Former colleagues say ex-Chrysler CEO Lee Iacocca has died at age 94 in Bel Air, California.
DETROIT — Lee Iacocca, the auto executive and master pitchman who put the Mustang in Ford’s lineup in the 1960s and became a corporate folk hero when he resurrected Chrysler 20 years later, has died in Bel Air, California. He was 94.
The son of Italian immigrants, Iacocca reached a level of celebrity matched by few auto moguls. During the peak of his popularity in the ‘80s, he was famous for his TV ads and catchy tagline: “If you can find a better car, buy it!” He wrote two best-selling books and was courted as a potential presidential candidate.
When the banks turned him down, Iacocca and the United Auto Workers union helped persuade the government to approve $1.5 billion in loan guarantees that kept the No. 3 domestic automaker afloat. The strategy worked. The boxy K-cars — the Dodge Aries and Plymouth Reliant — were bland, basic transportation. But they were affordable, fuel-efficient and had room for six. In 1981, they captured 20% of the market for compact cars. In 1983, Chrysler paid back its government loans, with interest, seven years early.
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