NEW YORK, Aug. 16, 2011 /PRNewswire/ -- Sparta Commercial Services, Inc. (OTCBB: SRCO) announced today that through its Municipal Lease Program, the Company has entered into a second agreement in as many years to provide the Newton Grove, NC police department with the financing necessary to further expand its fleet of Dodge Charger police cruisers. Newton Grove is one of nine North Carolina municipalities utilizing Sparta's Municipal Lease Program to meet their essential equipment needs, and the second thus far to return to the Sparta program for their new vehicular requirements.
The Sparta Municipal Lease Program is becoming increasingly popular among towns and cities across the country as a smarter and more economical way to acquire their necessary equipment, since the Sparta program enables any municipality to pay for those acquisitions over time, rather than entirely up-front through traditional purchasing. Sparta's financing program eliminates the governmental burden of having to include large capital outlays in any given fiscal year. At a time when municipal budgets are especially tight, local officials are being drawn to Sparta's Municipal Leasing Program in ever greater numbers.
Sheila Barefoot, Newton Grove's Finance Officer, said, "When it came time to add to our fleet of police cruisers, we didn't hesitate. Sparta's program simply made good sense to us. It was an obvious choice, not just because it saves us money, but also because of the outstanding support and assistance that their municipal leasing professionals have extended to us in the past."
Amy Hill, Fleet Sales Manager at Ilderton Dodge, the same dealer that has provided the Dodge Chargers to Newton Grove before, as well as to other local police agencies, added, "This is the sixth transaction we've done with Sparta's Municipal Division, and I hope there will be many more. In our business, whenever we're providing police cars to local governments under a lease arrangement, it is essential that the process be easy and smooth. Sparta goes far beyond our expectations, and always has."
Also commenting on the latest Newton Grove transaction, Anthony Havens, CEO of Sparta, said, "Whenever we have the kind of confidence shown by this type of repeat business it's especially gratifying, and it reinforces the value of our Municipal Lease Program and the success of the relationship-building our professional staff is able to achieve. We look forward to supporting Newton Grove, and the other North Carolina municipalities we're doing business with, well into the future."
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.