Unlike many companies using StartEngine for crowdfunding, Saleen Automotive Inc. is not a startup. The 40-year-old company boasts a storied history of performance vehicles, innovations and a lengthy partnership with Ford Motor Co.
Founded by former Formula Atlantic race car driver Steve Saleen, Saleen Automotive is an American motorsports company renowned for its high-performance modifications of Ford Mustangs.
Don’t Miss:
- Until 2016 it was illegal for retail investors to invest in high-growth startups. Thanks to changes in federal law, this Kevin O’Leary-backed startup lets you become a venture capitalist with $100.
- Be part of a groundbreaking journey to transform cancer treatment. Discover how a startup’s innovative approach aims to revolutionize the way we fight solid tumors.
Gone In 60 Seconds
Saleen Automotive's debut vehicle, the 1985 Saleen Mustang, garnered immediate acclaim thanks to its enhanced engine, suspension and brakes. The success and buzz surrounding the car established the company as a desirable Mustang customization shop and tied the Saleen name to performance and an exciting driving experience.
It also produced a line of supercars, including the S7. The S7 is one of the most iconic supercars, boasting a bold design and performance specifications of 0-60 mph in under three seconds and an estimated top speed of 220 mph. From 2000 to 2007, the S7 held the distinction of being the fastest production car in the world.
Saleen will use StartEngine-driven funding to produce the S1, a mid-engine, two-seater sports car. The prototype features a carbon-fiber body and a low weight of around 2,500 pounds. Its numerous racing-style features include Brembo brakes, custom tires and a racing suspension. Unlike some of Saleen Automotive's past modification and upgrade work, the S1 is designed and developed entirely by the company, reflecting its desire to make a deeper mark on the automotive world. In July, Steve Saleen showcased the S1's prowess by entering and winning a race at SOVREN's Pacific Northwest Historics, a race series held in Kent, Washington.
To fund the development of the S1, Saleen Automotive is offering investments through StartEngine for a minimum of $498.75 and notes the company's valuation at $34.48 million.
Trending: This startup has already attracted over 1,000 early investors with an impressive 200% year-over-year growth in user engagement. See how you can get involved without being an accredited investor.
From Supercars To Winnebagos
Wallabing is a startup following in Saleen's footsteps to transform the transportation industry. It is a peer-to-peer RV rental platform that helps people rent RVs from private owners and turn their assets into revenue streams. Wallabing offers a wide variety of RVs to choose from, and RV owners can set their own rental prices and availability, giving them the flexibility to rent or drive their assets on their terms. Owners benefit from Wallabing because the platform does not charge fees to list their RV and they are not charged fees when they rent their vehicle.
The company's lead investor Mark Thimmig notes a hot market for RVs will continue, saying, "With the rapidly growing rental market for RVs, valued at $546 million in 2020, and the forecast of 44 million Americans planning to go RVing this summer, Wallabing's platform emerges as an essential solution."
Read Next:
- Airbnb was worth $47 billion at IPO. This Startup Is Automating The Trillion-Dollar Hospitality Market. AI Startup Looks To Put Airbnb Hosting And Property Management On Autopilot
- It used to take a fortune to own premium bottles, but right now, $25 is enough to get started in this $229.4 billion asset class.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
