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| SPARTA COMMERCIAL CONTINUES TO THRIVE AS CREDIT MARKETS TIGHTEN |
| New York, February 28, 2008 |
Sparta Commercial Services, Inc. today announced that despite the downturn in many segments of the financial services markets, it is seeing continuing demand for its offerings in the powersports industry and its business continues to grow. Furthermore, the performance of its portfolio of consumer loans and leases continues to perform in line with internal expectations and maintains its historic low rate of defaults and delinquencies.
In commenting on the Company’s continued success in the face of the difficulties being seen by other financial services entities, Anthony Havens, Sparta's Chairman and CEO, said, "When we recognized the early signs of the emerging problems in the consumer credit markets more than a year ago, we adjusted our proprietary credit decisioning system to reflect our assumptions of what the future held for our potential customers and the assets underlying their obligations. Unfortunately for the U.S. economy, many of our assumptions became realities, however, our actions have served us extremely well, allowing our portfolio to continue to perform quite satisfactorily, which pleases us and our shareholders."
Havens concluded by saying, "Given the exceptional performance of our portfolio, we remain confident in our projections of continued growth for the foreseeable future."
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 our programs for manufacturers, distributors, and dealers. Sparta provides a full line of financing solutions including indirect retail installment sales contracts and direct closed-end leases, as well as related services.
Contact:
Dick Trotter, COO
Sparta Commercial Services, Inc.
212-239-2666
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