(Source: PRNewswire)
REDWOOD CITY, Calif., June 30 /PRNewswire/ -- Pricelock, Inc., the company that combines patented technology and commodities expertise to bring price predictability to the volatile $700 billion retail fuel market, announced today it is partnering with Hyundai Motor America to implement a new program that will lock in the price of fuel at $1.49/gallon for one year for purchasers of select new car models. The deal, which is expected to drive dealership traffic and increase new car sales, highlights Pricelock's evolution as the premier e-commerce fuel-price management company in the U.S.
"This partnership with Hyundai is proof positive that there is a need in the market for fuel-price protection in today's uncertain economy," said Pricelock CEO and Founder Robert Fell. "Both consumers and businesses want peace of mind and insurance against rising gas prices. Pricelock is the only company that combines technology and commodities expertise to deliver price protection that can be tailored to the needs of any business' fuel budget. And, as is shown by this program for Hyundai, being able to ease customers' anxiety over rising gas prices is a powerful sales incentive."
Pricelock, founded in 2006, was the company behind Chrysler's "Let's Refuel America" campaign last year that generated more than 17,000 new customers for Chrysler. Pricelock combines technology, strong expertise in commodities and an online management platform to serve companies in many industries. These businesses want budget predictability for fleet operations, a sales incentive or an employee recruiting and retention program that they can offer workers to lower commuting costs.
Pricelock has been responsible for more than 100 million gallons of fuel-price protection since 2008. Pricelock's consultative sales and service offerings also include a carbon-neutrality program through its Carbonlock(TM) product for fleet owners, automotive companies, and employers. A full description of Pricelock's suite of service offerings can be found at http://www.pricelock.com/.
For the Hyundai program, Pricelock will issue car buyers fuel cards, similar to credit cards, which drivers will use to purchase gasoline at any of the 165,000 participating gas stations, approximately 93% of all service stations in the U.S. Using the Pricelock card, the car buyer will be charged $1.49 per gallon for fuel, regardless of the price on the pump. Of course, if the pump price is below $1.49 per gallon, the cardholder will not use the fuel card, but instead will pay the lower pump price using cash or a credit or debit card and still be able to participate in the upside. Participants are eligible to purchase a maximum number of gallons equal to 12,000 miles divided by combined fuel economy for the qualifying model in mixed driving conditions.
Pricelock's investors include Goldman Sachs and Artiman Ventures, a venture-capital firm that specializes in helping technology-driven entrepreneurs create world-class companies. Artiman has provided technology counsel, as well as growth capital. Michael Bonsignore, former CEO of Honeywell, is the Founding Chairman of the Company.
For more information about Pricelock's fuel-price management consulting and services, visit http://www.pricelock.com/.
About Pricelock
Pricelock, based in Redwood City, California, is the world's first company to combine patented technology and commodities expertise to bring businesses price predictability to increasingly volatile fuel prices. The company also offers Carbonlock(TM), a unique, patented "green fleet" program that allows fleets and businesses to efficiently acquire certified carbon offsets and become carbon neutral. Pricelock can be found on the Web at http://www.pricelock.com/.
Pricelock, Inc.
CONTACT: Shade Vaughn, Robert Marston And Associates, +1-212-836-4232,svaughn@marstonpr.com
Web Site: http://www.pricelock.com/
A service of YellowBrix, Inc.
