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Thread: Article: The tuning world is unforgiving and rough, HPF closes its doors. R.I.P. Horsepower Freaks

              
  1. #1
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    2 out of 2 members liked this post. Reputation: Yes | No

    Angry HorsePowerFreaks is apparently closing its doors

    I don't know if i really believe this but apparently over on e46 fanatics there is a 3 page long thread about this.

    Here are some of the posts in the thread...

    Sad day for the BMW tuner world.... Click here to enlarge Click here to enlarge Click here to enlargeClick here to enlargeClick here to enlargeClick here to enlarge

    Click here to enlarge Originally Posted by Forcefed M3 Click here to enlarge
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    I have been working with Chris B. trying to find a solution, but none was found. This is a direct result of more than $200,000 being stolen by a former employee, he was very sneaky in wire and credit card fraud . HPF's insurance only covered $25,000.00, when the HPF lost it's lawsuit today it spelled the end. Dave received 38 months in jail, but the entire community lost out on this. A sad day for the entire community.
    Click here to enlarge Originally Posted by MachRc Click here to enlarge
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    in respect for chris, any nonsense or negative posts will be delteed and banned, no need for anything negative. Please lets understand as an issue of a employee stealing money causing a great company to go out of business is very hard and very shocking even for me. So shocking, Im so sorry to hear this chris B.
    Click here to enlarge Originally Posted by Forcefed M3 Click here to enlarge
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    Yes the theft happened two years ago, but court cases move slow. Had to wait for the conviction first, the credit card companies held off until then. We had the same issue with my business, took 3 years to clear up.
    Click here to enlarge Originally Posted by MarcusLSB Click here to enlarge
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    I don't think MaxPSI on its own was the cause. Nor was ProEFI/Saad.. or FSR, etc.. I think its a culmination of a year of everyone waiting for the next big thing.. I think anyone looking to get into the market on a 'purchased new' turbo kit pretty much had the brakes on all last year and beginning of this year waiting for Saad, MaxPSI, FSR, etc.. or even HPF but w/the Infinity instead. Everyone's just waiting.

    If I had to guess HPF had a bit of a bell curve on kit sales, first year was decent, second and third year were great, then it tapered off.
    Click here to enlarge Originally Posted by GRK///M3 Click here to enlarge
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    What are you guys talking about. HPF better not be going out of business, I just gave them a 5k deposit for a STG 2.5.

    Where did you guys hear this from?

    Sent from my SAMSUNG-SGH-I717 using BimmerApp mobile app
    Click here to enlarge Originally Posted by Commanderwiggin Click here to enlarge
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    All the guys got let go from HPF today...nobody works there anymore.
    Click here to enlarge Originally Posted by Forcefed M3 Click here to enlarge
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    Your right on that, mistakes were made. Trust me I invested a huge sum of money in HPF in Dec trying to bail it out. I couldn't see putting more money into it, we waited to see what the suit with the insurance company. I was shocked as everyone else was today, I would not have invested money if I had known it was going to fail but I thought it was worth the risk....I thought he would win the suit. I do not know about any deposits of sales of HPF turbo kits. I obtained the rights after I lost a massive investment. I do agree with those above to dispute the charges.

    Yes Marcus I now own the rights to the turbo kit and HPF parts that are left over.
    2006 AW/Black ZCP 6MT


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    E46 M3 Owners of the World <---- Join the FB group!!


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    I'm getting a lot of PM's on this topic, don't know what is really going on but we'll find out.

    If any of it is true, sad, sad day indeed.

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    wow! If this is true, what a bad day for the BMW world. They might have been slow with the N54 but man they did a lot for late model Bimmers in general. Keep us posted Sticky
    Vargas Turbocharger Technologies
    N55 World Record: 560WTQ, 11.4 ET / 123MPH(AT) - 11.7ET / 122.7MPH(MT)
    N54 Stock Frame (100% E85) World Record: 645WHP / 658WTQ
    N54 (ACN 91 octane only) World Record, Stock Motor: 585WHP / 537WTQ
    Click here to enlargeClick here to enlarge Click here to enlarge Website - Email


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    I hope this isn't true, what a shame
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    ESS 6XX kit

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    wow this is pretty shocking if true...
    2007 335i (100% stock with mods)

    N54 is not a German 2JZ lol

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    What the $#@!, man....

    I feel bad for anyone that already has a cash position with them for a kit....
    Click here to enlarge

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    Wow. Really shocked. Sad sad day if its true. I was really pulling for their twin scroll n54 turbo kit.
    09 e92 335i, 440HP/500TQ: SOLD
    03 EVO 8, 600HP/500TQ: SOLD
    13 Nissan Maxima: Slow
    99 Eclipse GSX: Waiting for the track to open



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    I just didn't think the E46 M3 market was that big of a deal for them with all the other parts and so forth they sold but guess not.

