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Sparta Commercial Services, Inc.
(SRCO)
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Wednesday, September 30, 2009 – After Market Close Green Baron New “Stock Pick”
Sparta Commercial Services, Inc. (BB: SRCO - $.069 per share) Common Shares Outstanding / 317,282,000 Current Market Cap / $21.89 million 52-Week High / $.095 per share 52-Week Low / $.01 per share Average Price / $.0707 (50-day) $.0660 (200-day) Average Volume / 405,600 (50-day) 261,400 (200-day) Initial $25 Million Senior Credit Facility from Major German Bank Positions Sparta to Gain Substantial Market Share of Powersports Industry Sparta Now Ready to Make Three Prong Attack; 1.) Consumer financing and leasing products for powersports vehicles 2.) Municipal leasing alternative to governmental agencies 3.) Fleet leasing for Harley-Davidson dealers that also operate rental programs Green Baron Editor in Chief states, “SRCO will likely become our best pick ever; Competition with Sparta has vanished due to others exposure to commercial and real estate markets” In September 3rd PR, CEO Anthony Havens states … “we couldn't be more optimistic about the future" Bill Kinney, most recently with GE Money as National Program Manager since 2001, joins Sparta on Sept. 17; Steven Rockefeller, Jr. Remains on Advisory Council Have you ever been so confident about an investment you wanted to mortgage the house, invest the kid’s college fund, max the credit cards, and borrow from your neighbor? Fortunately, due to over 20 years of investment experience in just about every industry imaginable, I have learned to curb my enthusiasm and never to do any of these things again. We do not suggest you do them either. However, if there was ever a time to consider investing money you do have, it would be right now. These are strong words from someone who thinks he has seen in all. We have reviewed this new stock idea in great detail, and we believe we have found a stock that ALL members should own. If you are a member of The Green Baron Report and have the investment strategy to be aggressive with your money, be sure to spend the time to review this idea and seriously consider investment. Most of our loyal members know we don’t usually start off this strong with our ideas. This one is extra special. The Green Baron Report is proud to announce that Sparta Commercial Services, Inc. (BB: SRCO) is officially our 79th fully profiled stock and will be added to our storied list of previously profiled stocks on our home page. Results compiled from the most recent trade possible prior to dissemination of this report to the subsequent high will be monitored at www.thegreenbaron.com. Although we have very aggressive short and long term expectations for this stock, we still suggest our members try to accumulate as close to the profile price as possible. TRADING NOTES: SRCO is a fully reporting Bulletin Board stock that has spent most of 2009 trading between .05 and .09 per share, hence the reason the 50 and 200-day moving averages are around .07 per share. Average volume is healthy at over 250,000 shares per day which gives stockholders decent liquidity. The bid and offer spread is typically very tight with plenty of active market makers. SRCO has all the benefits for both the short-term and long-term investor. Read on, and we believe long-term is the strategy you will want to take. Don’t let the number of shares outstanding scare you. Most of the shares are held by a low number of high net worth individuals who have converted debt to equity. Our discussions with key interested parties give us confidence that they are long term investors looking for much higher price levels in the stock, and for the business plan to evolve. Please read the resumes of Bill Kinney and Steven Rockefeller, Jr. and you may not need any other reason to invest. Watch what happens, or better yet, become a part of it! Sparta Commercial Services, Inc., headquartered in New York City, offers consumer financing and leasing products for powersports vehicles, a Municipal Leasing alternative to governmental agencies that require police motorcycles and other equipment, and a Fleet Leasing program for Harley-Davidson dealers that also operate rental programs. With an industry-wide target market estimate of approximately 10,000 retail dealers, Sparta currently has about 2,300 dealers in its Authorized Dealer Network, or approximately 23% of the market. The characteristics and demographics of the powersports community had changed dramatically from the mythological "bad boys" of earlier years, to an ever growing group of middle class men and women who were adventurous, but financially stable. The powersports industry has since become a highly profitable and integral part of the American economic landscape. Over the past two years, nearly all of Sparta’s competitors have fallen on hard times due to exposure to commercial and real estate markets. On the other hand, Sparta management has carefully monitored the landscape and has managed to execute and improve its business strategy without leveraging its capital lines into the bottomless pit that most are in. Today, Sparta is perfectly positioned to attack and excel in three markets that we view will bring tremendous profits to its bottom line over the coming years. Below we describe each market and specifically how and why they are positioned: 1- Sparta Financing Products – Sparta currently has 2,300 dealers in its authorized dealer network with an industry-wide target market of 10,000 retail dealers. Sparta has just recently eliminated substantially all of its short-term debt in a move to shore up its balance sheet and utilize the initial $25 million senior secured credit facility from a top-5 German bank. Sparta is positioned to activity lend to a huge market in need of lenders. Although Sparta will lend with liberal credit criteria, management knows its markets, and does not lend on the most aggressive vehicles like dirt bikes and wave runners. 