FASTER’s Story

Our History

• 1982

  Founded

  FASTER Asset Solutions was founded in 1982 and is still headquartered in Hampton Roads, Virginia. Our original name was CCG Systems. We 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 stock-holder and 28 other employees also became minority stock holders.

  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.

• 2004

  Employee Stock Ownership

  As a succession vehicle, the majority stock-holder and the 28-minority employee stock-holders 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.

• 2009

  Company Name Change

  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.

• 2010

  Evolution to a BOB, COTS Enterprise Company

  While the 1990’s and early 2000’s lead to significant evolution in the systems business, the market was populated largely by both large and small companies that had a tendency to over-promise and under deliver. Central to the under-delivery of value in the systems business was the popularity of custom-built systems which often created increased cost post-sale and often delivered only a portion of what was promised pre-sale. 

  In addition, the competitive landscape was changing as systems companies raced to implement enterprise-level technology that would harness the potential of the Web.

  FASTER Asset Solutions made a tactical decision to heavily invest in technology, processes and methods to evolve the company to be the best-of-breed (BOB) enterprise fleet management information system. 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 the best on-going service experience for customers.

  Also, FASTER made the fundamental decision to invest in the massive undertaking of building from scratch an entirely new commercial-off-the-shelf (COTS) system. 

  FASTER achieved both building what is arguably the BOB FMIS and achieved its COTS goal of not having any customer have a cost over-run 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.

  FASTER embarking on this aggressive and incremental journey led to significant value for customers and growth that led to financial success for employees.

• 2019 and Up

  Enterprise Success Leads to Financial Success

  As an ESOP FASTER’s stock is valued every year by an independent 3rd party accounting firm. And the highly capable professionals at FASTER were so successful at creating the best-of-breed enterprise fleet management system and providing excellence in support and implementations that its 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 success 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 substantial retirement savings.

  It has also enabled the company to make heavy investments in FASTER Win and FASTER Web to continue a rich history of product enhancement.

  Of particular note is also the cutting-edge, enterprise integrations capabilities that created robust capabilities, superior flexibility, lower cost, and faster-to-market integrations capabilities with any system to which a customer chooses to integrate.

  With the stock purchase debt paid off, FASTER will be able to accelerate its growth to bring even more customers the best-of-breed system, coupled with the best support in the industry.