Word: chrysler
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Dates: during 1920-1929
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About three quarters of the purchasers of automobiles pay for them on credit over the course of the following year. The theoretical risk to the sellers has led progressive Walter P. Chrysler to adopt a plan whereby each purchaser of a Chrysler car will automatically receive a fire and theft insurance policy on it. The cost of the insurance is included in the price of the car. Thus not only is the owner protected, but also the maker. The idea has also appealed strongly to the General Motors Corporation, who are said to favor its adoption on their enormous output...
...many states, however, insurance companies are supervised by the state government, insurance salesmen are licensed. In New York State especially is this the case. Mr. Chrysler's plan leaves it to the automobile salesmen indirectly to sell insurance, thus cutting into business formerly sought and held by licensed local companies. The practice also nullifies the power of state insurance supervisors. Accordingly, in New York State, both the State Superintendent of Insurance and the local insurance companies are up in arms against Mr. Chrysler's scheme...
There is nothing complacent about Walter P. Chrysler, super-mechanic. Fame and a fabulous salary were his when he boomed the Buick. He straightway proceeded to crank up Willys-Overland. Then he steered Maxwell and Chalmers around a parlous financial corner. Next he put his name on 32,000 little winged bullets-Chrysler Sixes-and sent them flying through the land...
...Maxwell people, still his empoyers, were so impressed, and enriched, that they readily agreed to transform themselves, their properties and assets, into a new Chrysler Motor Corporation (TIME, Apr. 20). Last week, this transformation was consummated. The Chrysler Motor Corporation promptly declared a $4 dividend on its Preferred A, and two full pages in The Saturday Evening Post (at cost of $14,000) announced a further exploit of Walter P. Chrysler...
This exploit was to be, of course, a four-cylinder car to roll into the little shoes of the late Maxwell. The Chrysler touring car was advertised at $895, the coupé at $995, the sedan at $1,095, the "coach" at $1,045. The newcomer would have to compete with the Overland, Dodge, Essex, Oldsmobile, Hupmobile just as its older brother had competed with the Buick, Jordan, Reo, Studebaker, Rickenbacker, Hudson, Nash, Willys-Knight. But in this it would be aided, not only by its Maxwell legacy, but by the older brother's reputation. The promises...