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| SPARTA ANNOUNCES LAUNCH OF NEW POWERSPORTS FINANCING PROGRAMS
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| New York; September 7, 2004 |
Sparta Commercial Services, Inc., the New York-based financial services company, today announced the launch of two new financing programs that the company says will dramatically enhance its position and market share in the powersports industry, the business sector to which it is exclusively dedicated.
The new programs, called "TermsPlusTM" and "MatrixPlusTM," are revolving charge programs, with TermsPlusTM targeted to dealers, and MatrixPlusTM to consumers.
According to Anthony Havens, Sparta's CEO, "TermsPlusTM is a powerful innovation that a great many powersports dealers will want to use, since it's a commercial product offering dealers credit lines up to $250,000 that they can use to acquire new vehicles from manufacturers or distributors, as well as for parts, apparel, and other desired inventory items. This program will be available to all powersports dealers, whether they're franchisees or independents, and irrespective of whether they sell motorcycles, ATV's, personal watercraft, or snowmobiles. And, since TermsPlusTM is a revolving program, dealers can access as much of their credit line as they wish, as quickly as they like, and won't have to repeatedly apply for new credit as they pay down their balances and have available credit."
MatrixPlusTM is Sparta's latest consumer financing program, seen by the company as "an exciting addition" to Sparta's "Sport Loan," a traditional installment loan, and its "Flex Lease," the only motorcycle leasing program of its kind in the industry.
"We're also very excited about MatrixPlusTM," Havens continued, "because it offers consumers a revolving alternative to other financing programs, particularly for vehicles costing less than $10,000. Additionally, MatrixPlusTM will supplement our Sport Loan or Flex Lease, by giving customers a way to charge those items that our other programs don't accommodate, like helmets, boots, and even service and repairs."
"The introduction of TermsPlusTM and MatrixPlusTM," Havens added, "are further examples of how Sparta continuously analyzes the needs of the industry, both on the supply side and the demand side, and tries to meet those needs in the most efficient and creative ways possible, always looking to achieve the position of a 'one-stop financial services source" for the powersports industry. Sparta has already established itself as having the broadest array of financial services products in the powersports sector, and we're committed to aggressively expanding that product menu whenever and wherever we see a new opportunity."
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, concentrating on motorcycles over 600cc, 4-stroke all-terrain vehicles, and select scooters through private label programs for manufacturers’ distributors. Sparta provides a full line of financing solutions including indirect retail installment sales contracts and direct closed-end leases, as well as related services including GAP coverage and vehicle service contracts.
Contact:
Anthony L. Havens
Sparta Commercial Services, Inc.
(212) 239-2666 or alhavens@spartacommercial.com
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