Comdata Launches Predictive Pricing™: Revolutionizing Fuel Purchase Decisions with Advanced Forecasting Technology
BRENTWOOD, Tenn., Sept. 17, 2024 (GLOBE NEWSWIRE) -- Comdata Inc., a Corpay brand and world leader in payment innovation, announced today the launch of its new analytical capability—Predictive Pricing™. This innovative tool is designed to provide near-term forecasts of fuel prices, empowering customers to make informed decisions on their fuel purchases.
“We understand that fuel costs can fluctuate frequently, impacting both businesses and individual consumers,” said Randy Morgan, President/North America Trucking & Enterprise at Comdata. “Predictive Pricing is designed to give our customers a strategic advantage by forecasting fuel prices, so they can make well-informed decisions about when and where to fuel up.”
Comdata long-time customer and partner, Prime, Inc. has been using the technology since November 2022. Fuel Director Sam Messick had this to say in a recent interview, “From a cost savings perspective, it means a lot to Prime…I wouldn't be out of line by saying on a monthly basis…depending upon how well we go out and execute based off of it; it has the ability to save us six figures in cost.”
Key Features of COMDATA Predictive Pricing:
- Data Aggregation: Predictive Pricing’s information is based on the integration of Comdata’s proprietary data with data reported by the Oil Pricing Information Service (OPIS), at the Petroleum Administration for Defense Districts (PADDs) level. For more information on PADD regions, visit the EIA.gov website.
- Dynamic Price Forecasting: The tool calculates the difference between the current average wholesale cost of fuel versus the estimated average wholesale cost of fuel the next day. 1 This information allows customers to quickly assess whether to fuel up today or wait until tomorrow.
- Immediate Actionable Insights: By calculating the anticipated change in fuel costs, Predictive Pricing enables customers to act on this information instantly, optimizing their fuel expenditures and potentially saving on costs.
“Comdata proudly provides functionality that matters to fleets as well as the potential for impactful savings of time and money,” said Morgan. “We are committed to listening to our customers and delivering tools they need to improve their fuel performance and ultimately, their bottom line.”
How can you learn more about Predictive Pricing? Current customers are encouraged to contact your Comdata account manager. All other interested parties can email ppricing@comdata.com to connect with a representative.
1Average wholesale fuel price change is the estimated difference in today’s and tomorrow’s wholesale rack prices as reported by Oil Pricing Information Service (OPIS)
About Comdata
Comdata Inc., a Corpay brand, is a leader and innovator in commercial payment solutions, driving actionable insights from spending data, building enhanced controls to protect clients’ interests, and positively impacting day-to-day operations for fleet owners and managers and drivers in the trucking industry. Founded in 1969 in Brentwood, Tennessee, Comdata has proudly supported the life-impacting trucking industry for over 50 years. To learn more, visit www.comdata.com.
Media Contact:
Ashley McDonald
Corpay, North America Fleet (Comdata)
Ashley.mcdonald@corpay.com
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