2- Municipal Leasing alternative to governmental agencies that require police motorcycles and other equipment – Municipalities are able to stretch their cash flow dollars further by acquiring the same amount of equipment for less upfront cash outlay, or to acquire additional equipment without the need for additional cash. In addition to financing police motorcycles, Sparta recently announced broader demand from local governmental agencies asking Sparta to finance vehicles such as armored tactical trucks, electric/hybrid passenger busses and police cruisers, as well as other essential equipment used by those municipal agencies. 3- Commercial Fleet Leasing Program for Harley Davidson dealers that also operate rental programs - With the higher prices of desirable motorcycles and consumers who have less time to ride, the business model for motorcycle rentals has never been more attractive than now. If the budget for a rental fleet is restricting the number of units that a dealer has available for renting, Sparta’s program can easily allow the dealer to increase the number and variety of models in the fleet without increasing the budget Sparta can also refinance the existing rental fleet. Although currently only available for Harley-Davidson franchised dealerships, this is likely to change soon. The Green Baron Report strongly believes Sparta Commercial Services (BB: SRCO) will likely become our best pick ever. This is a stock we can sleep at night with. It has everything we look for in a company ready to take it to the next level. This very well could be a 10-bagger by Christmas once investors understand what is going on. In the meantime, try to grab it while it’s still near .06 per share. About Sparta Commercial Services, Inc. SPARTA Commercial Services is currently the only nationwide financial services company in the United States exclusively dedicated to the powersports industry. Headquartered in New York City, with its Dealer Support Group located in Houston, Texas, SPARTA's position in the powersports marketplace is unique. With extensive experience in financial services, a strong background in powersports financing programs, and a personal devotion to motorcycling, SPARTA's management was able to assemble an exceptionally talented team to serve today's powersports industry. Being powersports enthusiasts themselves, SPARTA's management was quick to recognize that by the early 1990's, the characteristics and demographics of the powersports community had changed dramatically from the mythological "bad boys" of earlier years, to an ever growing group of middle class men and women who were adventurous, but financially stable. Doctors and lawyers, accountants and architects, bankers and brokers, along with millions of others from virtually every segment of American culture, were becoming "bikers" and the powersports industry has since become a highly profitable and integral part of the American economic landscape. As the profile of motorcyclists changed and the image of the industry improved, a group of business savvy enthusiasts recognized an opportunity and joined together to form a company that would serve the financial services needs and interests of powersports dealers and consumers throughout the country. With a deeper understanding of the powersports community, a greater appreciation of dealer operations, and its positioning as a company serving only the powersports industry, SPARTA was able to develop a financial services program that offers a total spectrum of SPARTA branded financing programs and other industry related products. These include traditional retail installment contracts (The SPARTA Sport Loan), two leasing products (The SPARTA Flex Lease and The SPARTA Purchase Plus Lease), and the Gap Protection Program. Additionally, and very importantly, SPARTA’S commitment to dealer support is unparalleled. SPARTA's spectrum of financing programs covers all major brands of motorcycles, virtually all semi customs, most ATVs, and select scooters. So, whether you're a powersports enthusiast looking for the best financing source for your next new or used motorcycle, ATV, or select scooter, or a dealer who wants the best "one stop" source for liberal credit criteria, a real selection of financing products, and outstanding dealer support, we hope that SPARTA Commercial Services will be your choice. SPARTA FINANCING PRODUCTS SPARTA currently offers three outstanding financing products for new or used motorcycles and select scooters: The SPARTA Flex Lease, the SPARTA Purchase Plus Lease and the Sparta Sport Loan. With terms from 24 to 60 months, liberal credit criteria and a unique array of benefits and advantages – to both dealers and consumers – these 3 financing products represent the most flexible and aggressive choices in powersports financing today.
