Sparta Commercial says dealers eager for subprime lease program

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Sparta Commercial Services, Inc. says the early response from powersports dealers to the company's new consumer lease program focusing on subprime customers has been met with much greater enthusiasm than originally anticipated.

"As soon as we revealed our plans for this program and the fact that the launch was imminent, we began receiving inquiries and requests about and for the program from motorcycle dealers throughout the country, and the numbers far exceeded our expectations,” said Sparta CEO Anthony Havens. “That reaction strongly reaffirmed our belief in the need and timeliness of this new program, and we plan to meet that demand as rapidly as possible."

Sparta is launching this program initially in 12 states; Alabama, Arizona, California, Florida, Georgia, Nevada, North Carolina, North Dakota, Ohio, South Carolina, Texas, and Utah. These states were selected from Sparta's nationwide Authorized Sparta Dealer network based on an internal analysis of states with the heaviest projected demand. Many of those states have been hard-hit with foreclosures and job losses.

Sparta plans to expand the program to additional states in a phased rollout, with the order based on projected demand and seasonal adjustments.

"The market segment that we're addressing with this new program is the very large number of consumers whose creditworthiness isn't necessarily poor, but simply can't meet the ever-more-stringent requirements of other lenders,” Havens said. “We recognized that this huge group of motorcycle enthusiasts was being unfairly kept out of the market and we decided to step in and fill that void. It meets the needs of a large block of consumers and powersports dealers and strengthens Sparta's position in the marketplace."

Posted by Holly Wagner