NEW YORK, Aug. 15, 2012 /PRNewswire/ -- Sparta Commercial Services, Inc. (OTCBB: SRCO) today announced that Hot Springs, North Carolina is the latest governmental entity to choose Sparta's Municipal Lease Program. With this transaction, Hot Springs also becomes the tenth North Carolina jurisdiction to select Sparta's leasing alternative, rather than continuing to use the traditional "all up-front" payment method.
The Sparta Municipal Lease Program continues to add an increasing number of local governments because of the appealing way that it allows municipal authorities greater flexibility in planning and allocating their annual budgets. The Sparta program also accommodates virtually any type of essential equipment that agencies may require, from fire and EMS equipment, to police cruisers and motorcycles, to trucks and busses, to surveillance equipment and tactical vehicles.
Commenting on the transaction, Nancy Thomas, Hot Springs City Administrator, said, "This is our first experience with Sparta's Municipal Lease Program, and the entire process was made easy by their very knowledgeable and professional staff. I look forward to the prospect of doing further leasing with them in the future."
The vendor for this lease, Ilderton Chrysler Jeep Dodge of High Point, NC, was also the provider of Dodge Charger Police Cruisers for previous Sparta Municipal Lease transactions within the state.
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 them to build and manage their own custom dealer application that will be 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.
Sandra L. Ahman
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.