NEW YORK, NY -- 08/05/08 --
Sparta Commercial Services, Inc. (OTCBB: SRCO), a leading provider of consumer finance solutions to the powersports
industry, announced today that its relationship with an aggregator partner
of online consumer credit applications for the acquisition of powersports
vehicles has resulted in a much higher than anticipated volume of consumer
credit applications being processed by its iPLUS® credit decisioning
engine during the last three months.
Anthony Havens, Sparta's CEO, stated, "The significant increase in online
consumer credit applications that Sparta is receiving through this
aggregator partner validates our investment over the last three years in
the development of our iPLUS® credit decisioning software. iPLUS®
allows us, on a scalable basis, to process increased volumes of
applications without a proportional increase in staffing levels and other
operating costs." Havens further stated, "This increased application flow
further reinforces the fact that despite the problems in other sectors of
the credit markets, consumer interest in acquiring powersports vehicles
continues to grow. We attribute this, at least in part, to the growing
number of people who are reacting to record high gas prices by choosing
motorcycles or scooters as a much more economical way to meet their
commuting and local travel needs."
Although most of the company's business is still generated through a
nationwide network of authorized retail powersports dealers, Havens further
commented that, "We are anticipating that the online portion of our business
will continue to contribute to the substantial increase in the value of our
overall portfolio."
About Sparta Commercial Services
Sparta Commercial Services, Inc. (www.spartacommercial.com) is a leading
provider of financing solutions to the powersports industry. The company is
currently the only nationwide full-service, independent, Web-based finance
company offering a lease solution combined with the traditional retail
purchase contract for the Powersports Industry. Headquartered in New York
City, with its Dealer Support Group located in Houston, Texas, Sparta
offers programs for manufacturers, distributors, and dealers. Sparta
provides a full line of financing packages including indirect retail
installment sales contracts and direct closed-end leases, as well as
related services for individuals, fleets and municipal organizations.
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, obtaining,
satisfying terms of, and amount of credit lines, 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.
Contact:
Dick Trotter
COO
Sparta Commercial Services, Inc.
(212) 239-2666
Investor Relations:
Mark Moline
Cinapsys, Inc.
760-458-4899
m@cinapsys.com
