Are Saleen’s Financial Troubles About to Burst?
Saleen re-formed its performance brand half a decade ago, but in terms of finding financial stability, that hasn’t done the trick. Automotive News has revealed that Saleen has only had one profitable quarter since putting the company back together, and as such has accumulated a sizable amount of debt. Dealerships and customers are now reporting that cars aren’t being completed, and ones that finally are completed only happen after delay upon delay. A Ford dealer in Texas has had enough, and has now filed a lawsuit about it.
San Antonio dealer Red McCombs Ford reportedly ordered three 2015 Saleen Mustangs, only to have them show up half a year late. On top of that, some weren’t equipped with parts that were ordered and paid for. This breach of contract is not an isolated incident, with another dealer in Tennessee reporting a similar issue. An order placed for a “Yellow Label” 2015 Mustang one year ago has yet to be filled, with the car’s actual whereabouts currently unknown.
Incidents like these have spurred on the lawsuit, which includes allegations of fraud and breach-of-contract. We’re watching this one closely, because Saleen’s very future is at stake here.
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Via [Automotive News]
