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| Sparta Intensifies Marketing of Its Municipal Lease Product |
| New York; March 3, 2010 |
Sparta Commercial Services announced today that, as a result of the growing interest among local and state governmental agencies, the Company is intensifying its marketing efforts in support of its Municipal Lease Product. With the recent addition of more cities and towns to Sparta’s roster of municipalities under contract for the leasing of vehicles and other equipment, and the rapidly growing number of inquiries from other agencies around the country, the Company believes that refocusing additional resources to its marketing activity is essential.
Sparta has also established relationships with one of the four manufacturers of police motorcycles, which has recently given Sparta a presence at their corporate website as a recommended source for Municipal Lease Purchase Financing. Sparta considers this a major advancement for its Municipal Lease Financing Program, and is actively engaged with two additional OEM’s in an effort to form similar strategic alliances.
In addition to the new business being generated in its Municipal Lease Purchase Financing Program, Sparta is also anticipating a number of lease purchase contract renewals coming up for Newark, NJ, Darke County, OH, Montville, NJ, Pascagoula, MS, and Miami County, OH.
According to the Company, their Municipal Lease Program is an ideal alternative to the traditional outright purchase of the police cars, police motorcycles and other essential equipment that these agencies require, especially during these difficult economic times. More than 17,000 state and local law enforcement agencies operating in the United States will purchase 65,000 police cars each year, creating over 1.6 billion dollars in annual sales. These agencies will also purchase over 60,000 police motorcycles during the next five years, creating an additional 1 billion dollars in sales over that time period. Sparta’s current goal is to capture a minimum of one percent of the estimated market for these vehicles, representing about 18 million dollars worth of annual municipal lease fundings. These figures do not take into account other essential equipment that Sparta includes in its Municipal Lease Purchase Financing Program, such as the on-board digital video and data equipment used on these vehicles. Sparta is currently working with major national suppliers of these assets to provide financing for these ancillary products as well.
Sparta Commercial Services’ expanded offerings permit it to capitalize on a growing market trend. Local and State agencies, with difficult economic challenges, do not have the necessary money in their budgets to keep up to date with all their equipment needs. Sparta’s Municipal Lease Product is the most attractive option for these agencies since it makes it possible for them to spread the cost of the equipment over time and still allows them to own the equipment outright at the end of the term of the lease.
Contact:
Dick Trotter, COO
Sparta Commercial Services, Inc.
212-239-2666
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