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| SPARTA COMMERCIAL SERVICES, INC. ACHIEVES 20% PENETRATION OF ITS TARGET MARKET |
| Company’s retail dealer network now exceeds 2,100 nationwide |
| New York; July 09, 2008 |
Sparta Commercial Services, Inc., a leading provider of consumer finance solutions to the powersports industry, announced today that as of May 31st the company’s retail dealer base has reached another significant milestone. As a result of the strong continued growth in sign-ups, Sparta’s dealer network now numbers in excess of 2,100, which represents 20% of its target market of 10,000 dealers. According to the 2007 Motorcycle Industry Council Statistical Annual, retail sales of new motorcycles in the United States totaled $10.7 billion in 2006, the most recent year for which statistics are currently available.
According to the Motorcycle Industry Council, there are nearly 14,000 retail powersports dealers in the United States, Sparta provides financing and leasing products for all major brands of street legal motorcycles, a number of semi-custom brands, and several popular brands of scooters.
“Sparta’s business model has been, from inception, to provide financing and leasing products to consumers through a nationwide network of powersports dealers that sell motorcycles and select brands of scooters and all-terrain vehicles,” commented Anthony Havens, Sparta’s CEO.
“We believe that the significant increase in the number of retail dealers who are turning to Sparta for their customers’ financing or leasing needs is a direct result of both an effective marketing campaign, and a deeper understanding of the consumer characteristics than most other lenders in the powersports industry. Given the fact that Sparta is dedicated exclusively to this market, our knowledge of consumer preferences and interests has enabled us to tailor our financial services programs in a highly targeted way, and more and more dealers are choosing Sparta for those reasons.”
Havens added, “Our proprietary iPLUS® online credit decision and contracting platform is among the fastest and most reliable in the industry. We continue to hear rave reviews from dealers about how simple and accommodating iPLUS is, and how supportive our dealer services group is whenever dealers require assistance. The word of mouth about our commitments to the needs of consumers and dealers is obviously driving the move toward greater reliance on Sparta for financial services, and we’re extremely pleased.”
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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