lee Iacocca
Race Director
Joined: Apr 2015
Posts: 17,571
Likes: 3,460
From: Fresno California
I was working on a US Navy base in Norfolk about the time of the bailout. Nearly all at once, all of the military cars on the base became Chryslers. A "stealth" part of the bailout that occurred at a lot of military facilities apparently. I told myself at the time that I should buy Chrysler stock but like Duke, I was the bread winner working a blue collar job as the head of a one-income family...
Le Mans Master
Joined: Sep 2008
Posts: 5,662
Likes: 2,344
From: Lake Minnetonka, Mn
2018 C1 of Year Finalist
In general, automotive companies have been poor long term investments. While Chrysler dodged a bullet with Lee at the helm in the late '70s, the company revisited Chapter 7/11 bankruptcy in 1990. I remember--perhaps stupidly--buying their bonds at 60 cents on the dollar with a 11.5% coupon for clients during that period.. The company had done a massive buy back when the stock was in the mid $20s just months before which sucked up enormous amount of capital. The recession hit and they had to file a secondary to sell shares @ $10 to keep the company afloat. Buy at $26 and resell those shares to the public at almost single digits is not what they teach you at Wharton. Fortunately, the market came back and their LH cars were a big hit. Mercedes ended up buying them and ended up regretting that decision but shareholders did just fine.
Team Owner
Joined: Nov 2005
Posts: 28,232
Likes: 2,872
From: Beach & High Desert Southern California
Iacocca's book was a must read text of business sense and marketing in the 80's. He accomplished many things due to shear will power and refusing to give up.
In College my roommates and I would test drive all the new cars every fall, and shadow the MT COTY testing at Pomona. In the fall of 1982 the new C3 Camaro Z28 won the COTY, and we were surprised because the car was dead at the Pomona testing and never performed for recorded track times. It also rode the local freeways like a buckboard, a much harsher ride than the K-Car variants that won COTY in 1981. One roommate, James, wrote to Iacocca about the experience and included comparable praise for the K-Car. Surprisingly, Lee Iacocca sent a return letter that started years of correspondence. Iacocca had Chrysler help us with contacts to secure field trip tours for our College SAE chapter (to Shelby, GM Van Nuys, Dan Gurney AAR, Edelbrock, etc.). Iacocca also recruited my roommate as a car reviewer for Chrysler. James enjoyed several years of driving new Shelby GLH, GLHS, and CSX cars every six months, and in trade sent monthly reports to Chrysler, all started by Lee Iacocca responding to a College student's letter.
Le Mans Master
Joined: Feb 2012
Posts: 5,372
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From: Western Massachusetts
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Dan
Le Mans Master
Joined: Feb 2012
Posts: 5,372
Likes: 2,880
From: Western Massachusetts
2024 C2 of the Year Finalist - Unmodified
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Dan
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Melting Slicks
Joined: Apr 2002
Posts: 3,105
Likes: 2,367
From: Allison Park, PA
Lee Iaccoca was a ROCK STAR when he was @ Chrysler! I'm sure most of you have been in a casino at some point in your lives? . . . a place of constant commotion and noise 24/7/365? But, have you ever been in one that was so quiet that you could hear a pin drop? I have . . .
We were in Las Vegas in the fall of '92 for the Chrysler, Plymouth, Dodge, Jeep Dealer New Car Announcement Show (aka the Lee Iaccoca Retirement "Bash"). I took the elevator down to the lobby the first night to make my way to the banquet hall for the dealer/corporate dinner . . . and you had to walk right thru the casino to get there. As I stepped out of the elevator, I noticed that Lee and his entourage (his new wife, his 2 daughters, Carroll Shelby and his wife plus a few bodyguards) had just exited the elevator to my left and were @ 50 feet ahead of me and headed straight thru the casino. As he and his party entered the casino, the place just stopped!!! . . . the only thing you could hear was people whispering . . . "oh, my god, there's Lee Iaccoca" . . . it was eerie to say the least! Half way thru the casino the place erupted in thunderous applause for the guy . . . just the start of a very memorable night!
Tom
We were in Las Vegas in the fall of '92 for the Chrysler, Plymouth, Dodge, Jeep Dealer New Car Announcement Show (aka the Lee Iaccoca Retirement "Bash"). I took the elevator down to the lobby the first night to make my way to the banquet hall for the dealer/corporate dinner . . . and you had to walk right thru the casino to get there. As I stepped out of the elevator, I noticed that Lee and his entourage (his new wife, his 2 daughters, Carroll Shelby and his wife plus a few bodyguards) had just exited the elevator to my left and were @ 50 feet ahead of me and headed straight thru the casino. As he and his party entered the casino, the place just stopped!!! . . . the only thing you could hear was people whispering . . . "oh, my god, there's Lee Iaccoca" . . . it was eerie to say the least! Half way thru the casino the place erupted in thunderous applause for the guy . . . just the start of a very memorable night!
Tom
Team Owner
Joined: Oct 2000
Posts: 38,897
Likes: 1,926
From: Washington Michigan
Hardly know where to start - I'll rank Lee as the greatest motivator I've ever seen. When Chrysler head-huntered me out of GM in 1985 to put the program together that ultimately became the "LH" cars, I came in at the management level that entitled me to attend the quarterly Senior Management Meeting. In those days there wasn't a lot of good news financially (which impacted our bonuses In a big way), but when Lee came into the room and took the podium to open the meeting, within five minutes you could feel the electricity, and by the end of the meeting you could sense that everyone in the room was ready to take on wild animals if that's what it took to succeed. 
I flew exclusively on Company aircraft for the 16 years I was there (we had three or four Gulfstream IV's and V's), and flew on Lee's long-range G-V many times - his was a little different than the others, with polished Brazilian Rosewood and plush leather and gold plating everywhere, cloth napkins, sterling silver flatware and serving pieces, the finest crystal and china, and the finest wines. That was a great way to travel on plant launch reviews. Never knew anyone as inspiring (or as Imperious) as Lee Iacocca - he really knew what it took to keep things running at full throttle.
I flew exclusively on Company aircraft for the 16 years I was there (we had three or four Gulfstream IV's and V's), and flew on Lee's long-range G-V many times - his was a little different than the others, with polished Brazilian Rosewood and plush leather and gold plating everywhere, cloth napkins, sterling silver flatware and serving pieces, the finest crystal and china, and the finest wines. That was a great way to travel on plant launch reviews. Never knew anyone as inspiring (or as Imperious) as Lee Iacocca - he really knew what it took to keep things running at full throttle.
Le Mans Master
Joined: Feb 2012
Posts: 5,372
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From: Western Massachusetts
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No matter. Those who enjoy the raw unrepentant Helliphant power offered by Chrysler these days have only Lido to thank.
Dan
Last edited by dplotkin; Jul 4, 2019 at 09:19 AM.
