This really sucks!!!

05Saleen · 03-07-2009, 04:50 AM

Saleen Warranties Dissolve As Former Owner Ceases Operations

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Saleen Warranties Dissolve As Former Owner Ceases Operations

Saleen Inc., amidst financial distress, ceases operations and leaves Saleen vehicles and its owners without warranties

Breaking News -- March 06, 2009
by Jim Dvorak, Saleen Owners and Enthusiasts Club, www.soec.org

Today, all certified Saleen and Racecraft dealers were sent a letter from MJ Acquisitions, Inc., the new caretakers of the Saleen brand.

And like most stories these days, there is often good news and bad news -- and this story is no different.

The Good News
MJ Acquisitions, consisting of an experienced and energetic staff who are very familiar with the Saleen brand, will continue to provide service parts, performance parts, accessories and letters of authentication to support Saleen and Racecraft vehicle owners well into the future.

The Bad News
Those Saleen and Racecraft owners needing dealer-provided in-warranty repairs of Saleen components are likely to incur an unforeseen out-of-pocket cost that my not be reimbursed, due to unfortunate circumstances with the financial condition of the brand's former owners, Saleen, Inc.

Bad News Backgrounder
After announcing it was seeking a buyer last Fall due to the recent and current economic conditions, Saleen, Inc. -- a company majority-owned by Hancock Park Associates -- was on a direct path to cease all operations for public business as of February 01, 2009. After a brief period of negotiations, MJ Acquisitions stepped-in as a bailout action and purchased certain assets of Saleen, Inc. on January 30, 2009. This transaction was an effort to keep the brand from becoming completely extinct.

The now-former owner of the brand, Saleen, Inc., has just announced it has ceased all operations. Saleen, Inc. is responsible for warranties existing before February 2, 2009, and thus regrettably it has been announced that they are now unable to honor any warranties on any of its parts, services, and vehicles including cars, trucks, and aftermarket parts prior to this date. All inquiries regarding these and other financial claims for Saleen, Inc. should go to Jaimee L. Witten of Bodman LLP at (313) 392-1045.

Furthermore, it has been stated that Saleen, Inc. is responsible for parts and labor costs on all vehicles with a remaining Saleen, Inc.-backed factory warranty ÔÇô those currently in the hands of owners, as well as those that may remain on showroom floors.

MJ Acquisitions, the ÔÇ£new Saleen,ÔÇØ will continue to sell parts to the certified dealers, at a discount, to allow dealers to service their existing inventory and customer vehicles. It will, however, be the dealer's responsibility to contact the representative of Saleen, Inc. at the number above to obtain any reimbursement for parts and labor costs associated with the repair of a Saleen or Racecraft vehicle manufactured by Saleen, Inc.

It was further emphasized in the letter to dealers:
"MJ Acquisitions, Inc. is not responsible or obligated to cover warranties and/or any financial liabilities of Saleen, Inc."
It was also expressed that the team at MJ Acquisitions does apologize for the hardship this places on its valued customers, and they understand that this will impact all parties, as it would with any automotive manufacturer closing its doors.

A Little More Good News
Parts purchased from MJ Acquisitions, on or after February 2, 2009, will have a 12 month/12,000 mile limited warranty against manufacturer defects.

MJ Acquisitions, Inc., as the new caretakers of the Saleen brand, has a dedicated staff of ÔÇ£Saleen-bredÔÇØ professionals who are knowledgeable about Saleen, Racecraft, and Mustang products, and are eager to help.

How to reach MJ Acquisitions and Saleen Speedlab
To order parts or authentication letters, call Speedlab at 1-800-888-8945, option 2
Many parts, accessories, and apparel are available on the Speedlab eBay store at: http://stores.shop.ebay.com/SALEEN-SPEEDLAB
For technical assistance, call 1-800-888-8945, option 4
An Optimistic Future
The existing Saleen, Racecraft and Speedlab product line will continue to be supported, and new product development is already underway. Market testing is being done on future vehicles, and news on future plans and products will be forthcoming.

