SOURCE: Sparta Commercial Services, Inc.

October 20, 2010 09:30 ET

Sparta Commercial Welcomes Clayton, NC as the Latest Addition to Its Municipal Lease Program

NEW YORK, NY--(Marketwire - October 20, 2010) -  Sparta Commercial Services, Inc. (OTCBB: SRCO) announced today that Clayton, NC has become the most recent municipality to participate in Sparta's Municipal Lease Program, adding new BMW police motorcycles to its fleet of vehicles.

During recent years, and particularly since the national economic downturn, an ever-increasing number of cities and towns across the country have turned away from the tradition of purchasing their necessary equipment, which requires total up-front payments, in favor of Sparta's Municipal Lease Program. The Sparta program enables municipalities to pay the cost of equipment over time, providing local government agencies with the benefit of lowering their annual capital outlays as they acquire the critical equipment they need.

Commenting on the transaction, Anthony Havens, Sparta's CEO, said, "Clayton is the eighth municipality in North Carolina to choose Sparta's Municipal Lease Program over traditional purchasing for their essential equipment, and we're pleased to be able to help another local governmental agency stretch their budgetary allocations. In these difficult economic times for municipalities throughout the country, our ability to customize our leasing program to address their needs is clearly being met with growing enthusiasm among agency administrators and other decision makers."

Captain Wayne Bridges of the Clayton police department said, "Not only will the Sparta Municipal Lease Program help us to conserve money in our annual budgets, but their Municipal Department has the knowledge and expertise that makes the entire process easy and much appreciated."

Garrett Garcia, one of the owners of Capitol BMW, the dealership providing the vehicles, added, "We are very pleased to be able to serve our local agencies and have done several transactions like this with Sparta's Municipal Lease team. They couldn't be more helpful and attentive to the dealer side of the procedures, and we look forward to working with Sparta again soon."

In addition to Clayton, the other North Carolina cities and towns that are utilizing Sparta's Municipal Lease Program are Raleigh, Charlotte, Greenville, Richlands, St. Pauls, Mt. Gilead, and Newton Grove.

About Sparta Commercial Services, Inc.
Sparta Commercial Services, Inc. (OTCBB: SRCO) is a New York-based, nationwide financial services company dedicated to municipal and governmental leasing. Sparta specializes in the financing of essential equipment and services for the law enforcement and emergency response communities. Sparta also offers financing and leasing products to consumers and retail powersports dealers. Additionally, through Specialty Reports, Inc., a Sparta subsidiary, the company owns and operates Cyclechex, the first and only source exclusively for Motorcycle History Reports in the powersports industry. The Cyclechex Motorcycle History Reports appeal to consumers, retail dealers, lenders, auction houses, and insurance carriers.

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.

Contact Information

  • Contact:

    Dick Trotter
    COO
    Sparta Commercial Services, Inc.
    (212) 239-2666