geographic fuel price information and purchasing habits:
* Market Brand Report: Select a geographic area for fuel price information then build a report from selected cities, or metropolitan statistical areas that gives comparative data on price per gallon (PPG) across the market, comparing the fleet customer's costs, indicating where the customer can save money. * Site Saver Report: Select a geographic area for fuel price information then build a report from selected cities, counties, or zip codes, that provides weekly average PPG by week or month, ranking area sites from low price to high price and compares what the fleet customer paid in total dollars for fuel in the area versus what the customer would have paid based on the area average price, as well as other comparison data. The fleet customer is also able to conduct fuel price site analysis through site radius mapping. * Driver Report: Select a geographic area for fuel price information then build a report from selected cities, counties, or zip codes that shows the area average PPG and indicates which drivers are paying above or below the market average fuel price; in addition, drill down to view individual driver transactions.
The OPIS Fuel Price Tools are available online to Wright Express customers who use WEXOnline(R), the company's comprehensive web-based account management program.
OPIS is the world's most comprehensive source for petroleum information, products and prices from the refinery to the pump. OPIS distributes the most accurate, reliable and referenced petroleum prices via fax, newsletter, e- mail, Internet, third-party vendors, and through one of the nation's first commercial on-line services -- PetroScan. OPIS is comprised of more than 40 information specialists, including the most experienced editors and pricing experts in the business. Pricing experts track more than 70,000 rack prices for heating oil, gasoline, diesel and kerosene, and thousands of contract prices for jet fuel, LP-gas, residual fuel, and ethanol. More than 85,000 retail gasoline prices are also tracked daily. OPIS editors not only cover the market, and report breaking stories -- but also provide inside analysis on what the trends mean and how they could affect prices and purchasing decisions. For more information on OPIS, please visit http://www.opisnet.com.
About Wright Express
Wright Express is a leading provider of payment processing and information management services to the U.S. commercial and government vehicle fleet industry. Wright Express provides these services for more than 300,000 commercial and government fleets containing more than 4 million vehicles. Wright Express markets these services directly as well as through more than 85 strategic relationships, and offers a MasterCard-branded corporate card. The Company employs more than 640 people and maintains its headquarters in South Portland, Maine. For more information about Wright Express, please visit http://www.wrightexpress.com.
SOURCE Wright Express Corporation 08/08/2005