    With Max PSI coming in with a very, very nice turbo kit on the stock DME priced much lower it's hard to see many people opting for HPF. And it's not like there is a huge E46 turbo market out there anyway. That was one problem.

    I don't know what to say, it's a bummer, still waiting to hear back from Chris.

  9. #9
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    so what exactly was the problem?
    2007 335i (100% stock with mods)

    N54 is not a German 2JZ lol

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    1 out of 2 members liked this post. Reputation: Yes | No
    Sounds like an employee was embezzling, and when they finally found out & had concrete evidence, he had stole so much money that the HPF insurance couldn't cover the loss. Business didn't have enough revenue to bounce back & cover the losses, so now it's closed up.
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    Click here to enlarge Originally Posted by benzy89 Click here to enlarge
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    Sounds like an employee was embezzling, and when they finally found out & had concrete evidence, he had stole so much money that the HPF insurance couldn't cover the loss. Business didn't have enough revenue to bounce back & cover the losses, so now it's closed up.
    And theres nothing they can do? Somehow take out a loan and pay it off over time...?
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    crazy..feel really bad for them Click here to enlarge
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    Click here to enlarge Originally Posted by benzy89 Click here to enlarge
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    Sounds like an employee was embezzling, and when they finally found out & had concrete evidence, he had stole so much money that the HPF insurance couldn't cover the loss. Business didn't have enough revenue to bounce back & cover the losses, so now it's closed up.
    I think this is just one part of it.

    They never got the guy who stole?

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    woah, never expected this.
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    Click here to enlarge Originally Posted by Eric335 Click here to enlarge
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    And theres nothing they can do? Somehow take out a loan and pay it off over time...?
    They probably can't qualify for one -- There's a ridiculous outstanding debt on the business & nobody is going to want to put their personal credit/assets on the line if they default. Add to that if they they decided to stay open, they're not only going to need to have enough revenue to pay back the loan, but they also need to cover normal business costs (daily operating cost, insurance + employee salaries).
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    Click here to enlarge Originally Posted by Sticky Click here to enlarge
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    They never got the guy who stole?
    Looks like they caught him & he's been sentenced to 38 months in jail (1st quoted post), but when $200k+ has been stolen and insurance only covers $25k, that's a big loss to cover.
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    Yup plus if the e46 m turbo market is declining, which I'm sure it is, HPF would need to invest in designing new kits for the n54, s65, etc...that costs money, and pay for employees etc.

    I think people should wait to hear official word though...right now it's just rumors
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    ESS 6XX kit

  18. #18
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    Click here to enlarge Originally Posted by benzy89 Click here to enlarge
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    They probably can't qualify for one -- There's a ridiculous outstanding debt on the business & nobody is going to want to put their personal credit/assets on the line if they default. Add to that if they they decided to stay open, they're not only going to need to have enough revenue to pay back the loan, but they also need to cover normal business costs (daily operating cost, insurance + employee salaries).
    Makes sense. I guess i just dont realize what kind of revenue they actually make. A lot of businesses push $200k in 4 weeks, but i guess high HP turbo kits isnt so lucrative Click here to enlarge
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  19. #19
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    From a business perspective, am I the only one here that sees some very serious financial management issues? I will withhold judgement as we do not know the whole story but I see a serious obvious problem here.
    2007 335i (100% stock with mods)

    N54 is not a German 2JZ lol

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    Click here to enlarge Originally Posted by benzy89 Click here to enlarge
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    Looks like they caught him & he's been sentenced to 38 months in jail (1st quoted post), but when $200k+ has been stolen and insurance only covers $25k, that's a big loss to cover.
    They can't find where the money went?

    I didn't think $200k could sink HPF.

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    Sticky + Eric335 -- I have no idea what a normal quarterly business report looks like for HPF (revenue vs. profits specifically), but like BobS said, there isn't exactly a huge market for Turbo E46 M3s and they needed a new platform to capitalize on, that requires a lot of R&D + man hours ($$$$$)


    For all we know they had just enough money left to give every employee a severance and pay off their legal bills. Be interested to see some official statements from HPF since there's nothing on their website (currently advertising a "Cinco De Mayo" sale) & their Facebook has been updated today.
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  22. #22
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    We'll know more soon, waiting on Chris. If this is true I probably wouldn't be in the mood to answer e-mails.

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    It's true...no question about it. Sales manager is a friend of mine...everyone let go.

  24. #24
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    So that's that? What happens to the building, inventory, cars there, etc.?

  25. #25
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    Moved to the S54 forum where I feel this will have more relevance.

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