Saleen for sale
For the savvy investor, why buy a part of the near-bankrupt Ford when you can probably get an entire company that does better work with Ford’s engines. In a statement Friday, Saleen said it has hired an investment bank to explore selling the suburban Detroit company by early next year. But be cautions, the resources of Saleen Automotive may not be much. Founder and car guru, Steve Saleen, left the company in May 2007 to start a new company that works on more than just Fords (like the SMS 570X Challenger.)
This may not be the best time to do a sale. While there is a lot of news about the big auto companies teetering on the edge of destruction, the little guys are absolutely feeling it too. Tight credit markets and the slump in auto sales have hurt specialty companies such as Saleen and ASC Inc. (who are now owned by the same parent company.)
There’s no speculation yet on how much the company is going for, but hey, the owner will likely recoup some of that instantly considering that there must be a few $590,000 S7s lying around the factory somewhere.
Source: Automotive News