REDWOOD CITY, CA (June 28, 2012)—Pricelock, a leader in online energy auctions announced today the addition of railcar leases to Marketplace, its suite of energy and energy-related product auctions, and the completion of its first railcar lease auction. The platform supports all types of railcars including those used for transportation of crude oil, coal, ethanol, fracking sand, agriculture and mining products. The Pricelock platform, designed in close collaboration with railcar lessees and lessors, supports railcar leasing companies looking to get the best price for their railcars by auctioning them to the highest bidder. It works equally well for shippers who are soliciting competitive lease terms to replace railcars or extend their fleet.
“Marketplace has already brought tremendous efficiencies and transparencies to the process of buying and selling energy,” said Naveen Agarwal, chief executive officer. “We are pleased to bring the same efficiencies to the infrastructure underlying our national energy supply chain with the addition of railcar lease auctions and look forward to expanding into the railroad, agricultural and mining markets which have the same logistics and pricing challenges as their energy counterparts.”
The lessee in today’s real-time auction, a large shipper seeking to lease coal railcars for a variety of terms, chose to lease 20% more railcars than anticipated due to the efficiencies realized on the platform. In addition, by using Marketplace the shipper was able to eliminate the cumbersome process of soliciting and analyzing bids. The platform allowed the shipper to define their specifications and attribute costs based on any factors such as the type and age of the cars or full vs. net service options. This information was used to automatically adjust the bids so all counterparties knew what was needed to create a winning bid.
Marketplace allows buyers and sellers to create highly customized auctions in either real-time or sealed bid formats. By bringing this process online, Marketplace creates money-saving efficiencies for everyone involved. “Pricelock’s singular mission is to transform the way energy and related products are bought and sold by major companies around the world.” Agarwal said.
Pricelock, headquartered in Silicon Valley, leverages breakthrough technology to offer major energy buyers and sellers the most powerful and easy-to-use online energy auction platform. The company serves some of the largest power generators, utilities, commercial buyers, railroads, and airlines in North America. Its solutions are designed in close collaboration with leading industry buyers and sellers of gasoline, diesel, jet fuel, natural gas, storage, pipeline capacity, power, coal and railcars to offer customers the ability to understand, control, and reduce energy costs in innovative ways.
Pricelock is proud to have been recognized on the Forbes list of America’s Most Promising Companies, awarded the Global Energy Award of Excellence by Platts, and named one of the Hottest Companies in Silicon Valley by Lead 411. Pricelock’s investors include Artiman Ventures, Barclays, Goldman Sachs, RenaissanceRe and Traveler’s Insurance. To learn more about Pricelock please visit www.pricelock.com.
Pricelock Inc. Phone: 650.517.5400