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| SPARTA TEAMS WITH 700CREDIT TO ACCELERATE PENETRATION OF THE CALIFORNIA POWERSPORTS DEALER MARKET
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| Agreement Provides Direct Access and Support to over 250 Additional Dealers in California |
| New York, NY; November 2, 2005 |
Sparta Commercial Services, Inc., an Internet-based sales finance and leasing company dedicated exclusively to the powersports industry, announced today it has teamed with 700Credit, Inc. to accelerate Sparta’s penetration of powersports dealers in the California market. 700Credit currently serves 600 franchise and independent powersports dealers nationwide and 250 powersports dealers in the State of California, providing dealers with a range of online credit reporting and other financial data, backed by a strong customer service organization.
Under terms of the agreement, 700Credit has been retained by Sparta to develop and manage relationships with powersports dealers to support Sparta’s origination of retail installment sales contracts and leases. 700Credit will be responsible for training, supporting, and providing customer service for each approved dealer, including education on Sparta’s products and training on Sparta’s proprietary point of sale, web-based origination platform, iPLUSTM (Internet Purchasing Leasing Underwriting Servicing). 700Credit will be compensated based on its volume of successfully funded retail installment sales contracts and leases.
Anthony L. Havens, Sparta's CEO, commented, "Our partnership with 700Credit is a win-win for both our companies as well as the powersports dealers that 700Credit serves. The relationship allows us to effectively outsource the substantial resources required to aggressively develop the very important California market, by utilizing a proven and trusted partner to these dealerships. After initializing the relationship with their California dealer network, it is our intention to roll out the program to 700Credit’s nationwide network of dealers. Importantly, this marketing relationship complements Sparta’s own dealer network development efforts.
“Providing dealers, within 700Credit’s footprint, with access to Sparta’s iPLUSTM financing platform will enable these dealers to provide improved service and offer a greater variety of finance options to their customers, thereby supporting the dealers’ expanding sales. Our relationship with 700Credit is an important building block in our goal to initiate full-scale origination activity this spring, in conjunction with the launch of the 2006 powersports season.”
About 700Credit:
Los Angeles-based 700Credit, Inc. (www.700Credit.com) is a National Credit Reporting Agency focused on the Automotive and Powersports industries. Founded in 2000 by Matthew and Jeffrey Briggs, 700Credit processes more than 100,000 products each day, for more than 4,000 clients nationwide. 700Credit’s applications integrate seamlessly with various proprietary software systems across a broad range of DMS, Finance & insurance (F&I) & customer relationship management (CRM) applications.
About Sparta Commercial Services:
Sparta Commercial Services, Inc. (www.spartacommercial.com) is an Internet-based acceptance (sales finance) and leasing company dedicated exclusively to the powersports industry, concentrating on motorcycles over 600cc, 4-stroke all-terrain vehicles, and select scooters through private label programs for manufacturers’ distributors. Sparta provides a full line of financing solutions including indirect retail installment sales contracts and direct closed-end leases, as well as related services including GAP coverage and vehicle service contracts.
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