New York, August 9, 2010. Sparta Commercial Services, Inc. is excited to announce today the public launch of its new subsidiary, Specialty Reports, Inc. (SRI), DBA Cyclechex. SRI intends to offer online access to detailed product ownership and usage reports for various classes of previously owned assets. SRI’s first commercial product release, available now, is Cyclechex.
Cyclechex (www.cyclechex.com) is the first and only online service that will provide detailed motorcycle history reports to consumers, retail dealers, lenders, and insurers, enabling any interested party to have critical information about any motorcycle prior to a purchase, the granting of a loan, or the issuance of insurance coverage.
Cyclechex will offer, for a fee, a historical report that may include information about accidents and crash report data, along with title information, documented last recorded mileage, lemon law status, and the number of previous owners. The Cyclechex system tracks the motorcycle’s history through its Vehicle Identification Number, a seventeen character unique identifier for every production vehicle in the world, regardless of the country of origin.
A similar system has been available in the automotive industry for a number of years, and is widely used by auto dealers and consumers throughout the country.
Commenting on the launch of Cyclechex, Jeff Dobish, Executive Vice President of Marketing for the new Sparta subsidiary, said, “According to Powersports Business there are now four times as many pre-owned motorcycles being sold in the U.S. versus new. These statistics make the value of a Cyclechex report self-evident, whether you’re a consumer looking to purchase a used motorcycle from a private party, a dealer who routinely takes in used units as trade-ins, or a dealer who wants to offer an additional level of assurance to customers wanting to purchase a pre-owned vehicle. The Cyclechex history report will provide a comfort level never before available. For a lender considering a loan on a given motorcycle, or an insurance carrier contemplating the issuance of coverage, the critical information provided by a Cyclechex motorcycle history report can make the decision about a specific vehicle easier and more reassuring.”
Anthony Havens, Sparta’s CEO, said, “We’re very enthusiastic about Cyclechex, and we believe that this product will be very well received by the powersports marketplace. We’re convinced that Cyclechex is perhaps one of the most significant contributions to the industry in many years, and we’re looking forward to a highly successful and profitable future for this new entity. Sparta will continue to add innovative products and resources to its offerings to ensure that it can fill gaps in the marketplace, meet the needs of its customers and dealer network, and enhance shareholder value.”
About Sparta Commercial Services, Inc.
Sparta Commercial Services, Inc. is a New York-based, nationwide financial services company dedicated to municipal and governmental leasing. Sparta specializes in the financing of essential equipment and services for the law enforcement and emergency response communities. Sparta also offers financing and leasing products to consumers and retail powersports dealers.
Sparta Commercial Services, Inc.
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.