Money from Mustangs David Giddens - Staff Writer When Doug Hasty started restoring a 1967 Ford Mustang GT 500, it was a just a hobby. Inspired by the "Eleanor" Mustang in the 2001 movie, "Gone in 60 Seconds," the 465-horsepower muscle car was to be another addition to his collection. Then he took his Eleanor, refitted and restored by custom car craftsman Bobby Mikus in his Grand Prairie shop, to a car show in Shreveport, La. "We got an overwhelming response that literally blew us up," Hasty said. "We had so many phone calls we couldn't return them all." Three years ago, Hasty and his two business partners and car-collecting buddies -- Chris Layne and Richard Keary -- were focused mainly on their successful, InfiNet staffing enterprise in Irving. Today, Eleanor has taken them roaring off in another direction with the formation of Unique Performance, which this year will enjoy $8 million to $10 million in revenue from selling retrofitted, limited-edition Mustangs from 1965, 1966 and 1967. Racing legend Carroll Shelby, whose Cobra design pushed the original Mustang into legendary status, heard about Hasty's Eleanor and, after inspecting Mikus' handiwork, proposed a licensing deal under which he would provide the cars' powerplants. "Carroll wanted to do 475 cars, and I said 'no' because I thought we'd only do 10 or 15 of these cars," Hasty said. "Then he asked to come visit us. It made us go big -- we'd have to go full forward or not at all. To this day we're still scratching our heads at the success." Shelby, who still builds his legendary Cobras at his Las Vegas facility, said the quality of work on Hasty's prototype -- which includes a customized suspension package, four-wheel disc brakes and a bevy of other technological upgrades -- was impressive. "They seemed to do a very dedicated job of replicating the old Cobras, and they were good businessmen to boot, with a real knack for marketing the product," Shelby said. "Unique's strong suit is finding these old Mustangs that have been discarded and turning them into jewels. The cars I build in Las Vegas are from the ground up. Theirs use the original VIN (vehicle identification number)." With retail prices ranging from $99,000 to $198,000, depending on the vehicle and accessories, Hasty currently has an eight-month backlog and is busy looking for larger space for the assembly area now presided over by Mikus. 'Type A' customers Customers include the obvious candidates, Hasty said, including sports stars such as Jason Kidd and Jason Giambi, but for the most part are individual business owners, entrepreneurs, "Type A personalities" and those with inherited wealth. "We get all kinds walking through the door, and it crosses all age groups and genders," he said, adding that many may want to have their money invested in a tangible asset that they can enjoy as well. Hasty said he knows of three of his Mustangs that have been resold, one earning $25,000 more than the purchase price, and another earning $40,000 more. In the less than two years since Unique Performance opened its Farmers Branch assembly shop, the company has delivered 44 of its limited edition 1965-67 Ford Mustangs (out of 112 already sold), refitted with modern technology. The company's 34 employees roll out an average of four vehicles per month, a number that Hasty says will double in January as they improve the assembly process. The vehicles are so popular that buyers routinely (and unsuccessfully) offer to pay a premium to move their respective Mustangs to the front of the assembly line. Unique Performance also will be featured on upcoming segments of the popular cable-TV shows "Orange County Choppers" (Discovery Channel) and "Rides and Overhaulin' "(The Learning Channel). Searching for space The success of the company's '60s-era Mustangs has been strong enough to prompt it to embark on another venture -- a hot-rod version of a steel-bodied 1934 Ford Coupe or Cabriolet that will combine the talents of Shelby and legendary car designer Chip Foose (who is also host of "Overhaulin' "). Hasty said the three signed a deal last week that should result in a limited edition run of 250 vehicles. Foose, who is responsible for Chrysler's Prowler design and who Shelby describes as the "absolute top designer in the country," said he's also teaming up with Unique Performance on a 2005 Mustang at the behest of BF Goodrich, and will start in the next couple of weeks. "I just thought the quality of what they did was great," Foose said. "They've got such a high degree of craftsmanship that I've got no problem putting my name on anything they do." With all that work coming their way, Hasty said he's actively looking to upgrade from the approximately 30,000 square feet he occupies along Senlac Drive in Farmers Branch, where he has an estimated $1.2 million invested in equipment, within the next 12 months. "It could be longer if we have to build," he said. "We're looking for 80,000 square feet and to stay in the Metroplex. So far we've been looking in Grapevine, Southlake and the Alliance area of Fort Worth." dgiddens@bizjournals.com © 2004 American City Business Journals Inc. Dallas Business Journal - October 25, 2004 http://dallas.bizjournals.com/dallas/stories/2004/10/25/story2.html
