7-Eleven Expands Relationship With FuelQuest
Convenience retailer extends use of fuel management system, adopts ForeSite
Published in CSP Daily News
DALLAS -- 7-Eleven Inc. has signed a new five-year agreement with FuelQuest Inc., a leading on-demand software and services company for the global downstream energy industry. Under this agreement, the retailer will continue to use the FuelQuest Fuel Management System (FMS) to automate fuel procurement and delivery as well as deploy ForeSite SV to monitor fuel replenishment execution for more than 2,500 carrier-supported sites.
7-Eleven was an early adopter of FuelQuest solutions, including FMS, Zytax Compliance, Alarm Management Services (AMS) and now ForeSite SV, which was released in July 2011.
"FuelQuest has been an important solution provider for 7-Eleven for several years," said Doug Rosencrans, vice president of gasoline operations at 7-Eleven. "The company has generated significant value in our fuel operations and has a track record of innovation within the industry. We consider FuelQuest a strategic partner and critical to the continued growth of our business. This is why we are continuing our relationship with them as well as expanding our use of their products and services with ForeSite SV."
FuelQuest powers the largest bulk fuel management network in North America, providing its customers with a solution that lowers the cost of procuring, managing and accounting for fuel. FMS will continue to streamline 7-Eleven's fuel operations enabling fewer runouts and retains through frequent, automated polling and just-in-time inventory replenishment; lower working capital requirements via optimized fuel inventory levels; and reduced overall fuel costs through automated inventory and financial management.
ForeSite SV (Supervisor View) gives fuel buyers real-time visibility into the accuracy and effectiveness of replenishment plan execution. Once set in motion, fueling plans can miss their mark due to changing conditions on the ground, such as bad weather, shifting consumer demand or poor traffic conditions. ForeSite SV warns when plans--whether retailer or vendor managed--will not meet business requirements, allowing fuel managers to take the necessary steps to avoid supply disruptions and improve their operational efficacy..
"We are pleased to continue our longstanding relationship with 7-Eleven and increase our solution value through their adoption of ForeSite SV," said Matt Tormollen, president and CEO of FuelQuest. "7-Eleven is a global, innovative company who has achieved real bottom-line savings by using fuel management automation."
FuelQuest provides on-demand fuel management, tax automation, and compliance solutions for suppliers, distributors, buyers, and traders of petroleum products and other energy commodities. Houston-based FuelQuest's solutions deliver operational and financial value to more than 750 customers, including leading global oil companies, international retailers, shippers and government entities. FuelQuest's fuel management solutions help customers manage the complexity, regulation and market volatility for more than 18 billion gallons of gasoline and diesel fuel annually. Its Zytax solutions ensure compliance and accuracy for tens of billions of dollars of energy-related excise taxes per year.
7-Eleven, Dallas, operates, franchises, or licenses more than 8,800 7-Eleven stores in North America. Globally, there are approximately 43,300 7-Eleven stores in 16 countries. During 2010, 7-Eleven stores worldwide generated total sales close to $63 billion.