NEW YORK, NY--(Marketwire - Mar 26, 2013) - Sparta Commercial Services, Inc. (OTCQB: SRCO) today announced that the Hocking County, Ohio Sheriff's Department, as well as the Bridgeton, North Carolina Police Department, have again selected the Sparta Municipal Leasing Program for the financing of their police cruiser replacement vehicles.
The Hocking County Sheriff's Department, and the Bridgeton Police Department, first chose the Sparta program because of its greater flexibility in enabling the jurisdictions to spread out the payments for the vehicles over time, rather than having to budget, purchase, and pay for the units in a single year. This advantage gives municipalities throughout the country a preferred alternative for the acquisition of their essential equipment by reducing the amount of capital outlays during a given fiscal year, and it explains why the Sparta program has been consistently gaining popularity among the nation's town, city, and county governments for several years.
To date, the Sparta municipal program has completed ninety-five transactions for seventy jurisdictions in sixteen states, with the Company continuing to receive inquiries and requests for bids on a regular basis. Thus far, the Municipal Lease transactions have almost entirely involved titled vehicles such as police cruisers and police motorcycles; however, Sparta has received a recent influx of calls inquiring about such assets as school busses, trucks, 911 emergency call platforms, and mobile command units. Sparta continues to receive increasing interest in motorcycles and police cruisers.
Chief Steve Brown, speaking for the Bridgeton Police Department, said of their latest experience with the Sparta municipal program, "Once again, the people at Sparta's Municipal Lease Division were extremely easy to work with, and made the procedure as simple as it could possibly be. It's really a pleasure to work with them."
Notably, the Sparta Municipal Lease program has been used by nine additional North Carolina jurisdictions, including Raleigh, Charlotte, and Greenville, and three others in Ohio.
Commenting on the most recent transactions, and the growth of its Municipal Lease Program, Anthony Havens, Sparta's CEO, said, "We always believed, from the time we decided to launch our Municipal Lease Program, that our depth of understanding of the vehicle leasing market generally, and the economic challenges that were facing local governments, represented a real opportunity for Sparta to move into this space. And while the national economy is slowly recovering, increasing numbers of local jurisdictions have decided, for budgetary advantages, to turn to a leasing alternative to acquire the essential equipment they need. We provide excellent terms and exceptional customer service and that is supported by the outstanding word-of-mouth recommendations that drive the growing number of municipalities that are becoming our customers."
Sparta's Municipal Lease Program can accommodate virtually any type of essential asset that meets the needs of most governmental agencies, from busses for schools or public transportation, to trucks of virtually any type, to fire and EMS vehicles, to ambulances or surveillance equipment, to tactical vehicles and much more. For further information visit www.spartamunicipal.com, or call 800-882-0778.
About Sparta Commercial Services, Inc.
Sparta Commercial Services, Inc. is a New York-based technology company that has roots in the powersports industry where it had originally focused primarily on providing consumer and municipal financing to powersports, recreation, and auto industries. Through its subsidiary, Specialty Reports, Inc. the Company offers a range of online tools and products that include a Mobile App product for Powersports, Recreational Vehicle, Watercraft, and Auto dealers, that allows the dealer to manage their own custom dealer mobile application that are made available on multiple platforms such as iPhone, iPod Touch, iPad, Android Mobile, Android Tablet and Kindle Fire, giving consumers access to the dealerships' inventory, sales and service departments, hours, locations, special events and more (www.specialtymobileapps.com); Cyclechex, providing Motorcycle History Reports (www.cyclechex.com); RVChecks providing Recreational Vehicle History Reports (www.rvchecks.com); and CarVINreport, providing Automobile and Light Truck History Reports (www.carvinreport.com). All of the vehicle history reports cited above are designed for consumers and retail dealers as well as for auction houses, insurance companies and banks/finance companies. Sparta continues to administer an ever-growing Municipal Leasing Program for local and/or state agencies throughout the country seeking a better and more economical way to finance their essential equipment needs, from police motorcycles and cruisers, to EMS equipment and busses, to virtually any type of equipment required. Sparta is an innovative and diversified Company dedicated to identifying the needs and interests of its targeted markets, and developing products and services specifically designed to meet those needs and interests now, and well into the future.
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