WEX launches app with aim to help truckers save on fuel
Image / Courtesy of WEX Inc.
WEX Inc.'s new 10-4 app aims to help independent truckers and small trucking companies access fuel discounts that are normally reserved for larger enterprises.
WEX Inc. (Nasdaq: WEX), a Portland-based financial technology services provider, has released a free mobile app to help independent truckers and small trucking companies get fuel discounts that are typically reserved for larger companies.
The app, called 10-4, is part of the company’s overall strategy and goal to expand its reach to small businesses, including sole proprietors such as independent truckers, a spokeswoman told Mainebiz.
To use the app, users can download it via the Google Play Store or the App Store and start using it for immediate discounts.
The app offers help finding discounted fuel nationwide at gas stations nearby and along a route. Users can then pay for their gas via the app on their phone, bypassing credit-card swiping to minimize fraud and earning rewards for additional savings. Further savings are unlocked via reward points for every gallon purchased and inviting friends to use the app.
AAA data show that the average national price of diesel gas is $3.59 per gallon, down from $4.52 a year ago.
“Already a trusted partner to an estimated 19.4 million commercial vehicles globally, we are proud to expand WEX’s core offerings to this new segment — independent truckers,” said Karen Stroup, WEX’s chief digital officer.
The product release comes as the National Federation of Independent Businesses estimates that 62% of small business owners are not interested in loans. For that reason, WEX said, its new app does not require credit applications or credit checks.
Users simply upload the debit or credit card of their choice and start saving. Built with industry-leading embedded payments technology, 10-4 by WEX provides secure transactions at the pump with no transaction fees.
“10-4 by WEX offers instant savings at the pump to independent owner-operators and other small trucking operations that have, historically, been left out of the mix,” said Timothy Hampton, general manager of the company’s Over-the-Road business division.
“On average, independent truckers spend approximately $50,000 on diesel fuel every year — almost a third of their total expenses — which is why every cent matters," he added.
Discount network
Truckers can learn more about using 10-4 by WEX for savings at a large and growing discount network of U.S.-based truck stops, which includes AMBEST, Road Ranger, Sapp Bros., Love’s Travel Stops and the 7FLEET Diesel Network of (Speedway, Stripes and 7-Eleven.
The company said it expects to add other leading merchants and related discounts in the months ahead.
WEX has offered trucking fleet cards and fleet mobility services for more than 40 years. In addition, the company provides fintech services to help with travel industry payments and employee and member benefits.
In September, WEX shareholders authorized the company to increase its share repurchase program by another $1 billion, meaning the company can buy up to $2.05 billion of its own common stock through the end of 2025.
As of Monday’s close on Wall Street, WEX shares have a market value of around $8.6 billion. Shares are trading 11.2% higher than a year ago.
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