SOUTH PORTLAND, Maine -- Wright Express Corp., a leading provider of value-based business payment processing and information management solutions, has launched "Octane," its free mobile app that includes the industry's first fuel site locator with up-to-date transaction-based fuel prices and text-to-speech capabilities.
"Octane" accesses the most currently available date- and time-stamped transaction data to allow users to quickly find the nearest fueling locations and the lowest fuel prices. Additionally, it integrates text-to-speech technology for hands-free operation so the user can maintain a focus on driving while listening to audio directions to their selected fueling site.
"We understand fleets need drivers to arrive at fuel sites safely and as quickly as possible, and they are also looking for ways to save money by better managing fuel costs and consumption," said David D. Maxsimic, executive vice president of sales and marketing at Wright Express. "Our new mobile app, Octane, is the first of its kind and designed to meet these needs, underscoring our commitment to providing customers with the best possible fleet management tools."
Octane offers users a number of additional benefits, including the ability to locate sites with alternative fuels, such as diesel, 85% ethanol fuel (E85) and compressed natural gas (CNG), and to save search criteria, making it easy to quickly perform frequent searches. In times of emergency such as adverse weather or power outages, Octane users are able to find the nearest site where fuel is still available by filtering results with the 24-hour transaction toggle.
The Octane app is available for free on both iPhone and Android mobile devices.
In other company news, Wright Express said that it has extended its existing fuel-price risk management program through the third quarter of 2013.
On March 2, 2012, the company purchased instruments to cover a portion of its anticipated domestic fuel-price-related earnings exposure for the first, second and third quarters of 2013. At this time, Wright Express has hedged 80% of its exposure through the first-quarter of 2013, 53% of its second-quarter 2013 exposure and 27% of its third-quarter 2013 exposure. Going forward, the company intends to hedge approximately 80% of its domestic fuel-price-related earnings exposure in every quarter on a rolling basis, it said.
The instruments are designed to enhance the visibility and predictability of the company's future earnings. The program uses instruments that create a "costless collar" based upon both the U.S. Department of Energy's weekly diesel fuel price index and NYMEX unleaded gasoline contracts. The March 2 purchase locked in a fuel price range of approximately $3.58 to $3.64 per gallon. Click here to view a table that states the approximate range of the collar and percentage of fuel-price-related earnings exposure.
South Portland, Maine-based Wright Express' fleet, corporate and prepaid payment solutions provide its more than 350,000 customers with security and control across a wide spectrum of business sectors. The company's subsidiaries include Wright Express Financial Services, Pacific Pride, Wright Express Prepaid Cards Australia and Wright Express Fuel Cards Australia. Wright Express and its subsidiaries employ more than 850 associates in six countries.