Sparta Commercial Services, Inc., the New York-based financial services company dedicated exclusively to the powersports industry, recently entered into an agreement with netLoan Funding, LLC, a provider of consumer and commercial finance options and lender management services for Internet auction and sale sites.
The agreement directs users who successfully bid on or purchase specified powersports vehicles and wish to lease or finance those vehicles, to do so by being routed by netLoan Funding to a dedicated portal on the Sparta Website, www.spartacommercial.com. Once there, the users will be able to complete online credit applications, be immediately approved or declined via the company's web-based, credit application processing system, iPLUS.
"We expect to be fully operational with this program by the first of August," said Anthony Havens, chief executive officer of Sparta Commercial Services.
"We are proud that our innovations in the powersports financing marketplace are well-timed and well-received, and that our earlier expectation about the inevitable growth in this market segment is proving somewhat prophetic, particularly since the price of gasoline has recently resulted in a significant increase in consumer demand for scooters," said Havens.
Havens said Sparta has undergone a dramatic increase business in the past year.
"We had an increase of 1,548% in the volume of actual fundings during the four month period ending June 30, 2006, over the same period in 2005," he said, adding that Sparta's base of registered dealers as of June 30 was 354 percent larger than in June 2005.
Copyright 2006 Powersports Business