Word: romneys
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Dates: during 1950-1959
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American Motors' President George Romney, testifying in Washington, expressed some other ideas on the state of the auto market. "Sales in 1955 exceeded the level justified by the economy," said Romney, and the industry now had to "pay the price" for borrowing from the future. The industry is also paying for "deteriorating market practices . . . price 'pack,' finance 'pack,' absurd, indefensible credit, misleading advertising, overproduction." But, added Romney, there was no need for Government intervention; the automobile industry would straighten itself...
...boss of the biggest independant automaker, American Motors' President George Romney believes that that only way to compete with the Big Three is to make a car that they do not have. That car: the Rambler. Due in Nash and Hudson dealers' showrooms this week is the completely redesigned 1956 Rambler, with lower body lines, a 108-in. wheelbase (v. about 115 in. for Ford and Chevvy), and a bigger engine (120 h.p. v. 90 h.p. last year) that will still get as much as 30 miles a gallon. Tok make the Rambler distinctive, as well as stronger...
...Rambler, Romney is virtually staking the future of American Motors. He has already put $21 million into retooling for the '56 models (64% of the years' budget for improving company products), therby boosted production capacity 60% to 800 cars daily. In '56, three-fifths of all the cars American rolls off the assembly lines will be Ramblers...
...Challenger. Back of the gamble is Romney's conviction that the trend is toward a smaller car-especially for a second car. His competitors agree that cars may not get bigger, but do think that a smaller car will go over. Romney stands unshaken. He has crusaded against the "big, gas-guzzling dinosaurs," even though he admits: "We make them too." In fact, Hudson production for 1955 rose 30% to an estimated 24,700, and Nash 46% to about 43,300. But the big seller is the Rambler. Sales jumped 161% to 87,600 cars. One good sign that...
ReDisCo, the wholly-owned finance company with an annual volume of more than $100 million, was thriving, and the Kel-vinator and Leonard appliance lines were booming. Says Romney: "Our appliance business is up 30% this year." For the entire company, he is hopeful about the future. Though he expects to lose money m 1956's first fiscal quarter, he expects to go in the black in the second, stay there and show a profit for the year...