Word: romney
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Dates: during 1950-1959
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American Motors President George Romney, who has staked the future of his company on the small car, last week raked in a fat pot. In the first quarter (which ended Dec. 31) of its current fiscal year, American Motors had a net profit of $4,948,736 v. a loss of $2,994,613 in the same period a year ago. The first quarterly profit in two years was due to the upsurge in Rambler sales, which rose 35% over last year's first quarter as production climbed to 41,492 cars...
Output in the first quarter of 1958, said Romney, is scheduled at a higher rate than in the last quarter and well above the rate a year ago, even though other automakers are still trimming production to bring it in line with sales. Romney does not expect the quarterly earnings of 89? a share to continue for the whole fiscal year because the company will have to charge off heavy expenses for vacations, model changeovers, etc. in its fourth quarter, which ends Sept. 30. But he expects a "substantial profit" for the year...
...fervent campaign to sell the small car to the U.S., Romney has missed no chance to trumpet his cause. Last week he got another chance-at the expense of New York City's Mayor Robert Wagner. The mayor sternly called on Detroit to quit making cars bigger, and in letters to carmakers decried the "continuing burdens" that big cars are placing on cities. In the same space, parking lots can handle 15% fewer cars than ten years ago, said he, while prewar garages handle 40% less...
...reissue of the first economical (up to 35 miles per gallon) five-passenger, two-door Rambler sedan introduced in 1951, dropped by 1956. Plain and simple, the 90-h.p. American even comes with a do-it-yourself instruction book to cut repair bills. American Motors' President George Romney says it will compete directly with the $1,795 Studebaker-Packard Scotsman and foreign cars, will have "the lowest advertised delivered price of any automobile built...
American Motors President George Romney also had reservations about 1958. He noted that industry sales for the first two months of the 1958 models are running at an annual rate of only 5,800,000, but he still had hopes for a 6,000,000 year. The reason U.S. auto sales have leveled off for the past few years, said Romney-with a bow to his hot-selling little Rambler-is that the automobile industry as a whole has ignored "fundamental changes occurring in automobile use and demand," i.e., the increased popularity of smaller, more compact cars...