###

Pesce Nero · 03-07-2009, 09:28 AM

one by one, the performance shops fall

LXtasy · 03-07-2009, 09:48 AM

We were talking about this the other day. It stinks but it is bound to happen

08 Racecraft · 03-07-2009, 10:43 AM

warranty gone time to mod the racecraft

chrisheltra · 03-07-2009, 11:17 AM

Class action lawsuit! You paid for a service that they terminated.

LXtasy · 03-07-2009, 11:18 AM

But if the company folds than what do you do?

Illusions · 03-07-2009, 11:21 AM

Quote:

Originally Posted by LXtasy

But if the company folds than what do you do?

Nothing it was incorporated and can't sue the owner personally.

Maybe Roush owners don't have a bad thing ..... so far.

LXtasy · 03-07-2009, 11:46 AM

I was directing my company to chris actually. But yea, nothing is the answer.

chrisheltra · 03-07-2009, 02:25 PM

Quote:

Originally Posted by LXtasy

I was directing my company to chris actually. But yea, nothing is the answer.

I dont know just sounded like a good idea.

Slowleen · 03-07-2009, 06:08 PM

I was reading about this in an email this morning...from what I can tell a class action lawsuit is being pursued. Im glad i was to broke to buy one or i'd be uber pissed. I was under the impression when saleen got sold to MJ Aquisitions that the racecraft brand was not a part of it and was being ran as a seperate company, but unfortunately for racecraft owners it was part of the deal. It was a matter of time, even in a great economy, the company always struggled to stay afloat, they've been sold 5 times after Steve Saleen originally lost the company back in 1990. Its sad, but perhaps now the value of the cars will go up. I do however forsee alot of saleen vehicles within a warranty to end up on ebay dirt cheap in the near future

Illusions · 03-08-2009, 08:07 AM

As stated above, Saleen is INCORPORATED. Please read up on the protection Incorporation gives the owners/stockholders of the company against lawsuits. If the company has nothing and is bankrupt/desolved. Nothing can be collected in the lawsuit. Class action or not. If there's nothing to collect then its a waste of time. But you know some ambulance chasing attorney will file one anyway.

Saleen also just finished paying fines in California because he was releasing cars for sale without the smog tests. That resulted in a $3-5Million fine. Thats hard to overcome in todays economy.

Disclaimer: Not all lawyers are bad, many are good. My brother is one of the good ones. It's just the few bad ones we hear about.

clubracergt1 · 03-08-2009, 09:09 AM

Mis-management of the company, by its controlling entity, is the very reason why Steve Saleen started SMS. Just like Simpson Race Products, he had to distance himself from the brand that carried his name. It sucks, but sometimes that is what has to be done. Perhaps SMS will pick up the warranty, or Roush. And people always wondered why I am a Steeda fan.

05Saleen · 04-04-2009, 04:49 AM

Good news. Just received this email.

Dear 05Saleen,

We wanted to let you know of important breaking news in a statement by Steve M.
Saleen:

“If any Saleen customer in the United States who purchased a Saleen Inc. product
up until February 2, 2009, has a warranty claim, they can directly contact my
new company, SMS Supercars. We will honor their remaining warranties as if they
were SMS Supercars warranties.
-- Steve Mark Saleen

Read the full story here: http://saleenforums.soec.org/showthread.php?t=4892

And please remember to send "Happy Birthday" wishes to Steve here:
http://saleenforums.soec.org/showthread.php?t=4870

Illusions · 04-04-2009, 08:13 AM

Very good news.. good to see everyone wasn't screwed.

I bet you can sleep better now.

