His new company began publicly trading this summer, and posted net losses of $2.4 million on revenues of $909,561 for the three months ending June 30.
Speaking to a cheering crowd of racing fans and muscle car enthusiasts at Mazda Raceway Laguna Seca, Mr. Saleen said his Corona, Calif., production company will use existing Detroit models as the base for limited-edition Ford Mustangs, Chevrolet Camaros and Dodge Challengers, all retuned and specially equipped to replicate famous race cars of the 1960s and 1970s.
The first is a George Follmer Edition Mustang, re-creating the look of Mr. Follmer's 1969 Boss 302 racer.
The second will be a Mark Donohue Edition Camaro, as a tribute to the late NASCAR and Penske Racing star. The third will be a Savage Edition Barracuda, using a Dodge Challenger base to replicate NASCAR racer Swede Savage's 1970 Plymouth Barracuda.
Mr. Saleen said the vehicles will retail through his dealer network for about $70,000 each starting next year. The Mustang will sell for just below $75,000.
While signing autographs at his racetrack announcement, Mr. Saleen acknowledged that the past several years have been difficult, and that a large financial mission lies ahead for his business plan.
The 10Q statement Mr. Saleen filed last week contains the following somber warning to potential investors:
"Our ability to continue as a going concern is dependent upon our ability to raise additional capital and to ultimately achieve sustainable revenues and profitable operations. At June 30, 2013, we had cash on hand in the amount of $1,012,655. These funds are insufficient to complete our business plan and as a consequence, we will need to seek additional funds, primarily through the issuance of debt or equity securities for cash to operate our business."
But Mr. Saleen said the U.S. market is ripe for powerful performance cars for racing fans and collectors.
"The economy is back, the housing market is back, the auto industry is back, and I'm back," Mr. Saleen said. "I have the brand back. And now I have to get us on track to fund our business plan."
Mr. Saleen said the company has begun development on a successor model to the former Saleen S7 supercar. That low-volume vehicle retailed for just less than $400,000 in the early 2000s. It is no longer available.
In 2007, Mr. Saleen quit the company he founded.
He briefly signed on to help would-be New Jersey importer Chamco Auto launch a U.S. dealer network and Mexican assembly factory to sell inexpensive Chinese-brand cars in North America. Mr. Saleen parted with Chamco shortly before it ceased operating in 2008.
Mr. Saleen said he has 30 dealers representing the brand now, and about 40 employees. He noted that Saleen had about 400 employees in California and Detroit before the company's collapse and expects to add more employees as volume increases.
"Hopefully it won't take 30 more years for us to get back to where we were," he said.
He estimated that it will take about $15 million to fund the new business plan.
This report appeared on the website of Automotive News, a Detroit-based sister publication of Tire Business.
