Invest a Million in Saleen, Get a Free Mustang
Saleen Automotive – purveyor of high performance Ford Mustangs for decades and, more recently, builder of other high performance American cars from Dodge, Chevrolet and even Tesla – has been having some money issues. There have been multiple reports that the company is having major cash flow problems and even with the next generation Saleen Mustang hitting the market, there have been rumors questioning the future of the most famous of the aftermarket-built custom Mustangs.
Regardless of their current financial status, Saleen Automotive is looking to raise some money through a new investment program and as part of this program, each investment of at least $1,000,000 will come with a “free” Saleen Black Label S302 Mustang”.
The Million Dollar Mustang
If you are looking to invest a million dollars in a well-known company in the auto industry, the Saleen Automotive plan has an interested proposal. Working with the financial firm SM Funding, Saleen has worked out a deal good for up to $10 million and for each million dollar investment, the creditor will be issued a new Ford Mustang turned Saleen Black Label S302.
SM Funding has also acquired $2 million in senior notes from Saleen that will pay 12% along with $8 million in preferred Saleen Automotive stock. As a result, SM Funding will effectively own 61% of the publically traded California custom car builder. It is unclear per the NY Post article how the financial benefits of the million dollar investments will be handled, but this is likely the first high dollar investment plan which includes a free high performance car as a perk.
The Saleen Black Label S302 Mustang
The Saleen Black Label S302 Mustang comes with the elaborate Saleen 302 Signature Series body kit with a long list of custom paint options, a big brake package, a high performance suspension package, unique wheels wrapped in high performance tires and two different engine packages based on the 5.0L V8 – one lightly tuned to offer 450 horsepower and a supercharged model with 730 horsepower.
It is unclear which engine option the million dollar investors will get with their Saleen Black Label S302 Mustang, but considering that the car starts around $75k, investors should probably get the 730hp version for a million dollars.
In the long run, the high performance Mustang is only a very minor perk to a very pricy investment, but for someone looking to roll the dice on a well-known company – a 730hp Mustang comes as a nice bit of sweetener with the deal.
Source: NY Post