That’s it for Ralliart, folks. The economy has claimed yet another victim. Ralliart announced that it will be closing shop effective April 1, 2010.

The drop in demand for Mitsubishi and the overall crash of the car market, however, has forced Ralliart to call it quits.

Fans of the Ralliart badge of Mitsubishi performance vehicles, however, need not weep as the Ralliart models slated in Mitsubishi’s lineup will endure the closure.

Ralliart was established by former racing driver Andrew Cowan as Andrew Cowan Motorsports in 1983. It forged a partnership with Mitsubishi building performance parts and tuning cars for motorsports.

Ralliart has served as Mitsubishi’s motorsport arm building epic machines that won the WRC and the Dakar rally.