Word: compacter
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...American Motors unveiled its first compact convertible at its 1961 auto preview last week, President George Romney announced another innovation that rattled the U.S. auto industry. In a direct challenge to one of Detroit's most hallowed traditions, American Motors will make no more annual model changes in its hot-selling (26% of Rambler sales) Rambler American, which has been restyled for 1961. Romney, also promised no ''abrupt or whimsical" changes in other models...
...longer, require less maintenance cost; with more two-and three-car families, the depreciation costs run so high that owners keep their cars longer. Result: auto volume is "geared more closely to scrappage rates, population increases and the growth of the economy as a whole." The prophet of the compact car, Romney also predicted that in the 1961 model year, compacts will account for half of all new car sales - and that Rambler's 1961 sales will jump more than 26%. "The era of the dinosaur* in the auto business is drawing to a close," he said...
...CORVAIR COMPACT BUS will be introduced by Chevrolet this fall to compete with Volkswagen's junior-sized bus, selling at the rate of 36,000 annually in U.S. this year. To be called the Greenbrier, the six-cylinder Chevrolet bus will closely resemble the Volkswagen in appearance, sell for about...
...suit also charges Chrysler's directors with making "extravagant and wasteful deals," e.g., for the marketing of the Simca French compact, a deal made, say the three stockholders, on "terms so disadvantageous that Chrysler has lost over $10 million." While swivel chairs spun in the law offices of Chrysler's attorneys, the word from the company's beleaguered executive suites was: "No comment...
...Compact Pangs. U.S. motorists found the new compacts just their size, and auto sales boomed. G.M. racked up an alltime record for the industry in the first half, with sales of $7.1 billion, earnings of $2.15 per share v. $2.08 in the first half of 1959. Though Chrysler's first-half sales were up 14% to $1.75 billion, earnings thudded from 1959's $6.65 per share to $2.69. The principal reason, explained Chrysler Chairman Lester Lum ("Tex") Colbert, who was also deep in other troubles (see below), was "lower profit margins on the economy-type cars." Ford felt...