FASTER ASSET SOLUTIONS
 | The factual accuracy of parts of this article (those related to article) may be compromised due to out-of-date information. (February 2013) |
| Private | |
| ISIN | 🆔 |
| Industry | Fleet Management Software |
| Founded 📆 | 1982 |
| Founder 👔 | |
| Headquarters 🏙️ | Norfolk, Virginia |
Area served 🗺️ | |
| Products 📟 | FASTER |
| Members | |
Number of employees | 35 (2019) |
| 🌐 Website | https://www.fasterasset.com |
| 📇 Address | |
| 📞 telephone | |
FASTER Asset Solutions originally named CCG Systems was founded in 1982 by Jim Nelson and formerly known as Chesapeake Computer Group. FASTER Asset Solutions created one of the most successful fleet management systems and received wide acceptance in the marketplace. The four original founding partners sold their stock to a fellow employee who became a majority stockholder, and 28 other employees also became minority stockholders. It is now the United State’s only maker of a robust fleet management information system (FMIS) with 30+ years of serving 380+ public and private fleets with hundreds of thousands of assets being managed.
The main software the company provides, FASTER Web, is a COTS (commercial-off-the-shelf) system providing cradle-to-grave asset management with enterprise integration capabilities (including Web API2 technology).
History
Founded in 1982, the company initially brought to market a FASTER fleet management solution which ran on BOS and called it the BOS fleet management system. In 1999 a FASTER Windows-based fleet management system, FASTER Win, replaced the BOS system as the flagship product of the company. That product grew to become one of the most dominant fleet management systems in the marketplace.
In 2004, as a succession vehicle, the majority stockholder and the 28 minority employee stockholders sold their stock to an Employee Stock Ownership Plan (ESOP) in exchange for debt. That ESOP provides retirement stock accounts for employees who are allocated stock based on the Company’s progress in paying off the stock-purchase debt.
In 2009, in order to eliminate market confusion between the original company name, CCG Systems, Inc., and the product brand name, FASTER, that had come to define the company, CCG Systems began doing business as FASTER Asset Solutions. This also permitted a simple naming convention for the company’s two flagship products: FASTER Win and FASTER Web.
FASTER made a decision to heavily invest in technology, processes, and methods to evolve the company. In addition, it revamped all processes and invested in tools to create excellence in enterprise-level implementation methodology that would reduce risk and maximize utilization and create an ongoing service experience for customers. Also, FASTER made the decision to invest in the massive undertaking of building from scratch an entirely new commercial-off-the-shelf (COTS) system. FASTER achieved its COTS goal of not having any customer have a cost overrun since 2010. The COTS system and enterprise integration approach have resulted in a track record since 2011 where not one implementation had a serious issue after go-live.
In 2019 and forward, as an ESOP, FASTER’s stock is valued every year by an independent 3rd party accounting firm. The company’s stock rose from $5 per share in 2008 to $113 in the most recent valuation. In 2019, FASTER paid off its only debt (the stock purchase debt). This has permitted FASTER to reward employees financially with average cash compensation growth since 2009 of 5% plus competitive benefit and stock accounts that have grown more than 20-fold in value creating retirement savings.
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