Saleen Automotive Inc. (OTCBB: SLNN) may be relatively new to investors, but it's automotive legacy dates back to the 1983. Founded by racing legend Steve Saleen, the company has grown over the years from a niche developer of customized Ford Mustangs to developer of the world's fastest street legal car, which has appeared in movies like 2 Fast 2 Furious and Transformers.
In this article, we'll take a look at Saleen's rich history and why investors may want to commit some capital to the newly public company.
Saleen's Legacy on the Track
Steve Saleen began racing in the late 1970s in the Formula Atlantic Series, progressed to the SCCA Trans-Am Series by the early 1980s, and captured SCCA championship titles for driver, team, manufacturer and tire. In 1984, Saleen started Saleen Inc. and built his first Saleen Mustang that would go on to finish first in its class at the Mosport 24-hour race that year.
In 1995, Saleen teamed up with television star Tim Allen and racing legend Bob Bondurant to form the Saleen/Allen "RRR" Speedlab race team. After racing in the SCCA World Challenge, Saleen was inducted into the Mustang Hall of Fame in 1996 alongside Carroll Shelby. These strong performances helped cement the name "Saleen" in racing history.
In August of 2000, Saleen's S7 supercar debuted at the Monterey Historic Races, sporting an all-aluminum 427 frame and 550 horsepower at 6400 RPMs. Then in 2005, the S7 Twin Turbo hit the market, with a 1,000 horsepower engine and carbon fiber frame. The car's top speed of 248 MPH and 2.8 second 0-60 acceleration made it one of the fastest street legal cars in the world.
A Diversified Product Line Up
Saleen Automotive Inc. differs from many other high-performance automotive companies, with a diverse line up of automobiles at relatively affordable prices. The company's core vehicles are based on the chassis' of Ford Mustangs, Chevrolet Camaros, and Dodge Challengers, but it also designs and develops its own supercars, automotive aftermarket parts, and lifestyle accessories.
These products are sold to muscle and performance car enthusiasts, collectors, automotive manufacturers, retail dealers, television and motion picture production, and consumers in the luxury supercar and motorsports market. Its core products are sold through authorized Ford, Chevrolet and Dodge dealers who fully approved all engineering upgrades.
Ambitious Growth Plans Ahead
Saleen Automotive Inc. aims to become a global performance automotive brand and expand their production, sales and marketing operations extensively within both U.S. and global markets. The company also plans to open their own retail outlets, market their expertise in specialist engineering and design services, develop their own motorsport program, and introduce a next gen supercar.
After becoming a publicly traded company earlier this year, Saleen Automotive raised $3 million in capital (including the conversion of $500,000 of existing notes) to execute on these plans and offer investors the opportunity to partake in the company's future upside potential.
Investors seeking a unique exposure to the U.S. auto market or high-performance auto market may want to take a closer look at this newly minted micro-cap over the coming months.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
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