The SPARTA Flex Lease is the Company’s preferred and recommended product because it offers customers more options and advantages than any retail installment sales contract – including our own. With the SPARTA Flex Lease, customers will almost always have a lower monthly payment than that of a retail installment sales contract on the same vehicle. Plus, they’ve got 4 options at lease end…which no retail installment sales contract offers: They can: · Buy the vehicle for the original residual amount; · Re-lease the vehicle for an additional limited period; · Upgrade to a new vehicle, or · Simply turn in the vehicle and walk away with no further obligation assuming there are no outstanding Lease Agreement obligations, other than the residual. There’s also a very special feature to the SPARTA Flex Lease that’s unique in the marketplace– the “Early Upgrade.” The Early Upgrade opportunity applies when a customer has established a satisfactory payment history with Sparta and would like to get on a new vehicle before his/her lease agreement expires. This means that an authorized SPARTA Dealer will be able to move more units more often…and generate greater customer loyalty! The Early Upgrade can occur after 2 years on a 3 year lease; after 2 ˝ years on a 4 year lease; and after 3 years on a 5 year lease – without an early termination penalty! Sparta believes that with the Early Upgrade feature, the SPARTA Flex Lease is the best and most aggressive finance product available. The SPARTA Flex Lease is available for virtually any street legal motorcycle over 600cc. Residuals are almost always at least 40%, and as high as 65% of MSRP depending on the vehicle. And the SPARTA Flex Lease can cover both new and used vehicles, with select vehicles up to 9 years old. SPARTA PURCHASE PLUS SPARTA also offers a “Purchase Plus Lease” product that is designed expressly for customers who definitely want to own the vehicle at lease end. This program normally carries an 11% residual and has an initial term of up to 60 months, making it function similar to a retail installment sales contract. At lease end, the customer can choose whether or not to pay a relatively small agreed upon pre-set and affordable residual balance to complete the purchase of the vehicle. SPARTA SPORT LOAN The SPARTA Sport Loan is Sparta’s traditional retail installment sales contract finance product, but with the same flexible credit criteria that so many dealers want. Sparta developed the SPARTA Sport Loan specifically for those customers who are determined to “own” their vehicle immediately, and because Sparta wants its dealer network to have the best choice of financing products from one source. SPARTA. THE SPARTA COMMERCIAL FLEET LEASING PROGRAM
Acknowledging the growing interest in
and the acceptance of the motorcycle
rental industry, and the profitability
of these programs for powersports
dealers, SPARTA
Commercial Services now
offers its latest commercial powersports
financing program – The SPARTA Commercial
Fleet Leasing Program. THE SPARTA MUNICIPAL LEASING PROGRAM "Everything was perfect; everything happened on schedule. For the first time, leasing was made easy, and as the officer assigned to complete the documentation, as well as ride the motorcycle, it was certainly appreciated... I don't know of any other leasing company that calls their customers every so often just to see how things are going."
- Motor Officer Ben Christiano
"I felt that Sparta went above and beyond most reasonable expectations to customize a program that would work for our needs. I was especially impressed with their ability to manage the logistics of transacting a sale that involved four organizations in four separate cities... I guess in the end it comes down to delivery of product. We received the motorcycles in the time frame we needed and at the financing that we could manage because of Sparta's work."
