Automotive History: George Romney At Nash/Rambler/AMC (1947-1962) – Unflinching Vision and Determination To Take On The Big Three Dinosaurs With Compacts

My recent tome on how Rambler survived the 50s focused on the cars, statistics and some commonly accepted snippets of Nash/Rambler/AMC history. It didn’t adequately delve into the key player that made it happen, George Romney, as well as many important details of the history of Nash/Rambler/AMC during the years he was there. Romney was arguably the best automotive CEO of the era; his vision, determination, salesmanship and solid judgment were instrumental to the company’s survival during the crisis of the mid-’50s and the spectacular success in the latter years of his tenure.

The book “George Romney – An American Life” by Patrick Foster, provides the key source for this overview of Romney’s career at Nash/AMC. It not only fills in a lot of gaps, but also debunks some commonly-regurgitated “facts” and assumptions. I’m going to share those here in a condensed version, although I do recommend the book, not only for the AMC era but as an excellent portrait of Romney’s life.

Romney had been the president of the AMA (Automobile Manufacturers Association) since 1939. His intelligence, political, organizational and persuasive skills were put to good use there, but by 1948, he was feeling restless. He felt something bigger was out there waiting for him. Word got out that he was available.

His first offer came from Packard, and a very appealing one it was, for 40-year-old Romney: a fat $50k per year for the first two years as Executive VP, after which he’d become President and CEO with a large increase in salary. It was a very tempting offer, as Packard was of course still a very solid and prestigious company at that time. After some consideration (and prayer) he decided to accept it. President of Packard in two years, at the age of at 42? It sounded mighty good, if a bit ambitious.

Before formally doing that he needed to resign from the AMA, whose current chairman was George Mason, Chairman, CEO and President of Nash-Kelvinator. When Mason heard from Romney, he convinced him to hold off and discuss a counter-proposal to come to work for him instead.

Mason had done an excellent job of stabilizing Nash after the Depression, and had brought Kelvinator along with him as part of the deal to take leadership at Nash. Mason had ambitious plans for the post-war era, to increase production to some 360k and 1.1 million appliances per year. N-K also had an excellent export operation, and several assembly plants outside of its main factory in Kenosha. It was well situated after the end of the war.

Mason showed Romney prototypes of the 1949 Airflyte cars, which were very ambitious, with their radical streamlining and other features. But what really impressed Romney was a prototype of the upcoming 100″ wheelbase 1950 smaller car—the future Rambler—not yet named. Romney had just absorbed the contents of AMA’s recent in-depth analysis of the use patterns of American car owners, and it pointed to significant changes: As Americans rapidly moved to the suburbs, average trip lengths were becoming shorter, as many frequent trips were being made to the store, school, etc., which had previously not been undertaken by cars. This pointed out that second cars were going to become inevitable, as women were not going to be able to function without a car.

Romney felt strongly that these women were going to prefer a smaller car, for obvious reasons of parking, ease of handling and fuel economy. The 100″ wheelbase prototype that Mason showed him made a deep impression on him: this was the car of the future, a new category between the little imports and big American cars, one he could really get behind.

Mason’s offer to Romney was not nearly as financially attractive: He would have to spend two years learning the automobile and appliance business inside-out as Mason’s assistant, at $30k per year. After that he would likely become a VP, but no guarantees. Romney did some difficult soul-searching and decided to accept Mason’s offer, as he felt that the timetable at Packard was too ambitious, given his lack of experience. He also just preferred Mason, who was intelligent, hard-working, warm, and had the highest ethics. Mason had vision, unlike Packard, whose management was dominated by lots of old men seemingly trying to relive the glory years of the fading company.

Mason’s vision included a merger of some of the key independents as well as some parts makers, in order to create the scale and efficiencies necessary to compete with the Big Three. He had already sounded out Hudson and Packard back in 1946 in an effort to create the “Big Fourth”, but since both were doing well at the time, he was turned down.

Romney threw himself into his two year apprenticeship, putting on overalls at times, working in all aspects of appliance and automobile production. Romney had worked hard physically starting as a young boy and was not afraid to get his hands dirty. Not only did he learn all the technical aspects, but in the process also discovered that communications in the company were poor, and that the union situation, particularly at the Kelvinator factory, was very dysfunctional. Supervisors were in the union, so there was no actual supervision. There was rampant abuse of company paid time for crap and card games, and small businesses were being run right out of the factory floor, all on company time.  Productivity was falling fast, hurting Kelvinator’s profitability. Mason was spread too thin to properly manage the large company.

