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8 comments

Could Saleen Automotive’s Days Be Numbered?

Posted August 06, 2015 10:00 AM by dstrohl

Steve Saleen has accomplished a phenomenal amount in his lifetime, both at the track and in car production, but it appears that Saleen Automotive, Inc., the current iteration of the automotive brand he runs, might need to finally turn off the lights.

In a recent 10-K filing with the Securities and Exchange Commission, Saleen Automotive admitted, "Additional funds will be needed in order to complete production, continue operations, obtain profitability and to achieve our objectives. As such, our cash resources are insufficient to meet our current operating expense and production requirements and planned business objectives beyond the filing date of this Form 10-K without additional financing." Listing just $21,000 in "cash on hand" as of July 8, along with a significant quantity of unpaid debts-including at least $288,900 of back rent alone, Saleen appears unlikely to be in a position of continuing operations.

Will Saleen get a figurative victory lap?

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#1

Re: Could Saleen Automotive’s Days Be Numbered?

08/06/2015 6:11 PM

Being he has far more debt than assets plus the fact I have never heard of the guy says to me he is not as good of business manager and promoter as someone wants us to think he is.

Oh well.

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#3
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Re: Could Saleen Automotive’s Days Be Numbered?

08/07/2015 9:27 AM

Never heard of him? Steve Saleen Mustangs have been around for a long time and is the most recognized name in Mustang performance. This is all really unfortunate. Really nice products.

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#4
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Re: Could Saleen Automotive’s Days Be Numbered?

08/07/2015 10:12 AM

Definitely NOT a 5.0 guy are you? I had quite a number of Steve's parts on my '89 5.0. In particular, the whale tail wing that kept my rear on the ground when I went over 140mph.

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#5
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Re: Could Saleen Automotive’s Days Be Numbered?

08/07/2015 9:47 PM

If it cant carry at least four people that are 6' 3" 250#'s and pull a trailer loaded to at least its own weight it has never been of much interest to me.

I associate the name Mustang of the car with the mustang horse which by all rational descriptions of horses is all around flighty high strung worthless animal thats only sought after by rich idiots.

Oh wait, that does describe the car and most of its owners as well. Nevermind.

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Re: Could Saleen Automotive’s Days Be Numbered?

08/08/2015 2:00 AM
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Re: Could Saleen Automotive’s Days Be Numbered?

08/10/2015 8:34 AM

That's an interesting response from someone who buys trucks I could never afford. I worked oilfield for 11 years and it wasn't until Birdwell got bought out by Dresser Atlas that the company could afford a monster like that. Birdwell ALWAYS said they couldn't afford the up keep on one. I've owned 4 Stangs in my time and it would take at least what I paid for 3 of them to equal that truck you're describing.

You don't understand the 5.0 Mustang reputation. My 1989 cost all of $13K brand new and for a few $K more I had a very worthy drag racing car, that was totally streetable. I could never afford the truck to tow it, so I kept it registered and inspected to drive to the track. All this while making a whopping $26K per year (job post oilfield days) and supporting 2 kids and a wife, and paying for a house. Most of the other 5.0 competitors were kids right out of school with jobs paying less than mine.

Rich??? Truck owners must be - but not 5.0 Stang owners back in the late 80's/early 90's.

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#2

Re: Could Saleen Automotive’s Days Be Numbered?

08/06/2015 8:55 PM

Stock Performance for SLNN

Price0.00080

Pumped dry!

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#7

Re: Could Saleen Automotive’s Days Be Numbered?

08/08/2015 6:52 AM

He lives well on investor's money = a simple ponzi style fraud

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