The Man Who Saved Chrysler - Lee Iacocca | The Bad Blonde Car History The man who saved Chrysler, who saw the future of Jeep, the guy who knew the mini-van would be a sensation… The man, the myth, the legend, Lee Iaccoca. Iacocca is an icon in the modern automotive arena. The car world would look vastly different if he hadn’t landed Chrysler a loan, or talked ol’ Henry Ford II into producing the Mustang, and or also being the lone executive to see the potential in the Jeep brand, or even getting the mini-van into production. Let’s start from the beginning, born to Italian immigrant parents who came to the States pursuing the American Dream. Lee was born Lido Anthony Iacocca in the steel plant region of Lehigh Valley. Iacocca would have another formative job experience during this time period working U-Drive-It, one of the first car rental company in the US. Most of their inventory was Ford and that is were is love of Ford began. From Princeton, Lee had already verbally secured a position for himself at Ford’s engineering program, he didn’t want to head to Dearborn before he graduated, BUT he didn’t get that offer in writing. By the time he graduated the Ford Exec was drafted in the military (they didn’t have email chains as evidence back then).. And Ford had filled all 50 positions. That was not to stop Lee, he convinced Ford to let him in and they agreed he could be the 51st candidate IF he could make it to Dearborn for orientation which he barely was able to do so. From there he would begin his career at the Ford Motor Company in 1946 as an engineer but it would be clear his talents went far beyond engineering and he knew it. It wasn’t long till Lee asked to be moved from engineering to the sales and marketing department. Lee’s big dream was to be president of Ford. Within ten years Lee would mastermind the “56 for 56” campaign marketing campaign that would gain him national recognition. Essentially, offering loans on 1956 model year cars with a 20% down payment and $56 in monthly payments for three years. It was soo successful that Ford made it a national campaign. It was that campaign that caught Dearborn headquarter’s attention and soon Lee would be moving up the ranks at Ford headquarters. Getting him closer and closer to his goal of becoming president of Ford Four very quick years later, in 1960 Iaccoca would be named Vice-President and General Manager of the Ford Division. Under his leadership we would see come to fruition the Ford Mustang, the Continental Mark III, and the Ford Escort. The Ford Mustang was a major success. Iacocca planned the timing of the hip-styled and low-cost Mustang with the coming of driving age of baby boomers. Within two years of it’s launch, the Mustang would hit one million cars sold. It is the fifth-best-selling Ford nameplate. Soon Iacocca’s time at Ford would come to an end and bright beginning at Chrysler would form. You see, Chrysler, even though in financial peril, had been pursuing Lee and they would get him. Just a year into his leadership at Chrysler, Lee realized that without a jolt of cash into the company they would go bankrupt and with that he approached the United States Congress for a loan guarantee. With the loan, Chrysler was required to reduce costs and abandon a few lingering projects.. Fresh cash in their pockets, Chrysler would being releasing the first cars in the K-Car series.. Many of you have heard of K-car series? Yes, because it and Lee saved Chrysler. Iacocca believed that part of Chrysler’s failing was due to the vast number of parts in inventory and the difficulty of building so man different vehicle versions. With his departure from Ford, Lee brought another little project with him.. the “mini-max”.. An idea and project that Henry Ford II disliked wholeheartedly The mini-van would go on to lead the automobile industry in sales for 25 years. Because of the K-car and mini-vans serious success, Chrysler would pay the government backed loans seven years before expected. In 1987, Iacocca would lead the acquisition of AMC of which Iacocca was primarily chasing the nearly finished Jeep Grand Cherokee. Though the Cherokee would not be released until 1992 the same year of Lee Iacocca’s retirement. Iacocca had a lot of plates spinning, aside from pulling Chrysler through near bankruptcy, he also served on the board of MGM grand, founded an E-bike company, and created the Olivio Premuim Products company that has it’s olive oil in your grocery store today. He was also a philanthropist, as already mentioned heavily into helping type 1 diabetes research, of which he donated all profits from his olive oil company to. He headed the raising of funds for the statue of liberty. Now imagine this… Lee Iacocca almost ran for present in 1988. In his book “where have all the leaders gone?” Lee Iacocca said he thought hard about it but was talked out of running by Tip O’neil.. According to polls of the day, he had a realistic chance of taking the win.