SEYMOUR, Ind. -- Kocolene, operator of 22 Fast Max convenience stores throughout Indiana and Kentucky, has experienced fuel volume sales increases through PriceAdvantage. The chain has seen a 3% increase in 2014 fuel volume sales after just one year of using the fuel pricing software, it said.
This exceeds the national average increase by 2%, said PriceAdvantage, a fuel price management software company and division of Skyline Products, Colorado Springs, Colo.
At the same time, the fuel retailer was able maximize fuel margins to create a substantial increase with overall gross fuel profits, it said.
In early 2013, Fast Max executives realized their manual processes for obtaining market data and setting fuel price changes needed updating. By adopting PriceAdvantage mobile fuel pricing technology, Fast Max replaced manual phone and paper processes for collecting competitive fuel prices, gained immediate access to accurate competitive information and market data and automated price changes from headquarters to the store point-of-sale (POS) system and fuel price signs.
PriceAdvantage allowed Fast Max to catch developing trends in the market, signaling when it needed to adjust its pricing strategy to capture fuel sales.
"Using PriceAdvantage, we have seen a 3% gain in fuel volumes over the previous year while maximizing margins and experiencing significant growth in gross profits,” said Lance Gentry, vice president of operations at Kocolene.
By using PriceAdvantage mobile fuel pricing software, Fast Max corporate management reviews data, receives alerts and makes price changes on their smart phones, as well as performs many functions without having to call each store and interrupt a team member or manager who may be assisting customers. PriceAdvantage streamlined the pricing process and provided store managers and team members more time to service and sell to customers, as well as perform other tasks.
PriceAdvantage enables customers to make rapid, informed fuel pricing decisions based on their own business rules, then automatically post new prices to their POS systems, fuel pumps and price signs, and then receive price change confirmation.
Founded in 1938, Kocolene is an employee owned company (ESOP). The Seymour, Ind.-based independent Midwestern oil company's' ventures include Fast Max Convenience Stores in Indiana and Kentucky, Smokers Host Discount Tobacco Stores in Indiana, Ranger Enterprises and Komac Environmental.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.