Titan Motorcycle Company: Difference between revisions
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{ references; http://www.titanmotorcycles.com (main website), http://www.titanmotorcycleco.com (canadian website), http://www.twitter.com/titancycleco (social media), http://www.betheboss.ca/Titan-Motorcycle-Business-Opportunity.cfm (business listing) } |
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==References== |
==References== |
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Revision as of 21:07, 18 July 2010
| Company type | [PRIVATELY HELD CORPORATION) |
|---|---|
| Headquarters | Phoenix, AZ, United States, LAS VEGAS, NEVADA (UNITED STATES), TORONTO (ONTARIO-CANADA) |
Key people | Ovenden Family |
| Products | Motorcycle, Clothing, Licensing, Parts, Etc |
| Revenue |  US$ 5-10 Million (2003) [1] |
Number of employees | less than 50 (2009) [1] |
| Website | www.titanmotorcycles.com |
Titan Motorcycle Company is an American motorcycle manufacturer that was founded in 1995 in Phoenix, Arizona and was the first custom motorcycle company to produce in volume. At the time there was a shortage of brand new Harley-Davidsons, and those who were lucky enough to get a new one would quite often disassemble them and add lots of chrome custom parts. There was a market for fast available mild customized bikes. These bikes had a valid VIN and were easy to finance & insure. Titan owners went public on the NASDAQ in 1997
By 2001, the management had failed, then dealer and customer support failed and Titan filed for bankruptcy. Andrew Donald Proudfoot owned the largest Titan dealership in Florida and was stuck with a large inventory of Titan motorcycles. He also went to Titan’s headquarters and bought the company in July 2001. Titan number 2 was born but was never very successful due to inferior products, new competition from companies like Big Dog, American IronHorse and many other Harley clones companies, and also because of a declining American motorcycle market since the beginning of 2006.
In January 2007 Titan Motorcycles Cie (TMC) had filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. In August 2007 an asset purchase agreement was signed between TMC (Titan Motorcycle Cie) debtor in-possession and Arizona Motorcycle Works as buyer where all assets of Titan were sold to Arizona Motorcycle Works. An Arizona bank called FNBA filed an objection to the proposed sale of now-bankrupt Titan’s assets to Arizona Motorcycle Works claiming it has a first rights lien on Titan’s assets and that the sale price undervalues the fair market value of the property. The bank also claims that Titan’s owner Don Proudfoot and Hope Smith, a principal in Arizona Motorcycle Works, have a personal relationship and that the latter company is subtenant of Titan’s and that this relationship has not been disclosed. These two allegations called into question that the proposed sale represents a good-faith, arms-length negotiation" between the two entities, the complaint claimed. FNBA stated that Proudfoots’ company, TMC Acquisitions, owes the bank about $813,000 on a $1.5 million business loan that the company took out in February 2006.[2]
In December 2007, Andrew Proudfoot, now ex-owner of the Titan Motorcycle Company was charged with 3rd degee felony case of VIN fraud. He was arrested March 3, 2007 in Volusia County, Florida during Daytona Bike Week. He was arraigned August 20 and pled not guilty. Judge Edward J.Volz Jr was to preside the trial set to begin December 17. On the morning of December 15, 2008, Andrew Proudfoot was shot in the head and killed in his girlfriends home near Anthem, Arizona.[3]
The Titan Motorcycle Company continues to operate out of Phoenix, Arizona. (see below)
(Pre-2008 Above)
CURRENT POSITION OF TITAN MOTORCYCLE CO (TITAN MOTORCYCLE COMPANY OF AMERICA)
SEE BELOW;
The company was purchased by a privately held corporation from AMW with offices in Phoenix, Las Vegas & Toronto in 2008. The company has moved slowly towards a complete re-vamp (leading up to 2010) of its products line, the 100% compliance with ALL international build standards and the launch of a dealer network.
As of Jan 1st, 2010 the company was proud to announce;
''1) A solid management team with a combined 200 + years in the motorcycle, manufacturing and licensing industries
2) A list of new solid dealers and distributors
3) A completely new product line up for 2010
4) Compliance with all (international) build standards, licensing laws, and manufacturing protocol
5) All new RoadRunner model (rubber mounted, premier touring model)
6) The opening of corporate facilities in Phoenix Arizona, Las Vegas Nevada, Hesperia California & Toronto/Ontario/Canada
7) The implementation of an international sales & distribution program involving distributors across the globe.
The company now has a tighly knit group of departmentalized management associates dealing with the main points of the new corporate structure; build standards & innovations, licensing/wholesale development, retail sales & marketing, and administration.
The offices in Las Vegas & Toronto serve has wholesale business hubs and corporate dealerships within their localized markets. The Phoenix & Hesperia operations general maintain a dedicated focus on build standards and the cultivation of new innovations/technologies (also including R&D functions) but do maintain small sales departments as well.
The company is now 100% private, is managed by 4 department heads (with a total team value of 40-60 associates or 5-15 associates per division) answering directly to a board of directors which includes several members of the family that owns the brand, relevant lawyers/accountants, industry veterans, the sales team, and administration members.
"The company has taken a pro-active stance within their communities re-kindling the groundswell of support for the brand which made it the #1 name in the premier motorcycle manufacturing industry in the first place. These programs are intended to not only re-build the brand as whole but also to better point the motorcycle industry segment that Titan not only led for over a decade but more or less started in its own right. A new focus is put on due-diligence and long term relevant goal lists within our dealer & distributor network that are in synch with the economy and motorcycle industry."-Statment from the management team, taken: Jan 5th 2010.
(2008-CURRENT)
{ references; http://www.titanmotorcycles.com (main website), http://www.titanmotorcycleco.com (canadian website), http://www.twitter.com/titancycleco (social media), http://www.betheboss.ca/Titan-Motorcycle-Business-Opportunity.cfm (business listing) }
{ references; http://www.titanmotorcycles.com (main website), http://www.titanmotorcycleco.com (canadian website), http://www.twitter.com/titancycleco (social media), http://www.betheboss.ca/Titan-Motorcycle-Business-Opportunity.cfm (business listing) }
References
- ^ a b "Titan Motorcycle CO of America".
- ^ Cyril Huze Blog (2007). "Titan Motors". Retrieved 2009-09-29.
{{cite web}}: Unknown parameter|month=ignored (help) - ^ Cyril Huze Blog (2008). "Titan Motors". Retrieved 2009-09-29.
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