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| SPARTA’S FOCUS PAYS DIVIDENDS |
| New York; June 29, 2009 |
Sparta Commercial Services, Inc., the New York-based, nationwide financial services company dedicated exclusively to the powersports industry, is pleased to announce that it continues to experience and capitalize on the ongoing developments in the market for powersports financing products. According to the Company, the departure of numerous financial services entities from the powersports market in recent months, largely resulting from the economic downturn’s effect on other parts of those companies’ business, has created a major growth opportunity for Sparta.
Furthermore, as reported on the front page of the Wall Street Journal on June 19th, 2009, companies such as Target Corp., Harley-Davidson Inc. and Pitney Bowes,Inc., which operate “industrial loan companies” under state-issued charters offering financing to their customers, may be facing major difficulties. According to the report, the White House wants these companies to register as bank holding entities, with more stringent requirements, which may result in reduced credit being made available to consumers. According to Havens, “These proposed regulatory changes would not apply to Sparta, and would clearly result in an even greater demand for our consumer financing and leasing products.”
The Company continues to see an increasing number of powersports dealers expressing interest in joining our nationwide network of Authorized Sparta Dealers as well as an increasing number of powersports manufacturers applying to Sparta for customized consumer financing and leasing products. Commenting on this development, Havens said, “A year ago, these manufacturers would likely have been utilizing our former competitors, who are now no longer offering these types of private label products. Sparta recently entered into an agreement with Vectrix, an innovative company producing electric-powered, two-wheel vehicles, to meet their demand for consumer financing and leasing products. Additional manufacturers are awaiting our approval.”
In closing, Havens said, “As the economy begins to recover, Sparta is ideally positioned to capitalize on our accumulated strengths. We remain the only nationwide provider of consumer motorcycle leasing, in addition to the traditional installment financing we offer. Our portfolio management is outstanding, with minimal delinquencies. We continue to respond quickly to consumer and retail dealer preferences in the marketplace and the dealer relationships we are building bode well for the future. When combined with our ongoing commercial and municipal product lines and the anticipated activation this summer of our new credit line for consumer loans and leases, we expect to quickly expand on our reputation and position in the industry. Indeed, while so many financial services companies are struggling, and may continue to struggle in the months and perhaps years to come, we see a very bright future for Sparta.”
Contact:
Dick Trotter, COO
Sparta Commercial Services, Inc.
212-239-2666
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