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| SPARTA ANNOUNCES HIGHER THAN EXPECTED GROWTH IN ONLINE CONSUMER CREDIT APPLICATIONS |
| New York; August 05, 2008 |
Sparta Commercial Services, Inc., a leading provider of consumer finance solutions to the powersports industry announced today that its relationship with an aggregator partner of online consumer credit applications for the acquisition of powersports vehicles has resulted in a much higher than anticipated volume of consumer credit applications being processed by its iPLUS® credit decisioning engine during the last three months.
Anthony Havens, Sparta’s CEO, stated, “The significant increase in online consumer credit applications that Sparta is receiving through this aggregator partner validates our investment over the last three years in the development of our iPLUS® credit decisioning software. iPLUS® allows us, on a scalable basis, to process increased volumes of applications without a proportional increase in staffing levels and other operating costs.” Havens further stated, “This increased application flow further reinforces the fact that despite the problems in other sectors of the credit markets, consumer interest in acquiring powersports vehicles continues to grow. We attribute this, at least in part, to the growing number of people who are reacting to record high gas prices by choosing motorcycles or scooters as a much more economical way to meet their commuting and local travel needs.”
Although most of the company’s business is still generated through a nationwide network of authorized retail powersports dealers, Havens further commented that, “We’re anticipating that the online portion of our business will continue to contribute to the substantial increase in the value of our overall portfolio.”
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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