Lee Iacocca :: essays research papers

Lee IacoccaLee Iacocca, born Lido Iacocca on October fifteenth 1924, was the son ofan Italian immigrant named Nicola Iacocca. He had one sister named Antonette.The family lived in Allentown, Pennsylvania. His father was some what of anentrepreneur in the food service industry. The family business was called theOrpheum Weiner House in Allentown, Pennsylvania.     The company is still rest today, operating under the name Yoccos,his uncles are still making hot dogs for the public. Growing up in Allentownwas difficult for Lee, because of his ethnic background. Allentown wasprimarily made up of Dutch immigrants. In his early years of education he wasridiculed for his heritage. An his senior year in high school Lee came downwith rheumatic fever. He had a harsh bout with the disease because there was nomodern medicine to aid in the reco truly. In 1941 during the World War he wasvery excited about joining the military. Ironically, the illness that had almostkilled him, saved him from going to war. Most of his classmates that joined theservice had been killed over-seas and abroad. For college Lee chose LehighUniversity for its engineering program, although he wanted to go to Purdue, hedid not get a scholarship. Lehigh University was one of the sights that traverseMotor Company used to recruit new employees. He was able to secure a place inthe fording training program, it was difficult for him to get admission but hesurvived. During his time in the training program Lee had set about lessinterested in the engineering aspect of the business and more in sales. Hedropped out of the program to pursue areas in sales with the Ford Corporation.During his time at Ford Lee Iacocca came out with several very innovativepurchasing concepts. One concept was the 56 for 56 defrayment plan. This remunerationplan would allowed the consumer to purchase a new Ford vehicle with a twentypercent down payment and a $56 monthly payment until the vehicle was paid off.Thi s was one of the first payment plans that was structured to be affordable forthe consumer. The system was responsible for selling over seven hundred cubic decimeterthousand vehicle in 1956. Although his career with the Ford Motor Company wasextensive, all that would come to an end with the production of one vehicle the"Pinto". After Ford was able to settle law suits over the compact car forexplosive reasons, (the Pinto was noted for exploding from rear end collisions),they recalled over a million and a one-half Pintos.