Pricelock is a growth-stage company looking to couple technology and price-protection hedging strategy to bring predictability to fuel prices for businesses and consumers. They looked at what had been done for Southwest Airlines and thought on why they can't bring that concept to a whole new class of customers, explains Founder and CEO Bob Fell, referring to the huge cost advantage the airline reaped by locking in a fuel price of $51 a barrel before the going price hit $126.62. To make it happen, Pricelock needed to develop and patent technology covering all aspects of collecting and analyzing customer fuel requirements, risk management and delivering price protection through fuel cards issued for use at gas pumps. But that was just one piece of the puzzle, notes Fell. Pricelock handles all operational aspects of the fuel card program, from providing the technology behind the program to offering customer service to participants.
Pumping Protection Jennifer Pellet Chief Executive; Mar/Apr 2009; 239; Docstoc pg. 17 Reproduced with permission of the copyr
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