Wright Express CEO Discusses Q1 2012 Results - Earnings Call Transcript
On the new business front we had new signings, up market and we experienced continued momentum in our down market strategy was small to mid-sized fleet wins during the first quarter. The down market pipeline remains robust with small and mid-market fleets. Additionally, we saw fair amount of activity in terms of large fleet contracts including the renewal of the State of Georgia, we also sign 3 year extensions with enterprise fleet management and lease plan both long term co-brand partners.
As announced last week, MAPCO Express joined us as a private label partner and will also be offering a co-brand universal card. We believe with our continued success with large fleets and partners is due to our sustained investments in our products and services as well as outstanding customer experience.
One of these recent investments is our free mobile app for iPhone and Android devices called Octane which introduced in March. Octane is the industry’s first fuel site locator that incorporates accurate real time transaction based fuel price data and text to speech capabilities.
In a nutshell, this app helps people find the nearest fueling locations with the lowest prices based on actual transactions from our broad network. This app demonstrates our continued focus on developing innovative solutions and providing customers with the best possible fleet management tools.We believe this helps drive new business and enhances the value we provide to our customers. Turning now to the second prong of our growth strategy, diversification of our business. During the first quarter our other payment solution segment generated revenue growth of 44%, once again led by our corporate charge card product. Spend volume increased to strong 52% over the prior year to $2.2 billion primarily from our single use electronic credit product in the online travel vertical. Read the rest of this transcript for free on seekingalpha.com
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