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| Sparta Commercial's Municipal Leasing Program Continues to Grow and Evolve |
New York; November 29, 2010 |
Sparta Commercial Services, Inc. today announced that its Municipal Leasing Program is continuing to grow as the company adds an increasing number of municipalities to the program and expands the types of assets eligible for leasing contracts.
Sparta has completed over $6.5 million in financing with sixty-two jurisdictions in thirteen states. Contract renewals are continuing at a steady pace when initial transactions come to term, as has most recently occurred with the Darke County, OH Sheriff's Office; the Township of Montville, NJ Police Department; the City of Hoover, AL Police Department; and the Miami County, OH Sheriff's Office.
In addition, Sparta's Municipal Leasing Department is either currently bidding on requests from, or already in discussions with, municipalities in thirteen new states and has a pipeline representing in excess of $10 million in potential contracts. Although there can be no assurances of the number of transactions that will close, the Company expects to go to contract with many in the upcoming fiscal year.
While the Sparta program initially focused on police motorcycles for law enforcement organizations around the country, the types of asset classes have since been expanded to include police cruisers, EMS vehicles, fire equipment, buses, trucks, vans, tactical vehicles, surveillance equipment, and any essential-use equipment utilized by municipal agencies.
Sparta's Municipal Lease Program enables municipalities to avoid the complete upfront cost of their equipment by leasing, rather than purchasing that equipment. By utilizing this method of acquisition, local and state governments can lower their annual budgets and pay the cost of the equipment they require over a scheduled period of time.
Commenting on the continuing growth of Sparta's Municipal Lease Program, Anthony Havens, the company's CEO, said, "We're very pleased by the acceptance of our program among so many governmental agencies, and especially gratified by the positive word-of-mouth that our current municipal clients are passing on to their colleagues in other jurisdictions. Our commitment to servicing the equipment needs of municipalities throughout the country with personalized attention and helping them to effectively meet those needs in difficult economic times is a great source of company pride. It also assures continued growth for Sparta in this business sector."
Contact:
Dick Trotter, COO
Sparta Commercial Services, Inc.
212-239-2666
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