Wright Express Acquires FleetSmart Program
Wright Express announced that it is acquiring FleetSmart, a fleet card program targeted at the distributor market, in a deal scheduled to close on Aug. 16, 2002. According to the company, the acquisition will provide Wright Express LLC, a provider of fleet charge cards, with a fleet card entry into the distributor marketplace. FleetSmart, a regional fleet card program that operated mainly in the South and Southwestern United States, provided both a private label and universal fleet card offering. Wright Express will rename the product from FleetSmart to FleetPro. According to Wright Express, a key part of the FleetSmart deal is the acquisition of a system that includes many product features preferred by the distributor market in providing fleet cards to their fleet customers. The FleetSmart system will provide Wright Express with a platform on which to base its expansion into the distributor fleet card market. Wright Express says it plans to take the FleetSmart program and enhance its program by incorporating many of the features that it has developed for its universal card and private label customers. In this way, Wright Express claims it can offer everything from the base level program to a more comprehensive program based upon the needs of the customer. Wright Express plans to move aspects of the FleetSmart operation to both its South Portland, ME headquarters and to its bank in Salt Lake City. Also as a result of the deal, Wright Express says it expects to add several jobs in the South Portland area.