Saleen Motors sold! Update Saleen Inc dissolves warranties, Steve S. will honor them!
02-02-09, 07:57 PM
#1
Lexus Fanatic
Thread Starter
Saleen Motors sold! Update Saleen Inc dissolves warranties, Steve S. will honor them!
Rumors have been swirling this past week about the potential sale of Saleen, Inc., just a few months after the company announced they would explore the sale of their operations. L.A.-based Hancock Park Associates, who purchased a majority of the business from Steve Saleen just a few years ago, had been recently been running the company with just a few dozen employees to keep the business running until it could find a buyer. The sale is now finally official, with MJ Acquisitions purchasing a majority of the assets of the company including both the production car and aftermarket divisions. Other assets, including the S7, S5 Raptor, and the paint operations remain with Saleen, Inc. Currently, all Saleen employees are officially out of a job, including CEO Chris Theodore, but MJ Acquisitions plans on hiring many of the workers including several that were laid off.
The new owners seem to be a good fit, already owning several automotive companies and benefiting from extensive experience in engineering and production related to performance vehicles. MJ Acquisitions' immediate plans include the development of the 2010 Mustang for the Racecraft brand as well as new Saleen models that will be introduced in the third quarter of 2009. Full details regarding the sale can be found in the press release after the jump.
PRESS RELEASE:
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 said more announcements will be forthcoming, so stay tuned.
Tags: breaking, Inc., Saleen, Steve Saleen, SteveSaleen
The new owners seem to be a good fit, already owning several automotive companies and benefiting from extensive experience in engineering and production related to performance vehicles. MJ Acquisitions' immediate plans include the development of the 2010 Mustang for the Racecraft brand as well as new Saleen models that will be introduced in the third quarter of 2009. Full details regarding the sale can be found in the press release after the jump.
PRESS RELEASE:
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 said more announcements will be forthcoming, so stay tuned.
Tags: breaking, Inc., Saleen, Steve Saleen, SteveSaleen
02-02-09, 08:17 PM
#3
Lexus Fanatic
Thread Starter
I hope they dont vanish . They did create some really fun stuff. My first drive in a mustang was in a silver saleen mustang. I will never forget it.
02-02-09, 10:35 PM
#4
Lexus Fanatic
03-09-09, 12:24 PM
#6
G35x - RWD/AWD goodness
REPORT: Saleen Inc. dissolves warranties, new owner takes over
It looks like many of Saleen's customers may be out of luck when it comes to the warranties on their vehicles. MJ Acquisitions -- the firm that recently purchased assets from Saleen, Inc. including the rights to the S and Racecraft lines as well as Saleen's aftermarket parts division -- sent a letter to dealers informing them that they're not liable for warranty claims and that responsibility would fall on the former owners of the brand. However, Saleen, Inc. announced it has completely ceased operations and will no longer honor warranty claims, leaving it to owners to pay for any maintenance on their vehicles regardless of when it was purchased. This also includes any vehicles languishing on dealers' lots, so any unsold 2008 or 2009 Saleen or Racecraft models will essentially come without a warranty. The small amount of good news is the MJ Acquisitions will continue to provide parts to dealers, and any parts purchased after February 2, 2009 will come with a 12 month/12,000 mile warranty. Thanks for the tip, Chris!
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04-02-09, 07:16 PM
#8
G35x - RWD/AWD goodness
Steve Saleen says he will honor old Saleen warranties
Steve Saleen said Thursday he will honor the warranties on some of the products that bear his name--a month after the new owners of his former company said they wouldn’t accept the older claims.
Saleen said he’ll honor warranty claims on products purchased up to Feb. 2, 2009, under the terms of his new company, SMS Supercars in Southern California.
“The ones who have been left out in the cold are the loyal customers of Saleen products,” Steve Saleen said in a statement. “While my new company, SMS Supercars, has no legal or moral obligation to take up any of the warranty claims against Saleen Inc. or MJ Acquisitions, Inc., I would like to make a bold statement on the right way to treat customers.”
Steve Saleen left the company he founded 26 years ago in the spring of 2007. Synonymous with speedy Mustangs and performance parts, it was then owned by Los Angeles private investment firm Hancock Park Associates. That group sold off most of the Saleen Inc. assets to an entity called MJ Acquisitions earlier this year.
MJ Acquisitions said last month it would only honor warranties for Saleen products bought on or after Feb. 2.
To read more visit the AutoWeek New car news, road tests, blogs, pix and expert insight section.
Saleen said he’ll honor warranty claims on products purchased up to Feb. 2, 2009, under the terms of his new company, SMS Supercars in Southern California.
“The ones who have been left out in the cold are the loyal customers of Saleen products,” Steve Saleen said in a statement. “While my new company, SMS Supercars, has no legal or moral obligation to take up any of the warranty claims against Saleen Inc. or MJ Acquisitions, Inc., I would like to make a bold statement on the right way to treat customers.”
Steve Saleen left the company he founded 26 years ago in the spring of 2007. Synonymous with speedy Mustangs and performance parts, it was then owned by Los Angeles private investment firm Hancock Park Associates. That group sold off most of the Saleen Inc. assets to an entity called MJ Acquisitions earlier this year.
MJ Acquisitions said last month it would only honor warranties for Saleen products bought on or after Feb. 2.
To read more visit the AutoWeek New car news, road tests, blogs, pix and expert insight section.
04-05-09, 12:57 AM
#10
Lexus Fanatic
Thread Starter
I remeber test driving a silver saleen mustang at a local dealership when I was in my late teens and I think it was the baddest american car I have ever driven. I remember making a u turn by just popping the clutch and turning the wheel with a quick counter steer at the end.
04-05-09, 01:26 AM
#11
I remeber test driving a silver saleen mustang at a local dealership when I was in my late teens and I think it was the baddest american car I have ever driven. I remember making a u turn by just popping the clutch and turning the wheel with a quick counter steer at the end.
I have always loved the cars that Steve Saleen put out. I had really wanted a S-351 before but couldn't afford it.
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