holy shit seriously? I didn’t know they ditched all of that. I also didn’t know they fired a ton of people.
So they don’t do any installs anymore?
When did this sale take place? Sounds like as guessed at on page 1 that the fund owners installed a plan of cutting spending and leaning it out to keep it on track. I would be shocked if Steven Hooks has anything to do with the company today knowing all of this.
Dave I can’t express enough my appreciation for you coming forward with this. The impact of these issues just seems to be isolated to poor financial decisions. Are we to believe all the other aspects of APR are sound?
Shit, maybe they really need Flyingturdball after all. He is pretty much the only APR RACECAR left.
Damn, this makes sense. I was going to buy some replacement vwr wheels from them as I knew they sold them, but when I went to make the purchase all links to vwr wheels had vanished. Didn’t think anything of it at the time.
Jeebus… *subscribed for more info.
I posted this to my Facebook and someone commented on it saying that APR had given the blue 997 turbo to Billyboat for non payment a few years back, Although I’m not to sure on the truth of that statement.
Another friend tag a couple employees from APR, ill post if I hear anything.
At the expense of sounding like one to start trouble. Wasn’t FT one of the guys trolling on social media sites trying to attack JHM? If I’m not mistaken didn’t he try to sell the idea that JHM has blown up motors? Perhaps this is argumentative but it sounds like APR has admitted to having damaged some motors? Or seems to be having some issues. Did he miss that or maybe that should be pointed out to him?
To add to this thread, here is some actual first-hand information and facts to throw in. Won’t reveal how i have this info, so take it as you wish, but believe me this is first-hand.
Stephen Hooks has indeed surrendered his majority shareholding to Mangrove Equity 5 months ago. Reason, sadly, is pretty simple. No other financing avenues left to APR other than to sell out ownership in order to raise cash to keep the company going.
Most of what’s been already said here is true. Motorsport team was completely disbanded last year after loosing a great deal of money (7 figures…) in the year the R8 was run. The workshop is entirely closed down recently, all the techs have been laid off/left. Court case with Audi of America over the unpaid R8 race-car bills. They’ve just lost the court case against VWR for unpaid bills last week. But overall the financial story is just really bad financial management over a long period of time, visible to all of us on the inside. Think we’d all agree that the engineering and brand marketing has always been APRs strength, but the financial control, business sense and maybe arrogance of the company’s exec team has led to this.
It’s been a long story over 24 months of simultaneously keeping up a public image of more and more expensive cars, motorsport, company jet, building expansion, lavish show presence, extravagent projects and just vanity tbh - yet leaving a trail of unpaid debts with suppliers, laying off staff, cuts to product investment, struggling for cash on a daily basis. All the company’s assets are financed and refinanced, credit cards are maxed, loans taken from every source and 2 years of searching for investment have led APR to have no remaining options to secure the cash to finance the day to day operations. Sadly Hooks had to let the majority of his shares go in exchange for this cash injection.
The Mangrove Equity team have clearly seen an opportunity to ‘grab’ a good brand and good engineering team - but CEO Hooks, plus COO (Hook’s best friend Johnny Petrina) have been relieved of duties, and had all management and budgetary control removed from them effective immediately. It’s the classic corporate raid. Of course Hooks retains his minority shareholding and will remain in some figurehead capacity.
Speculation in the building is now that we will cut back on the non-profitable hardware lines, concentrate on the profitable remaps. And kill dead the extravagent lifestyle that the company has been providing its exec team at the expense of staff and suppliers.
Don’t doubt that APR will probably have a bright future under Mangrove. Just very different and with a sensible business approach.
Wow sounds like the speculation and ‘portending’ was pretty accurate.
Interesting that this happens after the claims of building expansion (additions at HQ) and exploring new product lines.
I wonder if stg 3 kits fall into the “not very profitable” domain when you factor in development cost, customer risk and relatively low volume.
Also, this business sense at the top reminds me of the whole stasis debacle.
Helluva first post, jred!
Bingo . . . Mangrove should also be applauded for changing the way APR behaves and addresses customers/competitors publicly by limiting the role of Arin Ahnell and hiring a PR firm.
I think the building expansion may fall into the category of “keeping up public image”
I’m sure I was not the only person questioning the need for a building addition when they were downsizing operations last year.
I am puzzled as to why you try and criticize my position of “sit back and wait for more facts.”
Regardless, thanks for sharing Jred. No matter how it all plays out, sounds like we all win if APR can get their shit together and go back to focusing on its core products.
PR firms are expensive, so that is probably off the table. 
Even if Arin is the devil they will probably keep him for awhile, until they figure out how to hire a younger, cheaper, better, marketing dude who wants to live in Alabama.
It already happened apparently. Arin can solely focus on hacking Facebook accounts now.
Arin has been fired? Interesting.
No he still works there, just in reduced capacity.
As I originally stated
[quote=crew219]Bingo . . . Mangrove should also be applauded for changing the way APR behaves and addresses customers/competitors publicly by limiting the role of Arin Ahnell and hiring a PR firm.
[/quote]
limiting ≠ terminated
The second he’s fired, you’ll hear about it 
limiting ≠ terminated
The second he’s fired, you’ll hear about it
[/quote]
Limited/terminated? Regardless, I’m sure it will solve all the tuning issues!
that wasn’t your position. Your position was “Since I (notarmed) don’t know more details, nobody else must know” (paraphrased)
[quote=notarmed]Your interpretation of the events is entirely opinion based. Nothing that you insinuate can be proven, and the facts behind the case are not known. End of story.
[/quote]
Saying ‘end of story’ is pretty definite. Anyway, I warned you 
I hope Arin hasn’t been fired. I don’t have an axe to grind with him, and have found him a pretty good guy to hear from. Maybe needs a bit more of a filter when interacting with forum trolls and stuff…not that I should be criticizing anyone on not having a filter lol.
Anyway, shame they got so weakened by what sounds like someone using it as a high falluting lifestyle piggybank.
Reality is when you go to JHM and you see the guys working hard and growing the business…and then you see APR buying a fucking jet you have to ask yourself…is JHM doing something wrong?
Turns out no. They are just growing organically at a manageable pace. Jason still owns JHM. He has no board members telling him what he can or can’t do. You then see Stasis going bankrupt and a bunch of the other companies really not doing all that well. It’s not a business you can just print money in. You need to work hard, invest your capital, and run the business tight. Jets and racecars…not ideal.
Good to see he is still hooning the old black B6 lol