Word: omni
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Dates: during 1970-1979
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...been showing big veins of pyrite lately. First came the fall from grace of Famous Local Banker Bert Lance. In February a group of banks headed by Manhattan's Morgan Guaranty Trust Co. announced one of the biggest foreclosures in U.S. history; it prepared to take over the Omni, a glittering Atlanta complex of offices, swank shops, hotel and ice rink, because the Omni's owners were failing to pay off $90 million in debts. And last week Richard Kattel, boy-wonder chairman of Georgia's largest bank, Citizens and Southern National (assets: $3.5 billion), quit...
Chrysler started the model-year with only one new name plate and wound up 1977 with about 10% of the market, its lowest share since the early '60s. But the company has high hopes for its Omni compact, which made its debut last week. At a list of $3,706, the Omni is Detroit's first front-wheel-drive car with a transverse engine, and has earned Motor Trend magazine's "car of the year" award, which is usually a boost for sales...
...buyers seem to be showing solid interest in the subcompact Omni and its nearly identical (except for trim) Horizon sibling. Chrysler hopes that brisk orders will make up for a turndown in sales for its compact Aspen and Volare models. At 30 m.p.g., the Omni and Horizon exceed federal fuel economy standards for 1985, thus putting Chrysler in a good position for taking direct aim at Japanese competition (Toyota, Datsun) and Volkswagen's Rabbit, which will begin rolling off a VW-built assembly line in Pennsylvania in April...
...executives are the most bullish of all. Says Executive Vice President R.K. Brown: "In five years, when the entire industry will have spent $50 billion to rebuild an entire new fleet of cars for the North American public, people will look back and say it all started with Omni and Horizon." These are two snappy, speedy, lightweight cars that Chrysler is now showing off to the press, and will put on sale in mid-January...
...Rabbit, whose sales are booming. GM's current entry in this field, the trim little Chevette (base price: $3,225, v. $3,499 for a Rabbit), was introduced in 1975, but Chrysler now plans to follow with the country's first front-wheel-drive subcompacts, the Dodge Omni and Plymouth Horizon. Ford, too, will offer a front-wheel-drive subcompact, the Fiesta, though the car will be built by Ford subsidiaries in Europe and shipped to the U.S. American Motors' entry in the subcompact field will be the Concord, a shorter, lighter version of the Hornet, which...