NEW YORK, NY – September 15, 2009 – (Motor Sports Newswire) – Sparta Commercial Services, Inc. (OTCBB: SRCO) announced today that Sparta has formed a strategic alliance with Dairyland Cycle Insurance, a member of the Sentry Insurance Group of Stevens Point, WI. This relationship will enable Sparta’s nationwide network of powersports dealerships an expedited means of securing personal vehicle insurance covering new and pre-owned powersports vehicles for their customers. This network approach between participating dealerships, Sparta, and Dairyland Cycle, will provide an opportunity for consumers to purchase, finance, and insure their new vehicle without leaving the dealership floor.
According to the company, Dairyland Cycle is a recognized leader in the motorcycle insurance industry because of its competitive rates, money-saving discounts, and outstanding customer service. Dairyland Cycle structures their coverages and deductibles to meet riders’ individual needs and offers flexible payment options that fit their budgets. Dairyland Cycle provides coverage for a wide range of riders and their cycles and scooters, including high performance, touring, vintage, and custom motorcycles and scooters.
This alliance with Dairyland Cycle will enable customers who are financing their new or used powersports vehicle purchases through Sparta, the chance to receive a free, no-obligation insurance quote from Dairyland Cycle. This is an option they have while submitting their credit application online using Sparta’s proprietary credit decisioning and underwriting software point of sale platform iPLUS® Version 2.0. If the quote is accepted by the customer, the dealer can work directly with the customer and Dairyland Cycle to place the insurance at the time of contracting.
Commenting on the new development, Anthony Havens, Sparta’s CEO, said, “We have always believed that our financing and leasing program at the dealership level would be greatly enhanced by a side-by-side insurance program that could complete the entire financing and insurance activity simultaneously, but we had to find the right insurance ally. Dairyland Cycle is the perfect fit. We’re very enthusiastic about the mutual benefits that this relationship will bring to Sparta, Dairyland, and our nationwide network of over 2,300 retail powersports dealers.”
About Sparta Commercial Services:
Sparta Commercial Services is a New York-based, nationwide financial services company dedicated to the powersports industry, offering financing and leasing products to consumers and retail powersports dealers, as well as a variety of commercial products for governmental agencies that require motorcycles and other equipment for law enforcement activities.
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. 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