New Fuel Solution, Combined with Runzheimer’s Existing Mileage Capture App, Results in More Accurate and Efficient Reimbursement of Fuel Expenses
Runzheimer announced today that it has launched a revolutionary new fuel expense solution called Equo Fuel. This is a fair and accurate mileage-based alternative to traditional fuel cards.
The new solution harnesses Runzheimer’s extensive data assets and uses local fuel prices, combined with fleet vehicle miles per gallon (MPG) information, to calculate a geographically accurate cents-per-mile reimbursement rate for fuel expenses
“By connecting this new solution to actual business miles, our clients will be able to reimburse their employees for the fuel actually used for business – without the administrative hassle of dealing with fuel cards,” said Donna Koppensteiner, Senior Vice President of Business Development and Marketing at Runzheimer.
Runzheimer’s mobile app, Equo, automatically captures miles driven and tags trips as “business” or “personal” based on the employee’s work schedule. The recorded business mileage is then reimbursed based on fuel costs per mile, while taking into consideration the category of fleet vehicle driven, local fuel costs, and whether the employee drives in city traffic, rural areas, or mountainous roads. Rates are updated daily to provide pinpoint accuracy of fuel fluctuations.
The use of Equo Fuel will allow organizations to realize cost savings of 20 percent, while eliminating the administrative costs associated with issuing new cards for new hires and replacing lost cards.
To read the entire Press Release, go to Runzheimer.