A. I think you see most oil companies focus on what they’re good at, what are their specialties. I don’t think that card programs necessarily need to be their specialty.
To succeed, you need to have the systems in place; you need to build scale. When you’ve got a partner like WEX — who already has the scale and can immediately bring that and drive the operations and the sales, handle the billing and other things — it just makes more sense to partner with somebody.
And oil companies are now focusing back on their core business. I think you’re seeing them even going further that way. The oil companies are getting out of owning the stations. Exxon Mobil made the decision a year ago to leave the gas station business. I think companies as a whole are specializing in their core business and partnering with those that do the pieces of their business that’s core to them. So it creates opportunities for WEX and others to do the processing and run the card programs for most of the major oil companies.
We have 20 to 25 oil company partners, including some of the biggest: ExxonMobil, Chevron, Sunoco, etc. Most of the oil companies are with WEX today. There’s just a small handful that are not.