Sparta Commercial Credits Product Line Synergies For Helping to Fuel Sales Growth
NEW YORK, Oct. 8, 2012 -- Sparta Commercial Services, Inc. (OTCBB: SRCO) today announced that its subsidiary, Specialty Reports, Inc. (SRI), is experiencing broad penetration of its Specialty Mobile Apps, Cyclechex online Motorcycle History Reports, and RVchecks recreational vehicle online history report products throughout the United States and internationally. With respect to Cyclechex and RVchecks combined, SRI has sold those products into all fifty states and the District of Columbia, as well as into thirty-five countries. Sparta Commercial's Municipal Lease Division (www.spartamunicipal.com) has also been experiencing greater penetration with current contracts that include sixty-nine jurisdictions across the country. Sparta believes that the growing opportunities for its products come about through referrals from within its product lines.
Sparta's deep knowledge of the powersports industry gave credence to the idea that motorcycle history reports deserved as strong a place in the powersports sector as auto history reports had already established in its own sector. Consequently, Cyclechex.com was born. The implementation of that online product quickly prompted the recognition of a similar need in the retail Recreational Vehicle and Motor Home industry, so Sparta, under its new subsidiary, Specialty Reports, Inc., created RVchecks.com to operate with its own brand. As a result of the recent partnering with such preeminent industry names like Kelley Blue Book (KBB.com) and NADAguides (NADAguides.com), as well as several other online outlets, Cyclechex and RVchecks have solidified their position as the industry leaders.
After identifying the need, and as a result of positive feedback received in the course of processing consumer lease, municipal lease, Cyclechex and RVchecks transactions from retail dealers, Sparta developed Specialty Mobile Apps (www.specialtymobileapps.com) to help dealers catch up with the consumer rush in adopting mobile technologies. Specialty Mobile Apps is designed specifically as a product for retail powersports, RV, auto, and marine dealers, with capabilities to also suit the needs of auction houses and other consumer facing specialty companies. The apps are designed to work with any brand of smartphone or any type of mobile tablet. Specialty Mobile Apps are being adopted by companies throughout the country and the dealers are describing the results as "outstanding" and "wonderful." As an example, one Harley-Davidson dealer in a relatively small city in Ohio with a population of slightly over 12,000, has had over 15,000 downloads of their Specialty Mobile App in under a year, and a Honda dealer in a Kentucky city of under 4,000 people has had over 9,000 downloads of their app in approximately the same time frame. According to both dealers, the vast majority of these downloads were by individuals previously unknown to the dealers, but, because of their apps appearing at the Apple Store and Android Market, people became aware of the dealers, liked what they saw, and proceeded to engage with the dealers .
As dealers or consumers become engaged with any one of Sparta's or SRI's products, they are introduced to the other product lines that the company offers which often results in additional sales opportunities. Whether it is a consumer using an SRI mobile app that alerts them to the availability of a Cyclechex report, or a dealer who purchased a SRI mobile app becoming a supplier of the equipment for a Sparta Municipal lease transaction, or an RV dealer who was using RVchecks prior to purchasing his inventory purchasing an SRI mobile app, cross-selling is always in focus and a growing source of business.
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.
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
SANDRA L. AHMAN
SPARTA COMMERCIAL SERVICES, INC.
SOURCE Sparta Commercial Services, Inc.