A. Yes. Several years back, we saw an opportunity to serve over-the-road fleets. We had a lot of light vehicles and sedans, but we didn’t have a lot of Class 7 and 8s. Those vehicles have very unique needs which require specific products. This segment drives a lot of volume because fuel consumption is five to six times more than a light vehicle.
So we started to develop a product to fit that market. The first acquisition that came about was a company called Fleet One, which allowed us to enter the OTR space. A little more than a year and a half ago, when EFS became available, acquiring them really put us firmly in that OTR space. What that allowed us to do is to offer a true OTR solution.
So now we can serve those companies that are just operating larger vehicles and need advanced functionalities such as cash advance, different pricing schemes (cost off, cost plus, retail minus, etc.) but on a very limited network (7,000 Tier 1 truck stops), which is all they need because they travel long distance between cities.
But more importantly, the integration of EFS allows us to take the best of both worlds and combine two networks into one. Now, we will launch a product that truly serves the mixed-fleet market. It will be the first with a closed loop-closed loop solution, aggregating two proprietary systems.
Another benefit of the EFS acquisition is their integrated payables division, which does a lot of business in the fleet space.
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