- Lieutenant Brad Franke Recent Key Press Releases Tuesday, September 22, 2009 – Sparta Responds to Broader Demand of Its Municipal Lease Program - NEW YORK, NY - Sparta Commercial Services, Inc. (OTCBB: SRCO) announced that as a result of the expansion of its Municipal Lease Product to include several new asset classes, in addition to police motorcycles, the Company has received a number of requests from local governmental agencies asking Sparta to finance vehicles such as armored tactical trucks, electric/hybrid passenger busses and police cruisers, as well as other essential equipment used by those municipal agencies. All these transactions are structured without residual risk to Sparta. The Company has started moving inquiries in these new areas of interest along the road to actual transactions. In addition to its previously announced relationship with Armet Armored Vehicles, the Company is currently in the contracting phase to lease police cruisers to multiple agencies at this time. Commenting on this, Anthony Havens, Sparta's CEO, said, "Given the economic difficulties facing virtually all levels of local, county, and state governments, it isn't surprising to have many of the same agencies that we've been working with on police motorcycles approach us about leasing their police cruisers and other needed equipment. With our Municipal Leasing Product, municipalities are able to stretch their cash flow dollars further, allowing them to acquire the same amount of equipment for less upfront cash outlay, or to acquire additional equipment without the need for additional cash. It's the difference between having to further burden an already strained budget with a complete allocation up front and making much less demanding lease payments in installments over time. "At the same time, we are also being contacted by a number of manufacturers that have historically had only one option -- to sell their products to these agencies for the full purchase price. They are now faced with the dilemma that their customers do not have access to the capital required to support those purchases. This is evidenced by our recent agreement with Armet Armored Vehicles to provide a leasing alternative to their governmental customers throughout the country." Based in New York City, Sparta Commercial Services has been committed since its inception to the powersports industry, with its primary focus on consumer financing and leasing products nationwide. With the introduction of its Municipal Lease Product, the company saw an opportunity to bridge its experience in the motorcycle industry with the needs of local, county, and state agencies for police motorcycles, while also bolstering sales for the powersports dealers participating in the program. Havens then concluded, saying, "We have been seeing many of those agencies for whom we provided lease financing earlier in our Program history begin to roll over their motorcycle fleets and lease the new units through Sparta. All indications tell us that they will continue to do so. Our Municipal Lease Program might well experience exponential growth in the near future with the outstanding financing alternative we're able to provide to governmental agencies as they look for ways to lower their cash expenditures." Thursday, September 17, 2009 – Bill Kenney Joins Sparta Commercial Services - Sparta Commercial Services, Inc. (OTCBB: SRCO), the New York-based financial services company, today announced the appointment of Bill Kenney as Vice-President, Client Development. Mr. Kenney has over sixteen years of experience in the financial services sector of the powersports industry, most recently with GE Money, where he served as National Program Manager since 2001. In that role, Mr. Kenney was responsible for managing the national consumer finance programs for some of the leading manufacturers in the powersports industry. These clients included BRP, Honda Motorcycles, and Ducati North America. Prior to his tenure at GE Money, Mr. Kenney served as National Sales Manager for Transamerica Retail Financial Services for three years, where he worked closely with Honda Motorcycles to introduce their revolving Honda Card Program. Earlier in his career, Mr. Kenney also served in a variety of roles with Chase Merchant Services and Household Retail Services (currently HSBC), where he managed the relationships with Kawasaki Motors Corporation, USA, and Bombardier, Inc., two of Household's largest and oldest customers. Commenting on Mr. Kenney's appointment, Anthony Havens, Sparta Commercial's CEO, said, "Bill Kenney brings with him a truly outstanding background in the financial services sector of the powersports industry. The quality of the relationships he's developed over the years with some of the largest powersports manufacturers and their dealer networks will be very valuable to our organization. His skills and knowledge of the intricacies of consumer retail lending and underwriting, risk assessment, and specialty finance programs will greatly benefit Sparta and our dealer network. We are very enthusiastic about Bill becoming a part of our dedicated management team and we're confident that his contributions will be significant." Tuesday, September 15, 2009 – Sparta and Dairyland Team up to Expedite Finance and Insurance Process at Dealerships - Sparta Commercial Services, Inc. announced today that Sparta has formed a strategic alliance with Dairyland Cycle Insurance, a member of the Sentry Insurance Group of Stevens Point, WI. This