NEW YORK, NY – March 10, 2011 – (Motor Sports Newswire) – Sparta Commercial Services, Inc. (OTCQB: SRCO) announced today that its subsidiary, Specialty Reports, Inc. is launching its third product offering, CarVINreport.com, which will provide online auto history reports to consumers, car dealers, insurers, and others with an interest in knowing whether or not a particular vehicle has salvage or damage history, any record of theft, and additional important information.
While there are other online sources that offer similar information, CarVINreport.com will be less costly to consumers and dealers alike. To illustrate, the best known and most widely used provider of auto history reports charges car dealers a minimum monthly fee, in addition to the cost of each report, regardless of the number of reports purchased. CarVINreport.com will charge no minimum monthly fees and believes each report will cost less than the rate charged by other similar websites.
Specialty Reports, Inc.’s first product, Cyclechex.com, introduced in 2010, is an online source offering motorcycle history reports. Following Cyclechex, RVchecks.com was recently launched to provide recreational vehicle history reports for a large range of recreational type vehicles.
CarVINreport.com, like Cyclechex.com and RVchecks.com, requires a seventeen-digit Vehicle Identification Number (VIN) to be entered. Regardless of the country of origin, CarVINreport.com will produce virtually instantly a detailed auto history report of the car, van, or SUV, showing the recorded, salvage, rebuilt, flood or theft information, and other valuable data.
Speaking about the launch of CarVINreport.com, Anthony Havens, CEO of Sparta and Specialty Reports, Inc., said, “When we launched Specialty Reports, Inc. in June, 2010 with Cyclechex.com as our initial product offering, we knew that we were filling a genuine need, especially among consumers and powersports dealers, and the response has been outstanding. We also knew at that time that there were several other similar products we wanted to bring to market. After recently launching RVchecks.com, CarVINreport.com is our newest product offering. In the case of auto history reports, there is competition. But we’ve identified segments of the market outside the dealer relationships that the competition already has in place. And we’re confident that with our low pricing, our commitment to excellent service, and our ‘no hassle’ 100% money-back guarantee, CarVINreport.com will be highly successful.”
About Sparta Commercial Services, Inc.
Sparta Commercial Services, Inc. is a New York-based, nationwide financial services company offering financing and leasing products to consumers and retail powersports 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., is in the business of offering online access to title histories and salvage information for various classes of previously owned assets. CarVINreport is its third product offering, RVchecks was the second, and Cyclechex Motorcycle History Report was Specialty Reports’ initial product release.
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