Inaugural Pricelock Fuel Pricing Survey Reveals Concerns About Rising Prices

Jan 25, 2010, 13:20 ET from Pricelock, Inc.

REDWOOD CITY, Calif., Jan. 25 /PRNewswire/ -- Pricelock, Inc., the company that provides fuel price predictability to businesses of all sizes, announced today results of the first Annual Pricelock Fuel Pricing Survey. The survey revealed that over 90 percent of respondents believe fuel prices will rise and are concerned about the impact on their business. Further, only 38 percent of respondents who have considered fuel price protection have implemented plans, despite the fact that nearly 90 percent of those with price protection plans in place are happy with them. 

Pricelock emailed the survey to Automotive Fleet Magazine's subscriber base of more than 19,000 people. Survey respondents included executives, fleet managers, directors and other industry professionals associated with small, mid-sized and large fleets. The respondents also represented a broad range of industries, including Auto & Transport, Energy & Utilities, Construction, Business Services, Government, Industrial Manufacturing, Healthcare, Consumer Products and other. Approximately 525 individuals completed the survey, reflecting a +/-4.2% margin of error at a 95% confidence level.

The survey also revealed that:

  • An overwhelming 91 percent of respondents believe that fuel prices will go up, citing reasons such as speculation, emerging market consumption, world events, a weaker U.S. dollar, greed and supply and demand.
  • 96 percent of respondents who believe fuel prices will rise are concerned about fuel prices and its impact on their company.
  • Of the 96 percent concerned about fuel prices, 34 percent indicate that they have considered implementing a fuel price protection program.
  • Of those who have implemented a fuel price protection plan, nearly 90 percent indicate that they are happy with their fuel price protection program.
  • Many of the respondents who have not protected their fleets against rising fuel prices said they have not done so because they believe their company is too small or that they lack the necessary expertise to implement a protection plan.  

"The results of this survey identify a strong need for fuel price protection programs that are easy to understand and accessible to businesses of all sizes," said Naveen Agarwal, Chief Operating Officer of Pricelock. "Pricelock's online tools, access to experts and flexibility make it easy to construct a plan that is right for each company's specific needs and objectives."

Pricelock, founded in 2006, protects businesses against volatile fuel prices and is responsible for more than 100 million gallons of price protected fuel. Pricelock was also the company behind Chrysler's 2008 "Let's Refuel America" campaign that generated more than 17,000 new customers for Chrysler and Hyundai's successful $1.49 gas offering that resulted in an all time monthly sales record for Hyundai last August.

About Pricelock

Pricelock, based in Redwood City, California, provides solutions to manage volatile fuel prices which are top of mind concerns for businesses and consumers alike. Our full range of solutions is already benefitting fleets, employers, car manufacturers and consumers everyday. The company also offers Carbonlock™, a unique, patented "green fleet" program that allows fleets and businesses to efficiently acquire certified carbon offsets and become carbon neutral. A full suite of Pricelock's solutions can be found at www.pricelock.com.

SOURCE Pricelock, Inc.



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