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| SPARTA COMMERCIAL SERVICES, INC. LAUNCHES ITS NEW IPLUS® 2.0 POINT OF SALE CREDIT DECISIONING AND CONTRACTING PLATFORM |
| New York; August 20, 2008 |
Sparta Commercial Services, Inc., a national provider of consumer finance solutions to the powersports industry, today announced the release of iPLUS® Version 2.0, the newest version of the company’s software platform with fully automated credit decisioning, underwriting, contracting, and dealer messaging for the powersports industry.
The New York-based financial services company specializes in serving the powersports industry, offering consumer financing and leasing products, as well as a municipal leasing program for municipalities and other governmental agencies that utilize motorcycles and other vehicles for law enforcement and other governmental activities.
Commenting on the company’s latest achievement, Anthony Havens, Sparta’s CEO, said, “The release of iPLUS® 2.0 is a significant advancement for Sparta and the more than two thousand powersports dealers in Sparta’s network because it provides guaranteed consumer credit decisions in 60 seconds, automatically produces contracts for both installment loans and leases, gives dealers the opportunity to track transactions in real time, and does it all without requiring human involvement; and, it accomplishes all of this 24 hours a day, seven days a week, 365 days a year.” He added, “We believe iPLUS® 2.0 may be the most advanced platform in the industry since it handles both installment loans and leases. Sparta is, if not the only, one of the few powersports financial services companies in the country currently offering the combination of loans and leases.”
According to the company, the new version of its iPLUS® 2.0 system also requires no costly software for the dealers, is completely web-based, integrates credit bureau retrieval and review, enables dealers to communicate through a built-in messaging system, and operates with virtually any dial-up as well as high speed connection. Additionally, iPLUS 2.0 utilizes an integrated asset valuation feature that has a direct internet connection to a third party, national appraisal guide to simultaneously establish an asset value for each motorcycle being financed or leased based on the Vehicle Identification Number. This method of valuation ensures that the vehicle being financed or leased by Sparta is the exact year, make, and model represented and enables Sparta to maintain its established loan to value ratios.
Havens continued, “Given the ‘user friendly’ simplicity for our dealers to process applications and generate contracts and leases at the point of sale, and the speed with which this in-house consumer financing and leasing can be concluded, we fully expect that iPLUS® 2.0 will excite our dealers and gain wide acceptance, resulting in an increasing market share for Sparta. The development and launching of iPLUS® 2.0 is yet another example of how Sparta is able to effectively improve on the systems and methods utilized by the powersports industry and rapidly respond to the needs of the dealers and consumers in our market.”
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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