NEW YORK, Aug. 17, 2011 /PRNewswire/ -- Sparta Commercial Services, Inc. (OTCBB: SRCO) today announced that the city of Greenville, North Carolina has renewed its leases on their fleet of BMW police motorcycles with Sparta's Municipal Lease Program. The original three-year transaction occurred in August, 2008, and will now be extended until August, 2013, at which point the city will own the vehicles outright.
Sparta is currently serving nine jurisdictions in the state of North Carolina for the leasing of their essential equipment, including two that have already renewed or expanded their leases with Sparta's Municipal Lease Division. Greenville now becomes the third such municipality to do so in that state.
The Sparta Municipal Lease Program allows municipalities to lease, rather than purchase their essential-use equipment, thereby giving them the ability to pay the costs of police cruisers and motorcycles, and other critical assets, over time, instead of having to pay the full up-front costs of purchasing. Given the financial difficulties facing cities and towns throughout the country, and recognizing the advantages of the Sparta program, the economics of leasing is attracting a growing number of municipalities to Sparta's leasing alternative.
Police Captain Rob Williams said of the Sparta program, "Our experience with Sparta's municipal program has been excellent. They've shown us here in Greenville not just a way to lower our annual budgeting for our motorcycles, but also a way to own the vehicles at the end of the renewed lease. We couldn't be more appreciative of Sparta's support."
Anthony Havens, Sparta's CEO, added "We're grateful for the confidence placed in us by the Greenville city officials, and pleased to be able to once again provide them with the most cost effective method of acquiring the police motorcycles they need."
About Sparta Commercial Services, Inc.
Sparta Commercial Services, Inc. is a New York-based nationwide, multi-product and services company focused primarily on the powersports, recreation, and auto industries. Through its subsidiary, Specialty Reports, Inc. the Company offers a range of much-in-demand online tools and products that include a competitively priced Specialty Mobile App product for Powersports, Recreational Vehicle, Watercraft, and Auto dealers, utilizing the most advanced technologies currently available (www.specialtymobileapps.com); Cyclechex Motorcycle History Reports (www.cyclechex.com); RV Checks for Recreational Vehicle History Reports (www.rvchecks.com); and CarVin Report (www.carvinreport.com), with all of the vehicle history reports cited above designed for consumers and retail dealers. Sparta also offers consumer financing products through a nationwide network of powersports dealers, and 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 material 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.
Sparta Commercial Services, Inc.
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.