New York, NY, July 20, 2017 — Sparta Commercial Services, Inc. (SRCO) announced today that for the second time in a year, Yemassee, South Carolina has employed Sparta Commercial Services for the acquisition of essential-need equipment for their Police Department. The latest transaction consists of new Dodge Charger police cruisers with a pay schedule and terms that allow Yemassee to accrue equity in the vehicles over the course of the lease and own the vehicles outright after final payment is made.
Yemassee is one of ten North Carolina jurisdictions and one of over two-dozen agencies throughout the Carolinas as a whole that have used Sparta’s Municipal Lease Program for their essential equipment needs. The program has gained broad interest and popularity among city, county and various governmental agencies with budgeting and expenditure responsibilities.
Sparta’s Municipal Lease Program now enjoys leasing relationships with governmental entities throughout the country, including repetitive contracts when the initial lease terms expire. The “word-of-mouth” factor among law enforcement and other departments is outstanding.
The primary reason for the growing popularity among these authorities is the fact that Sparta’s leasing alternative enables the municipality to spread the cost of the equipment over time, rather than having to pay the full amount up-front. As a result, jurisdictions have greater flexibility with their budgeting and allocation, allowing their tax revenues to go further.
Chief Gregory Alexander of the Yemassee Police Department, commented on the most recent transaction, saying, “Our first experience utilizing Sparta Municipal’s leasing program was a year ago when we needed to add vehicles to our police cruiser fleet. We found Sparta made the process very simple and uncomplicated, so when we decided to go forward with new vehicles this year, it made sense to return to Sparta for financing. The terms they set up for us fit our budgetary needs and their staff once again helped make the process painless and productive.”
The vendor supplying the vehicles for this transaction is Performance Chrysler Dodge Jeep Ram in Clinton, North Carolina.
Sparta Commercial’s Municipal Lease supports a wide variety of asset classes including motorcycles, police cruisers, surveillance systems, fire apparatus, tactical vehicles, buses, trucks, EMS vehicles, and virtually any other category of essential-use equipment, thus providing a more economical way of acquiring the resources that local and state governments require.
About Sparta Commercial Services, Inc.
Sparta Commercial Services, Inc. (http://spartacommercial.com/), through its subsidiary, iMobile Solutions, Inc., is a leader, in developing, managing, and servicing custom mobile apps (https://imobileapp.com) for vehicle dealers from Harley-Davidson® to John Deere, automobiles and RVs, restaurants, liquor stores, clubs, and other businesses in 49 states and Canada. In addition to mobile apps, Sparta provides motor vehicle title history reports to dealers, insurance companies, credit unions, and consumers via its report sites: https://www.carvinreport.com/ (automobiles and light trucks), https://cyclechex.com/ (motorcycles), https://www.rvchecks.com/ (recreational vehicles) and https://truckchex.com/ (commercial trucks).
Sparta’s Municipal Leasing Division (http://spartamunicipal.com/) offers and administers a specialized municipal leasing program for local and state agencies. The Company is dedicated to serving jurisdictions with small and growing vehicle fleets who seek a better and more economical way to finance their essential equipment needs – from police motorcycles and cruisers, to EMS equipment and busses, to virtually any type of equipment a municipality requires. The Municipal Leasing Division also works with larger jurisdictions to provide competitive leasing facilities for specific segments of their fleet portfolio.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are valid only as of today and we disclaim any obligation to update this information. Actual results may differ significantly from management’s expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to potential future losses, competition, financing and commercial agreements and strategic alliances, seasonality, potential fluctuations in operating results and rate of growth, management of potential growth, system interruption, consumer and industry trends, limited operating history, and government regulation. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. Further information regarding these and other risks is described from time to time in the Company’s filings with the SEC, which are available on its website at: http://www.sec.gov.
Sandra L. Ahman
Sparta Commercial Services, Inc.