Saleen Inc Surprise Fire Sale?
08-12-2008, 06:05 PM
#1
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Posts: 277
Saleen Inc Surprise Fire Sale?
So whats the deal? Anybody in the know? The Mustang News has this article and so does Autoweek.
Auction Block: Saleen Inc Surprise Fire Sale
Story by Sam Haymart
The four horsemen of the apocalypse or a last ditch effort to stay alive?
08-12-08: In clearinghouse style auction with little warning, Saleen Inc/ASC is putting what looks like the entire operation up for sale today. Virtually everything in the house is on sale including some 20 brand new unconverted 2008 Mustang GT’s, all remaining Saleen parts that would have been put onto cars. If that was not haunting enough, the entire factory lot of machines, tools, cabinets, office equipment is being sold off as well.
This does not bode well for the company which says it is “restructuring and consolidating”. The auction being handled by Meidma Recovery & Sales is reminiscent to the one that was held for Unique Performance of Texas. That company had been raided by the authorities and sold off to the highest bidders right down to boxes of No. 2 pencils.
In this auction you will find everything you could want to build a new Saleen Mustang. Looking through the auction catalogue you can find brand new Saleen wheels starting at a minimum bid of $10. If you want a new 2008 Mustang GT coupe, there are 20 of them starting at $100 each. A full palette full of Saleen leather seat covers starts at a miserly $5 or you can buy a cat back exhaust system starting at $10.
All the factory furniture, tooling, and facilities are on the block as well. Computers, milling machines, work tables and office equipment hastily piled is listed for sale. Want a CAD/CAM station, they are selling them.
If you have a bank full of cash this could really be an opportunity as the auction has had little forward notice or publicity. It happens today from 8am to 6pm online HERE. Check out the catalog, drool over it. Act fast and bid well because you could really cash in.
What this means for Saleen Inc. remains to be seen. It is one thing to sell a couple of cars and parts. But when you are selling off all the tooling, equipment, and office infrastructure that enables building them it is ominous. Is this the final end to the troubled company?
Auction Block: Saleen Inc Surprise Fire Sale
Story by Sam Haymart
The four horsemen of the apocalypse or a last ditch effort to stay alive?
08-12-08: In clearinghouse style auction with little warning, Saleen Inc/ASC is putting what looks like the entire operation up for sale today. Virtually everything in the house is on sale including some 20 brand new unconverted 2008 Mustang GT’s, all remaining Saleen parts that would have been put onto cars. If that was not haunting enough, the entire factory lot of machines, tools, cabinets, office equipment is being sold off as well.
This does not bode well for the company which says it is “restructuring and consolidating”. The auction being handled by Meidma Recovery & Sales is reminiscent to the one that was held for Unique Performance of Texas. That company had been raided by the authorities and sold off to the highest bidders right down to boxes of No. 2 pencils.
In this auction you will find everything you could want to build a new Saleen Mustang. Looking through the auction catalogue you can find brand new Saleen wheels starting at a minimum bid of $10. If you want a new 2008 Mustang GT coupe, there are 20 of them starting at $100 each. A full palette full of Saleen leather seat covers starts at a miserly $5 or you can buy a cat back exhaust system starting at $10.
All the factory furniture, tooling, and facilities are on the block as well. Computers, milling machines, work tables and office equipment hastily piled is listed for sale. Want a CAD/CAM station, they are selling them.
If you have a bank full of cash this could really be an opportunity as the auction has had little forward notice or publicity. It happens today from 8am to 6pm online HERE. Check out the catalog, drool over it. Act fast and bid well because you could really cash in.
What this means for Saleen Inc. remains to be seen. It is one thing to sell a couple of cars and parts. But when you are selling off all the tooling, equipment, and office infrastructure that enables building them it is ominous. Is this the final end to the troubled company?
08-12-2008, 06:17 PM
#3
3rd Gear Member
Join Date: Mar 2006
Location:
Posts: 695
It's not really a surprise... we've known about it for 2 or 3 months, but just recently it's become quite the news.
Excess stuff to get some cash and reduce overhead for storing it... however you want to look at it is up to you.
Excess stuff to get some cash and reduce overhead for storing it... however you want to look at it is up to you.
08-12-2008, 06:18 PM
#4
Its a very big overstatement at best. All of the machines in Irvine being sold are extra left overs from when production was here. All of the machines we needed were moved to Troy. All of the Machines in Troy are extras that we don't need since we inherited more from ASC during the merger. Same thing with the office supplies.
As far as the parts go, we have some extreme overstock on S331 truck parts which have been being liquidated through various outlets for the past 8 months. The Mustangs are left over stock that we don't foresee us moving prior to the 09's being released so we are trying to liquidate them.
Anyone who will be at the open house for woodward on friday in Troy will see we have quite a full house in that building, and we do have more than 1 facility in MI at this point.
As far as the parts go, we have some extreme overstock on S331 truck parts which have been being liquidated through various outlets for the past 8 months. The Mustangs are left over stock that we don't foresee us moving prior to the 09's being released so we are trying to liquidate them.
Anyone who will be at the open house for woodward on friday in Troy will see we have quite a full house in that building, and we do have more than 1 facility in MI at this point.
Dream Cruise open house?
08-13-2008, 09:51 AM
#7
The event on Friday is going to be an open house, with the shaker ride and drive as well as some other activities. It should be a bunch of fun! Saturday we should have a good sized display at the cruise, but I would reccomend just walking the cruise route and checking out everything. Woodward is so big and crazy its not even funny! It's like a car guys dream...
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