relationship will enable Sparta's nationwide network of powersports dealerships an expedited means of securing personal vehicle insurance covering new and pre-owned powersports vehicles for their customers. This network approach between participating dealerships, Sparta, and Dairyland Cycle, will provide an opportunity for consumers to purchase, finance, and insure their new vehicle without leaving the dealership floor. According to the company, Dairyland Cycle is a recognized leader in the motorcycle insurance industry because of its competitive rates, money-saving discounts, and outstanding customer service. Dairyland Cycle structures their coverages and deductibles to meet riders' individual needs and offers flexible payment options that fit their budgets. Dairyland Cycle provides coverage for a wide range of riders and their cycles and scooters, including high performance, touring, vintage, and custom motorcycles and scooters. This alliance with Dairyland Cycle will enable customers who are financing their new or used powersports vehicle purchases through Sparta, the chance to receive a free, no-obligation insurance quote from Dairyland Cycle. This is an option they have while submitting their credit application online using Sparta's proprietary credit decisioning and underwriting software point of sale platform iPLUS® Version 2.0. If the quote is accepted by the customer, the dealer can work directly with the customer and Dairyland Cycle to place the insurance at the time of contracting. Commenting on the new development, Anthony Havens, Sparta's CEO, said, "We have always believed that our financing and leasing program at the dealership level would be greatly enhanced by a side-by-side insurance program that could complete the entire financing and insurance activity simultaneously, but we had to find the right insurance ally. Dairyland Cycle is the perfect fit. We're very enthusiastic about the mutual benefits that this relationship will bring to Sparta, Dairyland, and our nationwide network of over 2,300 retail powersports dealers." Thursday, September 3, 2009 – Sparta Reports Significant Increase in Shareholder Equity - Sparta Commercial Services, Inc. (OTCBB: SRCO) is pleased to provide an update to its recently announced plan to eliminate substantially all of its short term debt. As of today, approximately $4.2 million of notes and accrued interest held by the Company's existing stockholders has been converted into shares of the Company's common stock. As a result of these conversions, Sparta shareholders' equity increased by over $4.2 million. Additionally, holders of approximately $1.8 million in notes and accrued interest have agreed to convert their notes and accrued interest into shares of common stock thereby increasing shareholders' equity by an additional $1.8+ million for a potential total increase in shareholder equity of over $6 million. Commenting on today's announcement, Anthony Havens, Sparta's CEO, said, "Once the conversion of debt and other previously announced balance sheet enhancements are behind us, we can turn our full focus to utilizing the initial $25 million secured senior credit facility with Autobahn Funding Company LLC and DZ Bank to fully implement the strategies we've developed in recent months to gain broader nationwide market share in the financial services sector of the powersports industry. Because many of our competitors have virtually withdrawn from powersports financing as a result of their exposure to the commercial and residential real estate markets, Sparta has an opportunity to gain substantial market share and we couldn't be more optimistic about the future." Thursday, August 27, 2009 – Sparta to Offer Lease Purchase Financing for Armet Armored Vehicles - Sparta Commercial Services, Inc. announced that it has entered into a strategic agreement with Armet Armored Vehicles, Inc. Sparta will offer its Lease Purchase Financing Product to municipalities throughout the U.S. that purchase units from Armet's line of tactical armored vehicles. Lease Purchase Financing offered by Sparta allows municipalities to purchase vital equipment and property through installment lease payments, with no large, up-front cash outlays required. As payments are made, the municipality -- which maintains ownership of the equipment -- builds equity in its investment. Furthermore, because Lease Purchase Financing is not considered "Debt" for municipalities, only the current year's lease payment(s) is required to be included in the operating budget. With Lease Purchase Financing, the municipality takes title ownership in the equipment at the beginning of the lease and owns the equipment at the end of the lease term. Armet is a worldwide leader as a manufacturer of custom designed armored vehicles. With production facilities in the United States, Australia, India, Canada, and Malta, and service and sales locations in numerous countries throughout the world, Armet's leadership position in the armored vehicle industry is unequalled. Commenting on the new relationship with Armet, Anthony Havens, Sparta's CEO, said, "Although our primary focus continues to be on consumer financing and leasing in the powersports industry, we expect that this agreement with Armet will significantly increase our volume of business in our Municipal Leasing Program. It demonstrates once again how Sparta's Municipal Lease Purchase Financing Product is becoming a very desirable alternative for governmental agencies that require