October 23, 2019
Posted By : Barrett-Jackson
Written By : independent automotive journalist Steve Statham

REMEMBERING LEE IACOCCA, 1924-2019

REMEMBERING LEE IACOCCA, 1924-2019

October 23, 2019
Posted by Barrett-Jackson

Written by independent automotive journalist Steve Statham

Lee Iacocca with the 2009 Iacocca Edition Mustang, VIN 001.

Lee Iacocca with the 2009 Iacocca Edition Mustang, VIN 001.

As President of Ford and then CEO of Chrysler, Lee Iacocca exercised enormous influence on the American auto industry

The automotive industry lost one of its 20th-century giants on July 2 when Lee Iacocca passed away at the age of 94. One of the few auto executives to achieve star status, at the height of his career he was a household name. His autobiography was a bestseller when it was released in 1984, and generations of Americans drove cars he shepherded to production.

Iacocca spent almost his entire working life in the auto industry. He was hired by Ford Motor Company right out of college and worked his way up through the ranks. Even though Iacocca earned a master’s degree in industrial engineering, his true talent wasn’t as an engineer, stylist or number-cruncher. He was at heart a salesman with an unerring knack for anticipating what the public would want ‒ and finding a way to give it to them.

His first brush with fame came on the heels of the introduction of the Ford Mustang. As vice president and general manager of the Ford Division, he had led the group inside Ford laboring to create a sporty car that would appeal to a baby boom generation that was just coming of age.

It was Iacocca who introduced the Mustang at the 1964 World’s Fair in New York. Iacocca and the Mustang were featured on the covers of both Time and Newsweek, the leading news periodicals of the day. He was given the nickname “Father of the Mustang.” In its first year, the Mustang broke the sales record for a new Ford product launch and generated enormous profits. It also became a part of the American cultural landscape.

His legacy at Ford extended beyond just the Mustang. He was the driving force behind the Lincoln Mark III, which revived the Lincoln division’s fortunes. He also guided the Pinto into production, which sold well, although it ultimately was a black mark the company’s safety reputation.

Barrett-Jackson CEO Craig Jackson and President Steve Davis with Lee Iacocca in 2010.

Barrett-Jackson CEO Craig Jackson and President Steve Davis with Lee Iacocca in 2010.

In 1970 Iacocca was named president of Ford Motor Company. He had a tumultuous relationship with Henry Ford II, and, despite his successes, was fired in 1978. He joined Chrysler Corporation almost immediately thereafter, and was named CEO just in time to secure government loan guarantees to keep the company out of bankruptcy

At the helm of Chrysler, he pushed front-wheel-drive K-cars and turbochargers, and gave us a whole new category of automobile: the minivan. He also spearheaded the acquisition of AMC, thus adding the Jeep brand to the company’s portfolio. Iacocca was not just the CEO of Chrysler, but the face of the company, appearing in many of its TV commercials throughout the 1980s. He left the company in 1992.

Even in retirement Iacocca was an active force in the car collector hobby. In 2006 he created the Lee Iacocca Award to honor “the most-committed classic car collectors and restorers” while raising funds for the Iacocca Family Foundation for Type 1 diabetes research. In 2010, Barrett-Jackson Auction Company Chairman and CEO Craig Jackson and President Steve Davis were named as recipients of the Iacocca award, presented to them “for dedication to excellence in perpetuating an American automotive tradition.”

In 2009 Iacocca worked with a team of customizers to create the Iacocca Silver 45th Anniversary Mustang, and later that year the fifth of the 45 Anniversary Editions built was auctioned off by Barrett-Jackson. Iacocca attended a number of the Barrett-Jackson auctions over the years and was always full of praise for the efforts he’d witness that celebrate the collector car hobby.

“Lee’s impact on the automotive world is simply immeasurable,” says Craig Jackson, chairman and CEO of Barrett-Jackson. “His tenacity, innovative spirit and ability to connect with leaders and enthusiasts is what led him to become one of the most respected leaders in our industry. It was my good fortune to have crossed paths with Lee multiple times during his career. He was always the consummate gentleman – quick with a kind word and gracious with his time. I’m grateful to have known him and join with the rest of the community in honoring his legacy.”

Iacocca’s influence is still being felt in the collector car world. Ford built a number of desirable Mustangs, but one of the most coveted was “Little Red,” the prototype of a Shelby GT500 hardtop coupe. It was the only Shelby GT500 coupe built, and the only 1967 Mustang coupe factory equipped with a 428 engine. It was never put into production, but its styling eventually became a blueprint for the 1968 Mustang California Special.

Little Red was considered lost for decades, until Craig Jackson and Jason Billups located the car in Texas in 2018. It is currently part of Jackson’s extensive collection of important Shelbys while it is being restored, and is one more spectacular testament to the legacy that Lee Iacocca leaves behind.

Heritage Partners