Sparta and CMSI Announce a New Private-Label Financing Program for All CMSI Vehicles
September 24 2004 - 10:00AM
PR Newswire (US)
Sparta and CMSI Announce a New Private-Label Financing Program for
All CMSI Vehicles The Program Will Provide Leasing and Financing
For TN'G, Flying Tiger and Lambretta Brands NEW YORK, Sept. 24
/PRNewswire-FirstCall/ -- Sparta Commercial Services (OTC:SRTA)
(BULLETIN BOARD: SRTA) and CMSI today announced an agreement
whereby Sparta will provide a consumer leasing and financing
program for CMSI's three brands of vehicles -- TN'G, Flying Tiger,
and Lambretta scooters. The new CMSI consumer financing program is
yet another private-label offering that is being developed and
underwritten by Sparta, the fourth such agreement that the company
has entered into in 2004. Anthony Havens, Sparta's CEO, commented,
"We're extremely enthusiastic about this new relationship with
CMSI, a company that's been building a successful powersports
distribution business since 1993 and has established an excellent
reputation in the industry. With a current network of over 200
dealers, we expect that the new CMSI financing program will enable
those dealers to see significant increases in sales, and give CMSI
a further opportunity to enlarge that already impressive network of
powersports retailers." According to Tom Lynott, President of CMSI,
"The new program, managed and underwritten by Sparta, will
undoubtedly result in sales volume increases for all participating
CMSI dealers. Until now, customers usually had to find their own
financing sources, but with this new program, CMSI dealers will now
have yet another valuable tool to satisfy customers and make their
business grow and prosper. Our dealers have been asking for this
kind of support, now they have it." CMSI currently offers a line of
quality scooters under its Twist 'n Go brand -- also known as TN' G
-- and a 250cc motorcycle carrying the Flying Tiger brand. A new
line of ATVs will be added soon, and with CMSI's exclusive
licensing of the famous Lambretta brand, a new line of scooters
carrying that prestigious badge will be available in showrooms in
early 2005. Every unit in all three lines will be eligible for
leasing or financing under the new CMSI program. The program will
operate through a customized website built by Sparta, that will
enable CMSI dealers to process all transactions online, receive
credit decisions quickly, download contracts ready for the
customer's signature, and provide an on-going customer database for
dealers which will support their own marketing and promotional
efforts. Sparta Commercial Services
(http://www.spartacommercial.com/ ), a New York- based company, is
an independent financial services group exclusively dedicated to
the powersports industry. CMSI (http://www.classicmotorcycle.com/
), a Preston, WA-based company, is the exclusive manufacturer and
distributor of TN'G, Flying Tiger, and Lambretta vehicles. 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, amount of, obtaining and satisfying
terms 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. DATASOURCE: Sparta Commercial Services
CONTACT: Ed Menken, VP of Sparta Commercial Services,
+1-888-439-0200; or Rob Gates, Director of Sales at CMSI,
+1-425-222-7738, for Sparta Commercial Services Web site:
http://www.spartacommercial.com/ http://www.classicmotorcycle.com/
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