Thursday, September 27, 2012


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Lee Iacocca, born Lido Iacocca on October fifteenth 14, was the son of

an Italian immigrant named Nicola Iacocca. He had one sister named

Antonette. The family lived in Allentown, Pennsylvania. His father was

some what of an entrepreneur in the food service industry. The family

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business was called the Orpheum Weiner House in Allentown, Pennsylvania.

The company is still standing today, operating under the name Yoccos,

his uncles are still making hot dogs for the public. Growing up in

Allentown was difficult for Lee, because of his ethnic background.

Allentown was primarily made up of Dutch immigrants. In his early years

of education he was ridiculed for his heritage. An his senior year in

high school Lee came down with rheumatic fever. He had a harsh bout with

the disease because there was no modern medicine to aid in the recovery.

In 141 during the World War he was very excited about joining the

military. Ironically, the illness that had almost killed him, saved him

from going to war. Most of his classmates that joined the service had

been killed over-seas and abroad. For college Lee chose Lehigh University

for its engineering program, although he wanted to go to Purdue, he did

not get a scholarship. Lehigh University was one of the sights that Ford

Motor Company used to recruit new employees. He was able to secure a

place in the Ford training program, it was difficult for him to get

admission but he survived. During his time in the training program Lee

had become less interested in the engineering aspect of the business and

more in sales. He dropped out of the program to pursue areas in sales

with the Ford Corporation. During his time at Ford Lee Iacocca came out

with several very innovative purchasing concepts. One concept was the 56

for 56 payment plan. This payment plan would allowed the consumer to

purchase a new Ford vehicle with a twenty percent down payment and a $56

monthly payment until the vehicle was paid off. This was one of the first

payment plans that was structured to be affordable for the consumer. The

system was responsible for selling over seven hundred fifty thousand

vehicle in 156. Although his career with the Ford Motor Company was

extensive, all that would come to an end with the production of one

vehicle the Pinto. After Ford was able to settle law suits over the

compact car for explosive reasons, (the Pinto was noted for exploding from

rear end collisions), they recalled over a million and a half Pintos.

This was June of 178, one month before Lee was fired. In 17 Lee

Iacocca was employed with the Chrysler Corporation. Within his first few

month there he had seen Chrysler cancel production of over sixty thousand

cars. After a short period of time he found out there were no dealers to

sell cars for them. Their inventory was bulging because of cars that were

made with no destination. These vehicles were part of Chryslers sales

bank. It was a large inventory of cars that were manufactured only to

keep plants running. One of his first ideas was to get rid of the

sales bank. He put pressure on all local dealers to empty the inventory.

He made the dealers take up the slack so he could implement a just in time

form of inventory. They would be manufacture specific orders so no

capital would be wasted. Another problem with Chrysler was they were

leasing vehicles to rental agencies instead of selling to them. Chrysler

had been running the worlds largest leasing company. Every six months

they would buy them back. The new car dealers wanted nothing to do with

the rented cars. With this policy in effect, Chrysler also made itself

the worlds largest used car broker. In late 17, early 180 Chrysler had

wrote off almost 88 million dollars in used car losses. Between the

inventory problem and the leasing issue, Chryslers loss was in the five

hundred million dollar range. The next item was the staff. He needed

to replace over thirty five stop level managers, and replace then with

people that knew what they were doing. With over twenty years of

experience with Ford it was clear were the replacements would come from.

Sales continued to drop steadily until the creation of the K car. These

were compact vehicles that would put Chrysler back in the market place or

finish them off. The present problem was that Chrysler had such a large

debit already with no fresh capital. Through the help of government loans

and an improving economy Chrysler was able to save itself. By giving more

of the market share Chrysler was on the way to recovery. Presently the

corporation holds a very large piece of the market from large trucks to

compact vehicles. Lee Iacocca was able to save a failing company by

establishing a competent management team, cutting production runs of

vehicles without destinations and arranging guaranteed loans from the

Federal Government during an uncertain time. Interest rates were very

high and the customer base was low. He had an extensive amount of fore

thought by staying with the firm. His guidance was able to save and

American corporation. With the successful turn around of the Chrysler

Corporation there was a lot of gossip and allegations that Lee would be

seeking a political career. In 18 he signed a three year contract with

Chrysler to close his career. In 186 he retired from the car

manufacturing industry completely. In my opinion Lee Iacocca was

blackballed from one of the worlds largest auto manufactures, then was

placed in charge of a company that had little chance of survival in the

present economy. He turned the struggling company around and repaid all

debits owed by the Chrysler Corporation. There is one phrase he also said

that will be remembered for years to come, If you can find a better car,

buy it.

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