Sparta Commercial Services, Inc. is launching a new consumer leasing program targeting the non-prime powersports market to help dealers ride out the economic downturn.
With additional resources provided by a new multimillion-dollar line of credit, Sparta execs say the company is uniquely positioned to fill the financing void.
Sparta decided to target non-prime buyers after analyzing the motorcycle industry and finding that this segment was almost entirely unserved because of tightened and more restrictive credit criteria of other lenders.
"It isn't a case of more consumers with poor credit as much as it is the ever-higher minimum credit scores that other lenders are requiring,” says Sparta CEO Anthony Havens. “In today's market, people who would have easily been approved by most lenders just two years ago are now being declined for no reason other than the fact their credit scores are no longer sufficiently high enough for approval by most lenders. Once again, Sparta is responding to the needs of dealers and consumers with a new program that specifically addresses those issues."
The new program will be rolled out gradually to accommodate what the company expects will be strong demand. The rollout will initially focus on specific states where the demand is likely to be the heaviest, then expand to include additional states as the program builds momentum to include its current 2,000 registered dealers.
Posted by Holly Wagner