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| SPARTA COMMERCIAL SERVICES AND MALAGUTI USA ANNOUNCE NEW MALAGUTI FINANCING PROGRAM |
| Sparta Commercial Services to Provide Private Label Financing Program |
| New York; July 15, 2004 |
Sparta Commercial Services and Malaguti USA announced today that the two companies have signed an agreement which will establish a new, private label financing program for all Malaguti vehicles sold in the United States.
Sparta Commercial Services, (www.spartacommercial.com) is an independent company offering both leasing and installment loan financing products exclusively to the powersports industry. Previously, the Sparta financing products were available to consumers only through authorized Sparta dealers, but the new program carrying the Malaguti brand will offer the current 110 Malaguti dealers in the U.S. the opportunity to present their customers with a financing alternative that is designed expressly for them.
Malaguti USA, (www.malagutiusa.com) based in Miami, FL, is the exclusive North American distributor for Malaguti SPA. Malaguti Moto of Bologna, Italy, has been leading the European motor scooter market since 1930 and recently re-introduced their product line in the United States after a 30 year hiatus. The family owned and operated company currently produces the most exclusive and elite vehicles in the scooter market. The Malaguti brand is highly regarded in the industry and is viewed by many as the most desirable scooter in the world today.
According to Joel Martin, President of Malaguti USA, "Performance and style are Malaguti's signature features, and the brand currently has 5% of the U.S. scooter market." Martin expects that Malaguti's market share will significantly increase over the next 2 to 3 years, and said, "The new financing program announced today will help to drive sales."
Anthony Havens, CEO of Sparta, said, "The private label financing program will carry the Malaguti brand, but be operated and underwritten by Sparta.
Martin also added, "An added value to the private label program for us, as the distributor of the Malaguti line, is that it makes dealer recruitment easier. When dealers know that they have a dedicated financing program available to them that will support sales, they are more confident about taking on a new line of vehicles."
Havens also added that, "This program immediately brings 110 new dealers into the Sparta network and, since the Malaguti financing program will also accommodate other brands that the dealers carry, which do not compete with Malaguti, the volume of business for Sparta should increase significantly."
With the new Malaguti financing program, dealers will be able to process all transactions online, including credit applications and consumer contracts, as well as calculate both lease and installment loan alternatives, all through a secure website developed for the Malaguti program by Sparta. The program is expected to begin in the third quarter of 2004.
For further information, contact Ed Menken, VP, Sparta Commercial Services at 1-888-439-0200, or Joel Martin, President, Malaguti USA, at 1-305-599-8993.
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