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We got wind of Saleen's new value-oriented brand last week, and they made it official with a press release introducing Racecraft and its first product, the 420S. The sub-$40,000 Mustang will have a focus on pure performance and offers up a supercharged V8 with 420 horsepower as well as an upgraded suspension, lightweight wheels, exterior graphics, and a few interior accents. If buyers want a little more, they can also shop the Saleen Speedlab catalog for items like the 475 horsepower upgrade kit that retails for just under a grand and doesn't void the 3-year/36,000 mile warranty. That's near GT500 territory, but for $5,000 less (not including markup on the Shelby), and about 300+ lbs lighter. The car will be officially unveiled at Mustang Week in Myrtle Beach, SC on July 26, and if you're in the area we hear they will be offering demo rides. The press release and a full list of 420S features can be found after the jump.

[Source: Saleen]