03-07-2009, 04:50 AM	#1
05Saleen Senior Member Join Date: Dec 2006 Location: Goose Creek, SC Posts: 3,159	This really sucks!!! Saleen Warranties Dissolve As Former Owner Ceases Operations -------------------------------------------------------------------------------- Saleen Warranties Dissolve As Former Owner Ceases Operations Saleen Inc., amidst financial distress, ceases operations and leaves Saleen vehicles and its owners without warranties Breaking News -- March 06, 2009 by Jim Dvorak, Saleen Owners and Enthusiasts Club, www.soec.org Today, all certified Saleen and Racecraft dealers were sent a letter from MJ Acquisitions, Inc., the new caretakers of the Saleen brand. And like most stories these days, there is often good news and bad news -- and this story is no different. The Good News MJ Acquisitions, consisting of an experienced and energetic staff who are very familiar with the Saleen brand, will continue to provide service parts, performance parts, accessories and letters of authentication to support Saleen and Racecraft vehicle owners well into the future. The Bad News Those Saleen and Racecraft owners needing dealer-provided in-warranty repairs of Saleen components are likely to incur an unforeseen out-of-pocket cost that my not be reimbursed, due to unfortunate circumstances with the financial condition of the brand's former owners, Saleen, Inc. Bad News Backgrounder After announcing it was seeking a buyer last Fall due to the recent and current economic conditions, Saleen, Inc. -- a company majority-owned by Hancock Park Associates -- was on a direct path to cease all operations for public business as of February 01, 2009. After a brief period of negotiations, MJ Acquisitions stepped-in as a bailout action and purchased certain assets of Saleen, Inc. on January 30, 2009. This transaction was an effort to keep the brand from becoming completely extinct. The now-former owner of the brand, Saleen, Inc., has just announced it has ceased all operations. Saleen, Inc. is responsible for warranties existing before February 2, 2009, and thus regrettably it has been announced that they are now unable to honor any warranties on any of its parts, services, and vehicles including cars, trucks, and aftermarket parts prior to this date. All inquiries regarding these and other financial claims for Saleen, Inc. should go to Jaimee L. Witten of Bodman LLP at (313) 392-1045. Furthermore, it has been stated that Saleen, Inc. is responsible for parts and labor costs on all vehicles with a remaining Saleen, Inc.-backed factory warranty ÔÇô those currently in the hands of owners, as well as those that may remain on showroom floors. MJ Acquisitions, the ÔÇ£new Saleen,ÔÇØ will continue to sell parts to the certified dealers, at a discount, to allow dealers to service their existing inventory and customer vehicles. It will, however, be the dealer's responsibility to contact the representative of Saleen, Inc. at the number above to obtain any reimbursement for parts and labor costs associated with the repair of a Saleen or Racecraft vehicle manufactured by Saleen, Inc. It was further emphasized in the letter to dealers: "MJ Acquisitions, Inc. is not responsible or obligated to cover warranties and/or any financial liabilities of Saleen, Inc." It was also expressed that the team at MJ Acquisitions does apologize for the hardship this places on its valued customers, and they understand that this will impact all parties, as it would with any automotive manufacturer closing its doors. A Little More Good News Parts purchased from MJ Acquisitions, on or after February 2, 2009, will have a 12 month/12,000 mile limited warranty against manufacturer defects. MJ Acquisitions, Inc., as the new caretakers of the Saleen brand, has a dedicated staff of ÔÇ£Saleen-bredÔÇØ professionals who are knowledgeable about Saleen, Racecraft, and Mustang products, and are eager to help. How to reach MJ Acquisitions and Saleen Speedlab To order parts or authentication letters, call Speedlab at 1-800-888-8945, option 2 Many parts, accessories, and apparel are available on the Speedlab eBay store at: http://stores.shop.ebay.com/SALEEN-SPEEDLAB For technical assistance, call 1-800-888-8945, option 4 An Optimistic Future The existing Saleen, Racecraft and Speedlab product line will continue to be supported, and new product development is already underway. Market testing is being done on future vehicles, and news on future plans and products will be forthcoming. ### __________________ 05 Saleen, 91 Mustang LX, 99 Lightning

03-07-2009, 09:48 AM	#3
LXtasy Senior Member Join Date: Dec 2006 Location: Summerville, SC Posts: 9,564	We were talking about this the other day. It stinks but it is bound to happen __________________

03-07-2009, 10:43 AM	#4
08 Racecraft Senior Member Join Date: Mar 2007 Location: Goose Creek Posts: 648	warranty gone time to mod the racecraft __________________ You can polish a turd ,but you still have shit Last edited by 08 Racecraft; 03-07-2009 at 10:47 AM.

