WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, today announced it has signed a long-term agreement to provide private label and co-branded universal fleet card services to CITGO Petroleum Corporation.
Through this agreement, WEX will issue fleet cards, provide related payment services to CITGO customers, and convert the CITGO fleet card portfolio to its platform. This provides customers with a complete range of information, features and functionality to manage their fleets. Together, WEX and CITGO will build a comprehensive sales and marketing program for direct sales and will also support the local efforts of CITGO marketers and retailers representing more than 6,000 branded retail locations.
“We’re excited to add the CITGO brand to our private label portfolio and to leverage its strong market presence in the Eastern United States,” said Ken Janosick, senior vice president of fleet payment solutions at WEX. “The agreement with CITGO underscores our commitment to growth in the North American fleet market and offers fleet customers another robust fleet card program option with one of the most recognized brands in the industry.”
The new program will include a competitive rebate offer on CITGO fuel through a single-branded proprietary fleet card good only at the CITGO locations, as well as a co-branded universal card, which will be accepted at more than 150,000 fuel and service locations throughout the United States. These commercial offerings will bring value to loyal businesses and CITGO-branded marketers and retailers."WEX provides the best competitive offerings for our fleet customers, and by working together, we believe we can substantially grow our fleet business,” said Alan Flagg, general manager of light oils marketing for CITGO Petroleum Corporation. "As an industry leader, WEX brings great brand value and superior performance, both of which are important to our marketers and retailers. WEX is a great fit for CITGO in the fleet market.”
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts