PriceAdvantage, a fuel price management software company and division of Skyline Products, announced that Kocolene, operator of 22 Fast Max stores throughout Indiana and Kentucky, experienced a 3% increase in 2014 fuel volume sales after just one year of using PriceAdvantage fuel pricing software – exceeding the national average increase by 2%. At the same time, the fuel retailer was able maximize fuel margins to create a substantial increase with overall gross fuel profits. The 2014 performance improvements are featured in a recent case study alongside other organizational benefits derived from using PriceAdvantage mobile fuel pricing technology.
In early 2013, Fast Max executives realized their manual, tedious processes for obtaining market data and setting fuel price changes needed updating. By adopting PriceAdvantage mobile fuel pricing technology, Fast Max was able to replace manual phone and paper processes for collecting competitive fuel prices, gained immediate access to accurate competitive information and market data, and automated price changes from headquarters to the store POS system and fuel price signs.
Within the first year of using PriceAdvantage, Fast Max increased its fuel sales and productivity. PriceAdvantage allowed Fast Max to quickly and easily catch developing trends in the market, signaling when an adjustment in their pricing strategy was needed to capture fuel sales. “Using PriceAdvantage, we have seen a 3% gain in fuel volumes over the previous year while maximizing margins and experiencing significant growth in gross profits. On top of that, we have a relationship with PriceAdvantage that feels more like a partnership.” Lance Gentry, Vice President of Operations.
By using PriceAdvantage mobile fuel pricing software, Fast Max corporate management reviews data, receives alerts and makes price changes on their smart phones, as well as perform many functions without having to call each store and interrupt a team member or manager who may be assisting customers. PriceAdvantage streamlined the entire pricing process and provided store managers and team members more time to service and sell to customers, as well as perform other tasks.
“Our customers often share significant ROI and we are thrilled that Fast Max was able to measure specific performance improvements with fuel volumes, gross profit, and overall productivity,” stated Chip Stadjuhar, President and CEO of Skyline Products. “Our mission is to help all of our customers leverage PriceAdvantage in a manner that enables them to meet their goals.”
Fast Max chose the PriceAdvantage subscription pricing model that provided rapid software implementation with minimal upfront costs or hardware investments. This flexible model allowed Fast Max to license specific software components, enabling them to create an affordable solution to meet their specific needs. With the demonstrated increase in sales, PriceAdvantage easily delivered a measureable ROI.