03-07-2009, 11:17 AM	#5
chrisheltra Neo is Jesus Join Date: Jan 2007 Posts: 13,265	Class action lawsuit! You paid for a service that they terminated. __________________ Gap A Hoe Racing

03-07-2009, 11:18 AM	#6
LXtasy Senior Member Join Date: Dec 2006 Location: Summerville, SC Posts: 9,564	But if the company folds than what do you do? __________________

03-07-2009, 09:28 AM	#2
Pesce Nero Senior Member Join Date: Jul 2008 Posts: 2,680	one by one, the performance shops fall

03-07-2009, 11:46 AM	#8
LXtasy Senior Member Join Date: Dec 2006 Location: Summerville, SC Posts: 9,564	I was directing my company to chris actually. But yea, nothing is the answer. __________________

03-07-2009, 06:08 PM	#10
Slowleen Senior Member Join Date: Mar 2007 Location: Summerville, SC Posts: 440	I was reading about this in an email this morning...from what I can tell a class action lawsuit is being pursued. Im glad i was to broke to buy one or i'd be uber pissed. I was under the impression when saleen got sold to MJ Aquisitions that the racecraft brand was not a part of it and was being ran as a seperate company, but unfortunately for racecraft owners it was part of the deal. It was a matter of time, even in a great economy, the company always struggled to stay afloat, they've been sold 5 times after Steve Saleen originally lost the company back in 1990. Its sad, but perhaps now the value of the cars will go up. I do however forsee alot of saleen vehicles within a warranty to end up on ebay dirt cheap in the near future __________________ Tim 1994 Mustang GT w/ 5spd 2011 Ford F150

03-08-2009, 08:07 AM	#11
Illusions Senior Member Join Date: Apr 2008 Location: In the Pits Posts: 2,247	As stated above, Saleen is INCORPORATED. Please read up on the protection Incorporation gives the owners/stockholders of the company against lawsuits. If the company has nothing and is bankrupt/desolved. Nothing can be collected in the lawsuit. Class action or not. If there's nothing to collect then its a waste of time. But you know some ambulance chasing attorney will file one anyway. Saleen also just finished paying fines in California because he was releasing cars for sale without the smog tests. That resulted in a $3-5Million fine. Thats hard to overcome in todays economy. Disclaimer: Not all lawyers are bad, many are good. My brother is one of the good ones. It's just the few bad ones we hear about. __________________ Illusions Grafix A Pair of "Jackstand" 01 Xtreme Blazers

03-08-2009, 09:09 AM	#12
clubracergt1 Senior Member Join Date: Feb 2007 Location: The Great, white North (Chicagoland) Posts: 2,483	Mis-management of the company, by its controlling entity, is the very reason why Steve Saleen started SMS. Just like Simpson Race Products, he had to distance himself from the brand that carried his name. It sucks, but sometimes that is what has to be done. Perhaps SMS will pick up the warranty, or Roush. And people always wondered why I am a Steeda fan. __________________ This space for rent

04-04-2009, 04:49 AM	#13
05Saleen Senior Member Join Date: Dec 2006 Location: Goose Creek, SC Posts: 3,159	Good news. Just received this email. Dear 05Saleen, We wanted to let you know of important breaking news in a statement by Steve M. Saleen: “If any Saleen customer in the United States who purchased a Saleen Inc. product up until February 2, 2009, has a warranty claim, they can directly contact my new company, SMS Supercars. We will honor their remaining warranties as if they were SMS Supercars warranties. -- Steve Mark Saleen Read the full story here: http://saleenforums.soec.org/showthread.php?t=4892 And please remember to send "Happy Birthday" wishes to Steve here: http://saleenforums.soec.org/showthread.php?t=4870 __________________ 05 Saleen, 91 Mustang LX, 99 Lightning

04-04-2009, 08:13 AM	#14
Illusions Senior Member Join Date: Apr 2008 Location: In the Pits Posts: 2,247	Very good news.. good to see everyone wasn't screwed. I bet you can sleep better now. __________________ Illusions Grafix A Pair of "Jackstand" 01 Xtreme Blazers