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| Sparta Launches Private Label Financing and Leasing Programs |
| New York; April 21, 2005 |
Sparta Commercial Services, Inc., an internet-based sales finance and leasing company dedicated exclusively to the powersports industry, announced today the formal launching of four exclusive private label financing and leasing programs targeting the motor scooter and ATV segment of the powersports industry. These programs are now "live" for online contract originations, providing Sparta access to a network of approximately 1,500 powersports dealers across the U.S. This dealer network comprises nearly half of the scooter market.
The private label financing and leasing programs are with four leading scooter and ATV distributors:
- CMSI, a Preston, WA based manufacturer and distributor of scooters, ATVs and light motorcycles,
- E-TON America, a Spartanburg, SC based exclusive importer of E-TON scooters and ATVs,
- Malaguti USA, a Miami, FL based exclusive North American distributor for Malaguti SPA, and
- STR Motorsports, an Inman, SC based exclusive importer and distributor of Kymco vehicles in the United States.
The private label programs provide dealers with access to Sparta's proprietary point of sale iPLUS(TM) (Internet Purchasing Leasing Underwriting Servicing) web-based origination platform to evaluate a customer's credit worthiness and obtain appropriate financing options within seconds, seven days a week, twenty-four hours a day. This permits a complete financing or leasing application to be filed within minutes of a purchase decision. The program is currently available in 19 states and Sparta is expanding it nationwide. Not only can dealers utilize iPLUS for their scooter and ATV sales, but also for their non-private label vehicle sales, including both new and used motorcycles.
Anthony Havens, Sparta's CEO, commented, "Having worked very closely with our private label partners in the final development and beta-testing of this unique iPLUS origination platform, we are pleased to go 'live' on schedule with our innovative financing and leasing solutions. Scooters and ATVs represent a high growth market that has not been well served with cohesive financing programs. Our private label partners are taking a major step forward in rolling out our point of sale solutions to support their dealers' sales efforts."
"In addition to online applications, credit approvals, and quick transaction times that support our dealers' goals to satisfy their customers and grow their revenues, the iPLUS origination platform also provides dealers with an online sales tracking system. We are confident that these private label programs have only just scratched the surface of the national powersports industry, a market place currently under served by 'high tech,' service oriented, financing sources. We believe the launch of these programs is just the first step in a long-term commitment to become a leading provider of a full suite of powersports financing solutions and related services."
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, which includes motorcycles over 600ccs, 4-stroke all-terrain vehicles and select scooters. Sparta provides a full line of financing solutions including retail installment sales contracts and leases, as well as related services including GAP coverage and vehicle service contracts.
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