WEX Teams up With Ford for New Commercial Fleet Referral Arrangement

Rhea-AI Summary

WEX (NYSE: WEX) has partnered with Ford Smart Mobility LLC to provide fuel card solutions to Ford's commercial fleet customers. This collaboration will enable Ford customers to access WEX's comprehensive fuel card offerings, including the WEX Universal card. Ford's clients will benefit from features like customizable spending controls, online account access, and detailed reporting. The fuel cards promise a 95% acceptance rate at fueling locations across the U.S. This agreement is expected to enhance value for Ford's commercial fleet clientele.

Positive

• Partnership with Ford Smart Mobility enhances WEX's market reach in the commercial fleet sector.
• Access to WEX's comprehensive fuel card solutions offers Ford's clients significant benefits, including a 95% acceptance rate across fueling locations.
• Fuel cards provide features such as customizable spending controls and detailed reporting, improving fleet management.

Negative

• None.

WEX (NYSE:WEX), a leading financial technology service provider, today announced that it has reached an agreement with Ford Smart Mobility LLC (“FSM”), a part of Ford Motor Company, which is one of the largest commercial vehicle manufacturers in the world, whereby FSM will have the opportunity to refer its commercial fleet customers to WEX, providing them with access to WEX’s fuel card products.

WEX will offer Ford’s commercial fleet customers a variety of WEX fuel cards, including WEX’s own “WEX Universal” card as well as many fuel merchant-sponsored, WEX-powered card programs, all of which offer a full range of features, functionality and solutions to meet the everyday demands of a modern fleet. Ford’s commercial fleet customers will be able to easily search and compare to find the best card program to fit their needs and apply online through a single experience powered by WEX.

“We’re thrilled to be working with a brand like Ford to help deliver more value to its commercial fleet customers,” said Brian Fournier, senior vice president and general manager of global partners, WEX. “Together with WEX, Ford’s experience and strength with commercial fleets brings together a technology powerhouse arrangement for Ford’s commercial customers.”

“Ford is committed to its commercial vehicle customers with proven models that have stood the test of time such as F-series and Transit,” said Brent West, general manager Ford Commercial Solutions. “We know running a commercial fleet goes well beyond the vehicles on the ground and offering WEX’s programs to our commercial customers is another way we’re helping our customers increase their productivity so their businesses can thrive.”

The Ford-WEX referral arrangement will offer Ford fleet customers multiple fuel card options, including dollar per gallon purchased rebates on select cards and 95% acceptance at fueling locations across the United States, from independent and major gas stations and convenience stores to major truck stops, and at over 45,000 service locations.

All fuel cards provide fleets tools to assist with managing fuel expenses including:

• Customizable spending controls
• Online and mobile account access
• Purchase alerts
• Detailed, custom reporting

About WEX

Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through more than 5,200 associates around the world. WEX fleet cards offer 15.8 million vehicles exceptional payment security and control; purchase volume in travel and corporate solutions was $20.9 billion in 2020; and the WEX Health financial technology platform helps 408,000 employers and 33.1 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com.

About Ford Motor Company

Ford Motor Company (NYSE:F) is a global company based in Dearborn, Michigan. The company designs, manufactures, markets and services a full line of Ford trucks, utility vehicles, and cars – increasingly including electrified versions – and Lincoln luxury vehicles; provides financial services through Ford Motor Credit Company; and is pursuing leadership positions in electrification; mobility solutions, including self-driving services; and connected vehicle services. Ford employs approximately 186,000 people worldwide. For more information regarding Ford, its products and Ford Motor Credit Company, please visit corporate.ford.com.

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FAQ

What is the WEX and Ford partnership about?

WEX has partnered with Ford Smart Mobility to provide fuel card solutions tailored for Ford's commercial fleet customers.

How will Ford fleet customers benefit from the WEX fuel cards?

Ford fleet customers will gain access to various WEX fuel card options, offering features like customizable spending controls and detailed reporting, with a 95% acceptance rate.

What types of fuel cards will WEX offer to Ford's commercial fleet customers?

WEX will provide Ford's commercial fleet customers with options including the WEX Universal card and merchant-sponsored cards.

When was the partnership between WEX and Ford announced?

The partnership was announced on March 8, 2021.

What is WEX's focus as a financial technology service provider?

WEX focuses on simplifying complex payment systems across various sectors including fleet, travel, and healthcare.