Partnerships / Acquisitions

WEX Extends Fuel Card Contract With Sheetz

On Wednesday (Oct. 18), payment solutions company WEX, Inc., announced a 10-year extension of its fleet fuel card contract with convenience chain retailer Sheetz, Inc., a press release published by Business Wire reported. WEX supports the Private Label, Universal and Tri-Brand fleet cards available at Sheetz, which can be used to purchase gasoline at store locations.

Sheetz boasts more than 550 locations in six U.S. states, including Maryland, North Carolina, Ohio, Pennsylvania, Virginia and West Virginia.

“WEX is honored to continue its decades-long relationship with Sheetz,” said Jay Collins, senior vice president and general manager of small fleets at WEX, in response to the news. “This contract extension will not only provide Sheetz with access to WEX’s … products and services, but its customers will benefit as well through fuel savings programs, fraud protection and data insight.”

According to the Business Wire news release, Rich Steckroth, Sheetz’s director of business development, expressed positivity about the fuel card contract extension.

“WEX has been so supportive to Sheetz throughout our partnership and we are very thankful to see that relationship continue,” Steckroth said. “I know we are looking forward to the next decade and working with WEX as we continue to grow our fleet card business.”

WEX made news on Aug. 30 when it announced it had received an Electronic Money Institute license by the EU’s Financial Conduct Authority (FCA), allowing it to issue cards across the European Economic Area. Also in August, the payment solutions company announced it had received a telematics contract with the U.S. Department of Homeland Security (DHS).

The company posted a 30 percent jump in revenue during the second quarter of 2017, due in part to rising fuel prices. Looking forward to the whole fiscal year as a whole, WEX expects total revenue in the $1.2 and $1.22 billion range.

WEX will display its range of fleet industry products at the National Association of Convenience Stores trade show in Chicago from Oct. 17 to Oct. 20.

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