Last year, ASC (parent company of Saleen) filed for Chapter 11 Bankruptcy and its ability to survive is in question. A private equity firm bought the company as well as Saleen Inc. Things couldn't seem to be better for Saleen with a great looking Mustang that appears to be popular as well as burgeoning aftermarket parts business, dubbed Saleen Speedlab. But there have been postings on the Internet of auctions to liquid assets. That kind of news probably points to a troubled company. I hope I am wrong but what looks like a financially safe company might be in for some hard times.
Reportedly, the auctions unloaded parts and cars for dirt cheap pricing. How does $175 per wheel for Gurnery wheels sound? One message board visitor stated that his dad bought a new Mustang for $18,000! I wish I had known about the auction because apparently parts not only were going dirt cheap but also in bulk. There are some who said it was just to unload stuff as the company shifts operations from its Irvine, CA facility to the plant in Troy, MI. But as more talk floats around the 'Net, I am sad to say that Saleen might be in bad financial times at this moment.
As we hear more, we will keep you updated on the status of this iconic company.