NEW YORK — Sparta Funding LLC, a wholly owned subsidiary of Sparta Commercial Services Inc., has entered into a one-year, extendable revolving credit agreement with Autobahn Funding Company LLC as lender, and DZ Bank AG Deutsche Zentral-Genossenchaftsbank New York Branch (“DZ Bank”) as administrative agent and liquidity agent.

The new credit facility is for the purchase of retail sales and lease contracts secured by new and used powersports vehicles. A portion of this facility can also be used to finance municipal and commercial fleet leases.

“We are extremely pleased that in the current credit market, DZ Bank decided that our business model, with the performance and management of our portfolio, was worthy of their support and involvement,” said Sparta’s CEO, Anthony Havens.

DZ Bank, based in Frankfurt, is the fifth largest bank in Germany. Based in New York, Sparta Commercial Services is a financial services company with a network of more than 2,100 powersports dealers nationwide.

The one-year, $25 million revolving credit facility, which requires Sparta to meet certain financial covenants prior to the initial drawdown, will enable Sparta to expand its dealer network, increase the variety of eligible asset classes in the powersports market, and enlarge its market share in the powersports sector.

“The new credit facility with DZ Bank shows that even at a time when other lenders are scaling back, a financial services company like Sparta, with a highly focused and effective business model, can generate the kind of institutional confidence and support that this transaction demonstrates,” Haven added.