these and other types of equipment, yet have a need to reduce their annual expenditures at a time when tax revenues are shrinking. Although our Municipal Program has thus far focused on the nationwide need for the financing of police motorcycles, it is designed for virtually any type of vehicle, as well as other equipment, and Armet's armored units are a perfect fit for Sparta's Municipal Program. We are pleased that Armet chose our firm to support their financing needs." Armet's armored vehicles typically range from $200,000 to $250,000, and are being utilized by police departments, heads of state, government agencies, and VIPs around the world. In closing, Havens said, "Sparta is committed to finding new, appealing, and profitable business opportunities wherever and whenever possible. This new relationship with Armet is yet another demonstration of that commitment. It's also another indication that Sparta, even in difficult economic times, can continue to meet the objectives of its business model and increase value for our shareholders." Thursday, August 4, 2009 – Sparta Welcomes the Queen City to Its Municipal Lease Program - Sparta Commercial Services, Inc. announced that it has completed a transaction to provide financing in the amount of $172,000 for the leasing of eight 2009 BMW police motorcycles for the City of Charlotte, North Carolina. Commenting on the latest city to use Sparta's Municipal Lease Product, Anthony Havens, Sparta's CEO, said, "We welcome the City of Charlotte to our growing network of municipalities. As tax revenues decrease, the best way for municipalities to acquire the equipment they need is through a leasing product like Sparta's. With our Municipal Leasing Product, Police Departments are able to stretch their cash flow dollars further, allowing them to acquire the same amount of equipment for less upfront cash required or to acquire additional equipment without the need for additional cash. It's the difference between having to further burden an already strained budget with a complete allocation up front or making much less demanding lease payments in installments over time." While Sparta's primary focus continues to be on nationwide consumer financing and leasing in the powersports industry, the Company's Municipal Lease Product accommodates most equipment and asset classes in addition to police motorcycles. "Given the current economic circumstances, and the difficulties facing governmental agencies throughout the country, we expect that our Municipal Leasing business will continue to grow, and we are pleased to know that we can help ease the financial burdens faced by these governmental agencies," concluded Havens. Thursday, July 30, 2009 – Sparta Strengthens Balance Sheet – Plans to Activate $25 Million Line of Credit - Sparta Commercial Services, Inc.("Sparta" or "the Company") announced that it has entered into a definitive agreement with an unaffiliated investment fund (the "Fund"), under which the Company has secured up to a $5 million investment commitment (the "Investment"). In connection with the Investment, Sparta entered into agreements to convert substantially all of its short term notes to equity. Sparta believes that the proceeds from the Investment and the strengthening of Sparta's balance sheet resulting from the conversion of debt will meet the financial covenants necessary for initial drawdown on the previously announced committed revolving credit facility. This secured senior credit facility with Autobahn Funding Company LLC and DZ Bank AG Deutsche Zentral-Genossenschaftsbank New York Branch (DZ Bank) in an initial amount of $25 million will be sufficient funding to enable the Company to dramatically grow its consumer powersports leasing and installment loan activities. Based on the terms and certain market conditions and thresholds of the Investment, the Company may draw down funds from time to time from the Fund through the issuance of Series B Preferred Stock (the "Preferred Stock") and warrants to purchase shares of the Company's Common Stock. The Preferred Stock will accrue dividends at an annual rate of 10% which will be paid in additional shares of Preferred Stock. The Preferred Stock is redeemable at the Company's option on or after the fifth anniversary of the initial drawdown date and is subject to repurchase by the Company under certain circumstances. The warrants are exercisable for five years and the total exercise value of the warrants issued will equal 135% of the aggregate drawdown amount. Anthony Havens, Sparta's CEO, commented, "Upon initial draw downs we believe that we have met all the conditions necessary to activate our senior credit facility which will allow us to significantly increase our presence and market share within the powersports industry. Securing this financing in this difficult economic climate is an endorsement of our highly focused business model. We are one of the few companies still actively seeking business in our markets, and we welcome our long-term financial partners who realize the vision and potential of Sparta." Monday, June 29, 2009 – Sparta’s Focus Pays Dividends - Sparta Commercial Services, Inc., the New York-based, nationwide financial services company dedicated exclusively to the powersports industry, is pleased to announce that it continues to experience and capitalize on the ongoing developments in the market for powersports financing products. According to the Company, the departure of numerous financial services entities