Major powerhouses in the auto industry may be thriving in Germany, but many smaller companies in the business seem to be struggling, as evidenced from the number of bankruptcy filings.
SpeedART has made the bankruptcy procedure official via a notice on its website where it blames rising expenses stemming from Porsche’s lawsuit on the company. Here’s what the release says:
“It is with heavy hearts that we regret to inform the Porsche tuning community that speedART has had to declare bankruptcy due to mounting legal fees from an intense battle with Porsche. Since 1999, Mr. Striening and speedART have been making exclusive conversion kits and individualized tuning for Porsche models. However, due to some unfortunate circumstances in the past, Porsche has been moving forth with an aggressive lawsuit against Porsche tuning companies, such as speedART and others. Although Striening fought hard for his company, it has become impossible for him to keep the battle alive, with legal fees growing and no sign of Porsche backing down on this issue.
For 14 years, speedART has remained dedicated to the driving force behind its creation: to allow enthusiasts everywhere to create a Porsche as individual as them. From their modern tuning programs to their classic restoration program, they refused to manufacture anything less than high quality products their clients could be proud to show off. We know that speedART will be sorely missed by many across the tuning community.”
As far as 9ff is concerned, there’s no official notice from the company, but it was discovered that the coachbuilder and tuner has filed for temporary insolvency on the government website Insolvenzbekanntmachungen on September 6, 2013.