SOURCE: Sparta Commercial Services, Inc.

December 15, 2008 09:30 ET

Sparta Completes First Commercial Lease Transaction for Harley-Davidson Dealers

NEW YORK, NY--(Marketwire - December 15, 2008) - Sparta Commercial Services, Inc. (OTCBB: SRCO) announced today that it has completed its first commercial fleet leasing transaction with a major Harley-Davidson dealer, providing a credit line of $460,000 under its new program.

According to the company, the response to the recent launch of its new Commercial Fleet Leasing Program exclusively for Harley-Davidson dealers has exceeded the company's original projected expectations. In addition to concluding the first transaction, Sparta has what it describes as an appreciable number of requests for program guidelines from some of the largest Harley dealers in the U.S. With over 800 retail Harley-Davidson dealers throughout the United States, Sparta anticipates entering into similar commercial fleet leasing agreements with a considerable number of them in the coming months.

Sparta is a New York-based, nationwide financial services company dedicated to the powersports industry, offering financing and leasing products through a network of over 2,000 retail powersports dealers and a Municipal Leasing Program for governmental agencies that utilize motorcycles and other equipment for law enforcement activities. With this new program, Sparta has expanded its financial services products to include an additional segment of the market allowing the company to provide a greater variety of financing and leasing solutions for dealers and end-users.

Commenting on the early response of Harley-Davidson dealers to the new program, Anthony Havens, CEO of Sparta Commercial Services, Inc., said, "While credit has become more restrictive due to the changes in the financial markets, Sparta is pleased to move forward with this new program to assist our dealers."

About Sparta Commercial Services

Sparta Commercial Services, Inc. (www.spartacommercial.com) is a national 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 Information

  • Contact:

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