from the powersports market in recent months, largely resulting from the economic downturn's effect on other parts of those companies' business, has created a major growth opportunity for Sparta. Furthermore, as reported on the front page of the Wall Street Journal on June 19th, 2009, companies such as Target Corp., Harley-Davidson Inc. and Pitney Bowes, Inc., which operate "industrial loan companies" under state-issued charters offering financing to their customers, may be facing major difficulties. According to the report, the White House wants these companies to register as bank holding entities, with more stringent requirements, which may result in reduced credit being made available to consumers. According to Havens, "These proposed regulatory changes would not apply to Sparta, and would clearly result in an even greater demand for our consumer financing and leasing products." The Company continues to see an increasing number of powersports dealers expressing interest in joining our nationwide network of Authorized Sparta Dealers as well as an increasing number of powersports manufacturers applying to Sparta for customized consumer financing and leasing products. Commenting on this development, Havens said, "A year ago, these manufacturers would likely have been utilizing our former competitors, who are now no longer offering these types of private label products. Sparta recently entered into an agreement with Vectrix, an innovative company producing electric-powered, two-wheel vehicles, to meet their demand for consumer financing and leasing products. Additional manufacturers are awaiting our approval." In closing, Havens said, "As the economy begins to recover, Sparta is ideally positioned to capitalize on our accumulated strengths. We remain the only nationwide provider of consumer motorcycle leasing, in addition to the traditional installment financing we offer. Our portfolio management is outstanding, with minimal delinquencies. We continue to respond quickly to consumer and retail dealer preferences in the marketplace and the dealer relationships we are building bode well for the future. When combined with our ongoing commercial and municipal product lines and the anticipated activation this summer of our new credit line for consumer loans and leases, we expect to quickly expand on our reputation and position in the industry. Indeed, while so many financial services companies are struggling, and may continue to struggle in the months and perhaps years to come, we see a very bright future for Sparta." Monday, April 20, 2009 – Steven Rockefeller, Jr. Joins Sparta Commercial Services Advisory Council – Sparta Commercial Services, Inc. announced the appointment of Steven C. Rockefeller, Jr., a prominent figure in the emerging business sector, as a member of the Sparta Commercial Services, Inc. Advisory Council.
Rockefeller currently serves as a
consultant, advisor, and/or straight
equity partner for a number of emerging
companies in a variety of industries,
including real estate, commercial
banking, renewable energy and asset
management, among others. His interests
are managed through Re-echo Holdings,
LLC. Prior to his involvement with early
stage private equity activities,
Rockefeller served as Managing Director
for Deutsche Bank Private Wealth
Management, where he also focused on
small business loans through the
creation of the Deutsche Bank
Micro-credit Development Fund.
Rockefeller received a Fulbright Award
for his dedicated service in poverty
alleviation, serves on the corporate
boards of BioChemics, Tracer Imaging,
and Augment Communications, and is a
member of the Rockefeller University
Council. Green Baron Conclusion Sparta Commercial Services simply has the right business at the right time. The Company is focused on a huge market that has been vacated due to the recent worldwide financial meltdown. Management at Sparta has structured a senior credit facility with a major bank through patience, sound business practices, and strong contracts. Its initial $25 million credit facility, in our opinion, is only the start. As the Company successfully loans the money, its credit facility will likely grow much larger. Sparta Commercial has just brought in one of the most connected and talented people in the industry, Mr. Bill Kenney as Vice-President, Client Development. At GE Money, Mr. Kenney was responsible for managing national consumer finance programs for some the leading manufacturers in the powersports industry like BRP, Honda Motorcycles, and Ducanti North America. We believe it is likely that Mr. Kenney will be able to quickly draw some of these major former clients to consider Sparta’s financing products. The Green Baron Report firmly believes SRCO stock will become one of the biggest success stories over the next few years. In addition to its consumer financing and leasing products for powersports vehicles, we see huge growth in its Municipal Leasing alternative to governmental agencies. Sparta is positioned to offer financing to areas of business it truly knows well. We also see tremendous growth in its Commercial Fleet Leasing Program. If you look closely, the writing is already on the wall. We get excited when it looks so clear, and new investors have not been introduced yet to the idea. Now is your chance to capitalize BEFORE the crowd jumps all over it. Company Contact: Dick Trotter
COO
Sparta Commercial Services, Inc.
(212) 239-2666
CONTACT SPARTA
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