NEW YORK, NY – February 1, 2011 – (Motor Sports Newswire) – Sparta Commercial Services, Inc. (OTCBB: SRCO) announced today that the Township of Bloomfield, NJ has entered into its third lease agreement with Sparta’s Municipal Lease Program to upgrade the town’s police motorcycle fleet.
Bloomfield’s initial lease transaction with Sparta occurred in 2007, which was renewed in 2009. The town has now executed a new lease agreement for 2011. New Jersey is one of thirteen states with various agencies now utilizing Sparta’s Municipal Lease Program, and the Company is currently in discussions with agencies in several other states.
The Sparta program has been generating increased interest among municipalities during recent years, mainly because of the opportunity it affords jurisdictions to pay for their equipment over time, rather than the previous method of paying entirely up front and depleting already thin coffers. Sparta’s program allows local governments to reduce the capital outlays in their annual budgets.
Describing his satisfaction with Sparta’s Municipal Lease Program, Motor Officer Ben Christiano of the Bloomfield Police Department, said, “This is our third time leasing through Sparta and the fifth year of our relationship with them. Everything was perfect and everything happened on schedule. Once again, leasing was made easy. And as the officer assigned to complete the documentation, as well as ride the motorcycle, it was certainly appreciated. I don’t know of any other leasing company that calls their customers every so often just to see how things are going.”
While Sparta’s original Municipal Lease Program was limited to police motorcycles, the program has since dramatically expanded the eligible asset classes that are now acceptable. Whatever the equipment — motorcycles, police cruisers, EMS vehicles, fire trucks, buses, tactical vehicles, or even surveillance equipment — Sparta’s Municipal Lease Program can accommodate virtually any essentially needed equipment that local or state governments require.
Commenting on the latest transaction with Bloomfield, Anthony Havens, Sparta’s CEO, said, “It’s always gratifying when any municipality renews or adds a new agreement under our Municipal Program. These decisions underscore our commitment to the jurisdictions we’re engaged with, and clearly demonstrate their satisfaction with our program and the outstanding service we provide to our municipal clients.”
About Sparta Commercial Services, Inc.:
Sparta Commercial Services, Inc., www.spartacommercial.com, is a New York-based, nationwide financial services company offering financing and leasing products to consumers and retail powersports and automotive dealers. Sparta also serves municipal and governmental agencies nationwide with its Municipal Lease Program, which offers financing for essential equipment for the law enforcement and emergency response communities.
Our subsidiary, Specialty Reports, Inc. d/b/a Cyclechex, is in the business of offering online access to title histories and salvage information for various classes of previously owned assets. Cyclechex’s initial product release is the Cyclechex Motorcycle History Report.
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.
SOURCE: Sparta Commercial Services, Inc.