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

Breaking News — March 06, 2009

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 – those currently in the hands of owners, as well as those that may remain on showroom floors.

MJ Acquisitions, the “new Saleen,” 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 “Saleen-bred” professionals who are knowledgeable about Saleen, Racecraft, and Mustang products, and are eager to help.

And the balance of your Ford-covered components and their related warranty remains intact.

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