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| SPARTA COMMERCIAL SERVICES AND STR MOTORSPORTS ANNOUNCE A NEW FINANCING PROGRAM FOR KYMCO VEHICLES |
| Sparta Commercial Services to Provide Private Label Financing Program For Kymco Motor Scooters, Motorcycles and ATVs |
| New York; July 7, 2004 |
Sparta Commercial Services and STR Motorsports announced today that they have jointly entered into an agreement which will establish a private label financing program for the entire line of Kymco powersport vehicles that are sold in the United States.
Sparta Commercial Services (www.spartacommercial.com), a New York based company, is an independent financial services group exclusively dedicated to the U.S. powersports industry. STR Motorsports (www.strmotorsports.com), headquartered in Inman, SC, is the exclusive importer and distributor of Kymco vehicles in the United States.
With a current network of 335 dealers throughout the U.S., STR offers a line of Kymco vehicles that includes motor scooters, motorcycles and ATVs. The Kymco plant in Taiwan has been producing its popular line since 1963, and the brand has experienced significant growth each year since its introduction.
Anthony Havens, CEO of Sparta, described the agreement with STR as, "An excellent example of how an aggressive manufacturer or distributor of powersport vehicles can strengthen and accelerate their growth potential in the U.S. by partnering with a financial services company that's dedicated to this particular industry."
The value of the private label financing program was further emphasized by STR Director of Sales and Marketing, Bruce Ramsey, who said, "By providing our dealers with a financing program that carries our brand, and is designed especially to meet the needs of our customers, the dealers are able to generate greater customer satisfaction by making the purchasing process entirely seamless."
The STR financing program will enable Kymco dealers to go to the STR website, click through to a customized financing site, submit credit applications online, receive quick credit decision responses, offer a choice between leasing and an installment loan with terms up to five years, and complete the transaction with consumer contracts that can be downloaded, printed, and signed by the customer.
Dealers will also have the benefit of an on going record of all transactions, as well as a detailed customer history that they can review at any time, should they wish to target any follow up marketing or promotional activities to prior customers. Although all of the dealer and consumer materials used in the program will carry the Kymco brand, Sparta will manage and underwrite the program.
According to Havens, "We expect that the Sparta - STR/Kymco relationship will prove to be of great mutual benefit and look forward to providing STR/Kymco with the kind of financial services support that will help them to concentrate on building their brand, expanding their dealer network, and increasing their sales far beyond where they otherwise would have projected without this program."
The STR/Kymco program is expected to be implemented in the third quarter of 2004.
For further information, contact Ed Menken, VP, Sparta Commercial Services, at 1-888-439-0200, or Bruce Ramsey, Director of Sales/Marketing, STR, at 1-800-845-7007.
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