Saleen formed Saleen Autosport in 1983 and set to building the first Saleen Mustang, equipped with special
aerodynamic, suspension and handling packages and a completely
redesigned interior. The car was completed in 1984 and was immediately tested against the world’s top sports cars with great success, finishing first in its class at the Mosport 24-hour race that year.
In 1995, Saleen formed a race team with comedian Tim Allen and fellow race driver Bob Bondurant, called Saleen/Allen "RRR" Speedlab (the name "RRR" was a play on Allen's "arr arr arr" grunt which had become his trademark in both stand-up comedy and on his television show, Home Improvement). The team raced Saleen Mustangs in the SCCA World Challenge, with Saleen and Allen themselves as the drivers.
In March 2007 Steve Saleen resigned from Saleen, Inc. the company he founded in 1984, to pursue other business opportunities in the automotive sector.On March 13, 2008 Steve Saleen announced the formation of “SMS Supercars”,