Sports Car Forum - MotorWorld.net - Saleen Inc. sold yet again

Sports Car Forum - MotorWorld.net (http://www.motorworld.net/forum/index.php)

- American Cars (http://www.motorworld.net/forum/forumdisplay.php?f=31)

- - Saleen Inc. sold yet again (http://www.motorworld.net/forum/showthread.php?t=59790)

Saleen Inc. sold yet again

Quote:

Saleen Automotive is the latest American carmaker to announce that it is seeking a potential buyer, with management acknowledging the firm has suffered financially from the economic downturn and rising fuel prices.

Saleen is a specialty vehicle manufacturer and a long-time tuner Ford tuner, and most recently unveiled its own concept vehicle, the Raptor S5S. The company has close links with both Chrysler and Ford, and is responsible for part of the assembly of some of the Detroit carmaker’s limited production vehicles.

According to Automotive News, Saleen’s board has set a tentative timetable to receive preliminary indications of interest from prospective parties over the next two months and plans on finalizing a transaction early next year. In 2004 controlling interest was sold to investment group Hancock Park Associates in an effort to raise capital, however there were reportedly a number of major conflicts within the company, mostly between the Saleen family and the new management board.

The company has faced a number of hurdles since then, having lost its founder Steve Saleen last year and CEO Paul Wilbur in August of this year. September saw additional departures of many senior officials and a freeze on production of many major product lines. Saleen has also started selling its office and factory equipment in a clearinghouse style auction, with more than 20 brand new 2008 Mustang GTs, tools, cabinets, office equipment, and factory machinery all going under the hammer recently.

http://www.motorauthority.com/saleen...for-buyer.html

Hard times.

If I were Ford, I'd buy Saleen...

I wonder how much Saleen is worthed.

Quote:

Originally Posted by nthfinity (Post 858375)

Hard times.

If I were Ford, I'd buy Saleen...

Your exactly right, that would be a great move. A shite lot smarter than buying Volvo.

But the failure of Saleen I believe highlights the fact that they have nothing to offer.

An S7 does nto a car maker make.

Neither do flash decals, body kits and badges - the local Ford dealrship is 2 rows deep in badge Roushes (and I almot believe holdover Saleen's from last year).

They really saturated their S197 market. They tried the limited 500 car run thing a few too many times now. I can't believe that my local Ford dealer still has a Parnelli Jones Mustang, the best Mustang they ever built, in its inventory. I wish they'd focus as much or more on performance and track capabilities as they did on their body kits.

The S7 did ok, but production was never streamlined enough to hit their target numbers and the demand wasn't what they'd hoped for. At least I was able to get my TA's engine's machine work done at the same shop as the S7 blocks. :-)

Quote:

Originally Posted by RC45 (Post 858401)

I dont think they would sell for much and I think Ford could buy the name for cheap.

A little used 2005 Saleen and a 2006 little used Roushe Mustang sold at auction a couple of months ago for like $22,000 a piece. They both listed for close to $50,000.

One benefit of this recession will be cash is king and if you have any left you will be able to buy whatever car you want.

Quote:

Originally Posted by 79TA (Post 858403)

The S7 was and is a very pretty car. Love that one in a heartbeat. Unfortunately these supercars never get into my $15,000 price range.

Its sad that its ability on the track never matched its good looks.

It had plenty of ability on the track. The first year it ran the 24 Hours of Le Mans it was running about 20 seconds (!) quicker than the 'vettes per lap. The had reliability issues along with crash damage so they weren't able to compete. After this display, they were heavily restricted. The 7.0 litre managed to produce about 650 hp despite only breathing through two quarter sized intake holes.

Quote:

Originally Posted by 5vz-fe (Post 858378)

I wonder how much Saleen is worthed.

I'm just wondering! :laugh:

Who knows? It could be worthed a lot-ted!

Quote:

Breaking News: SOEC/Saleen Forums News Exclusive -- Irvine, California, February 2, 2009 -- After announcing it was looking for a buyer in early November, Saleen Incorporated announced today that MJ Acquistions has acquired certain assets of America’s premier automotive lifestyle brand, relating to Saleen’s supercharger, aftermarket and high performance street vehicle businesses.

The transaction reportedly was finalized last Friday, which left all of the employees (including Saleen Inc. CEO Chris Theodore) with the legal formality of being without jobs -- at least temporarily. Some hirebacks have already taken place as the transition progresses.

While the terms of the deal were not disclosed, the purchase does not include the assets associated with the supercar (S7 or S5 Raptor vehicles) or the paint operations, which will remain with Saleen Incorporated.

The ownership of MJ Acquisitions controls a family of companies which provide full service engineering, design, manufacturing, assembly and control systems for the automotive industry. It's affilitated companies include Cyltec, LLC, Power-Tec Engineering, LLC, Arrow Racing Engines, LLC, and Control-Tec, LLC.

"MJ Acquisitions and its affiliates are a group of true car professionals with vast experience in the engineering, production, assembly and distribution of performance and racing vehicles" said Theodore in a press release. "This influx of new life into the Saleen, RaceCraft and SpeedLab brands is a win-win situation."

Theodore noted loyal Saleen customers, dealers and enthusiasts can look forward to an exciting transition period.

"We moved on this purchase quickly to ensure that the process of delivering high-quality automobiles and components to the consumers is not disrupted," said Mike Shields, President and CEO of MJ Acquisitions. "We are working with the talented team from Saleen and our own experts to continue the quality, delivery, and performance the customer base and delalership network have come to expect from the Saleen brand. I am particularly excited about Saleen's supercharger experience and its synergies with Power-Tec's development of the next generation of superchargers."

Immediate plans are to roll out the 2010 version of the newly designed Mustang for the Racecraft brand and commence other Racecraft designs for additional vehicles. The new Mustang is shipping from Ford later this month. Additionally, the Saleen brand will have a new design of the flagship S-Line that is already in the works and scheduled for release in the third quarter of 2009.

While this announcement may provide more questions than answers for some, Saleen owners should be assured that key warranty and sales staff are still at the company to serve dealers and owners, with more hirebacks likely coming in the days ahead.

MJ Acquistions does plan to work with the dealer network and others to establish the future product line. A company spokesperson told SOEC that more announcements will be forthcoming, so stay tuned.

Sold!