He guarantees it 

Whatever happened to...
Lee Iacocca

These days you can find Lee Iacocca — or at least a picture of him — leaning back in cyberspace, jacket slung over the back of his chair, hands behind his head, confident salesman’s smile on his lips. “Find the equipment you need here, I guarantee it,” he’s quoted as saying, as he solicits your bid at Online Asset Exchange! That’s where you can pick up a used Roberts Vertical 8 Stage Indexing Broach Machine or a Traub CNC Turning Lathe Model TND-360 or similar goodies from a reported inventory worth $12 billion. You can snap these up at a live, Web-only auction, no less.

Not that being the only board member pictured at Online Asset’s site is enough to keep Lido busy, even at age 77. He’s also peddling an electric-muscle power hybrid bicycle, the E-bike (starting price $995), and probably trying to forget such less-successful, post-Chrysler ventures as the Koo Koo Roo fast-food chicken chain.

Now, while we try not to overanalyze the results of the Best Of Detroit contest, we can’t help but thinking that curiosity about Ol’ Lee is directly related to the sad fate of the company he once saved. Iacocca’s crowning acts of salesmanship were: 1) Persuading Congress and the president to pony up a $1.5 billion bailout package to save Chrysler from bankruptcy in 1979; and 2) selling the company’s products to wary consumers with his personal guarantee.

But that was before presiding over another downhill Chrysler slide before his 1992 exit. And before his role in a failed takeover bid that drove the company into the warm, protective arms of Daimler-Benz, as Bill Vlasic and Bradley A. Stertz recount in Taken for a Ride. And we’re still finding out how far downhill that road goes.

We welcome readers to submit letters regarding articles and content in Detroit Metro Times. Letters should be a minimum of 150 words, refer to content that has appeared on Detroit Metro Times, and must include the writer's full name, address, and phone number for verification purposes. No attachments will be considered. Writers of letters selected for publication will be notified via email. Letters may be edited and shortened for space.

Email us at letters@metrotimes.com.

Detroit Metro Times works for you, and your support is essential.

Our small but mighty local team works tirelessly to bring you high-quality, uncensored news and cultural coverage of Detroit and beyond.

Unlike many newspapers, ours is free – and we'd like to keep it that way, because we believe, now more than ever, everyone deserves access to accurate, independent coverage of their community.

Whether it's a one-time acknowledgement of this article or an ongoing pledge, your support helps keep Detroit's true free press free.

Read the Digital Print Issue

April 14, 2021

View more issues


Never miss a beat

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.

Best Things to Do In Detroit

© 2021 Detroit Metro Times - Contact Us

Website powered by Foundation