PORTLAND, Maine--(BUSINESS WIRE)--WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today announced the general availability release of 10-4 by WEX, a free mobile app that provides independent truckers and small trucking companies in the U.S. with fuel discounts typically reserved for larger trucking enterprises. This increases WEX’s total addressable market in its Mobility segment by expanding its diesel product offerings to sole proprietors and other independent businesses.
“With the release of the 10-4 by WEX mobile app, we are enabling independent owner-operators and small companies to save instantly on their largest expense – fuel,” said Karen Stroup, Chief Digital Officer at WEX. “Already a trusted partner to an estimated 19.4 million commercial vehicles globally, we are proud to expand WEX’s core offerings to this new segment – independent truckers.”
An estimated 62 percent of small business owners are not interested in a loan, according to the National Federation of Independent Businesses, which is why 10-4 by WEX does not require credit applications or credit checks. Users simply upload the debit or credit card of their choice and start saving. Built with industry-leading embedded payments technology, 10-4 by WEX provides secure transactions at the pump with no transaction fees.
“10-4 by WEX offers instant savings at the pump to independent owner-operators and other small trucking operations that have, historically, been left out of the mix,” said Timothy Hampton, SVP and General Manager of Over-the-Road (OTR) at WEX. “On average, independent truckers spend approximately $50,000 on diesel fuel every year – almost a third of their total expenses – which is why every cent matters.”
Truckers can learn more about using 10-4 by WEX for savings at a large and growing discount network of U.S.-based truck stops, which includes AMBEST, Road Ranger, Sapp Bros., Love’s Travel Stops, and the 7FLEET Diesel Network (Speedway, Stripes, and 7-Eleven), with additional leading merchants and related discounts expected in the coming months.
10-4 by WEX is the company's latest offering specifically tailored to truckers, and joins WEX’s trucking fleet cards and factoring services to help improve efficiency, cut costs, and get paid fast. Now, regardless of the size of the operation, independent owner-operators and enterprise-scale freight companies alike can turn to WEX for volume discounts and greater transparency into purchasing and volume performance with WEX’s powerful analytics tools and mobile apps.
The 10-4 by WEX mobile app is free and available in the Google Play Store or the App Store.
About WEX
WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com.
Forward-Looking Statements
This press release contains forward-looking statements including, but not limited to, statements regarding the expected strategic, operational, and financial benefits resulting from the launch and use of 10-4 by WEX. Any statements in this press release that are not statements of historical facts are forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “positions,” “confidence,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations, and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements, including customer adoption of 10-4 by WEX, the Company’s ability to offer and operate 10-4 by WEX as planned and the ability of the Company and its customers to realize the expected benefits of 10-4 by WEX; as well as other risks and uncertainties identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on February 23, 2024 and subsequent filings with the Securities and Exchange Commission. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events, or otherwise.
