Update: Saleen officially announces Racecraft brand, 420S Mustang

Update: The long-standing Saleen in-house parts brand, Racecraft, has graduated to full standalone status, with the announcement today of the first set of Racecraft-branded cars focused at the everyday enthusiast, rather than the wealthy sportsman or collector. Three principles guide the design of Racecraft's cars: affordable value, a base that can be built on and putting 'go' before 'show'.

The first car to bear the Racecraft name will be the base Mustang, called the 420S. The name is derived from the 420hp (313kW) supercharged engine. Other mods to the car include lightweight wheels, a Racecraft suspension, high-performance tires, and a few custom interior treatments and graphics - leaving the door wide open for individual customization by the buyer. Options that can be added from the company's SpeedLab parts division include performance enhancements that can push the car to 475hp (354kW).

Pricing will start below $40,000, with many of the SpeedLab upgrades coming in below $1,000. The next Racecraft model will be arriving within two to three months, according to the company's product planning director.

Original: In the world of American car tuning, few names carry the impact of Saleen. Some of the most powerful, over-the-top 'Stang creations have come from Saleen's garages, including the S281, the S302E and the Gurney Signature Edition. But as the power and exclusivity have risen, so too have prices - well beyond the budgets of many Mustang fans. As a sort of return to their roots, Saleen is now planning to launch a sub-brand, called RaceCraft, for more affordable but still raucous conversions.

The first RaceCraft will be a Mustang, called the 420S, and will feature a supercharger fitted to the standard 4.6L V8 for 420hp (313kW) and 400lb-ft (542Nm) of torque. Upgraded fuel injectors, freer-flowing air intake components, and a completely reworked suspension with RaceCraft-branded struts, shocks, springs and sways, reports The Chrome Pony.

Inside a few leather accents and performance-style cloth seats embroidered with the RaceCraft logo let passengers know the car is not an average Mustang, although the first good press of the accelerator ought to clear up any lingering confusion. Unique graphics and an 18-inch wheel and tire upgrade finish the job. The MSRP for the complete package is $38,995.

A second car, based on the Ford Focus, is expected within a year and will retail for around $20,000. No details on that car, including whether it will be built on the hatch or sedan basis, have been released.

It won't be the first alternate brand Saleen has launched. Earlier this year the SMS Limited brand was announced as the vehicle for a new mid-engine supercar and other, more exotic performance-focused sports cars. The first SMS-branded product will be a converted Challenger RT, called the SMS 570TM and 570XTM. The S5S Raptor supercar concept is expected to be the first supercar for the brand, and will operate as the replacement to the current S7 flagship.