In February 1950, Romney became a VP, but still without a specific portfolio, handling various assignments that Mason delegated to him. Around this time, the new 100″ wb Rambler premiered, which Romney had wanted to name “Diplomat”, but was outvoted. Shortages of various parts and materials factored into the decision to limit production only to high end body styles and trim levels, and priced accordingly. The Rambler was well-met, and established its image as a cut (or two) above the typical lower-end of the market, never mind the cheapest cars on the market. It sold well to women and wealthier buyers as a second car. The model range was expanded to include a wagon and in 1951, a two-door hardtop.

Romney tackled the very difficult problem with the union at Kelvinator by appealing directly to the workers, telling them that the plant was imperiled by its inefficiency. One of Romney’s superpowers was his persuasiveness; he was at his best trying to convince others of the right thing, whether that was changing union control of supervisors, selling America’s consumers on the advantages of the compact Rambler, or convincing financiers that AMC had a future. No wonder he ended up in politics. After a months-long campaign that included over 60 letters to workers, the foremen agreed to withdraw from the union. It would be the first of many difficult but successful union battles, always won through persuasion rather than ultimatums and strikes.

In late 1953, Mason and Romney reached a preliminary agreement with Hudson, which was now in deep financial crisis. While that agreement was being hashed out by the respective boards, Mason had Romney approach Packard about creating a three-way merger. It was a solid plan, as Nash and Packard were still in good financial health, and ailing Hudson had a large dealer network, instrumental to expanding Rambler’s reach.

As an alternative to full mergers, Romney had also put forth what would be called an alliance today, with major reciprocal buying and selling of parts and components to each other, to achieve necessary scale. This “reciprocity concept” was seen as an essential fallback in lieu of a full merger.

The talks with Packard quickly hit a major obstacle: James Nance (above) had been hired as Packard’s president, also from the appliance industry (GE’s Hotpoint division). He demanded that he be named CEO of the newly merged company, despite his lack of automotive industry experience. Mason simply wouldn’t accept that.

The commonly-held (and oft repeated) myth that Mason also wanted to bring Studebaker into a four-way merger is also refuted. According to Romney “I was in on all the merger discussions and there were no talks with Studebaker”. Mason was not interested in Studebaker for quite practical and obvious reasons: Studebaker had the highest labor costs in the industry, and they were solidly entrenched in South Bend, Indiana, which would have posed a major logistical problem in any consolidation of production.  Studebaker was seen as too directly competitive to Nash and Rambler, and Studebaker’s narrow BOF body construction meant there was little or no possibility for sharing a body shell with the significantly larger and wider big unibody Nash and Hudson.

Mason and Romney appear to not have been very enamored of Studebaker all-round, considered Nash’s unibody construction to be superior, and that their engineering priorities, such as world-leading HVAC and other comfort aspects (reclining seats, etc.) were more market-oriented than Studebaker’s priorities. Even Raymond Loewy, Studebaker’s design consultant, was frustrated by Studebaker’s management and their unwillingness to make their dull and drab interiors more contemporary. He was told by management that “Studebakers are bought by old and retired men“.  That’s about the polar opposite of Rambler’s target demographic. It’s perhaps best summed up by saying that Studebaker was from Mars, Nash was from Venus.

In 1953, Henry Ford II decided to go nuclear, and launched an all-out volume battle with Chevrolet, vowing to outsell them or kill the company trying. Neither of those two things happened, but the collateral damage to the independents was absolutely deadly. It might have well been Henry’s war on the independents. Ford and Chevy cranked up their recently expanded production plants and flooded the market with heavily discounted cars. The independents, which already had higher prices (and costs) to start with, were now in an existential crisis, one that would last for some four years.

A.E. Barit, retired Hudson president, Mason and Romney


Nash-Kelvinator had been a very healthy company before this was war broke out, but by early 1954, they were losing money, as was Packard. Meanwhile, the merger with Hudson was consummated in May 1954, by which time it was essentially moribund. American Motors was born.

Mason and Romney made a final run at a merger with Packard, including a presentation to the board that was well-received. But Nance wouldn’t budge from his demand to be the CEO, and talked his board out of their decided inclinations towards a merger.

Mason and Romney wasted no time in extracting maximum value from the merger with Hudson. Within the same month, it was announced that Hudson car production would be consolidated with Nash, using the Nash body. It was hoped that some defense contracts could be found for the Hudson plant.

AMC was in desperate need of a V8 engine to stay competitive, but Mason and Romney had no desire to spend the large sum to develop and build one. Of course if Packard had merged with AMC, they would have brought their fine V8 (and automatic transmission) with them, a key asset in Mason and Romney’s eyes. So in August of 1954 they resorted to buying the engines and transmissions from Packard. In exchange, Packard agreed to buy components from AMC, in roughly comparable dollar amounts. Since Packard had no body plant, Mason and Romney assumed Packard would buy substantial body stampings from the now-idle Hudson plant. This was a key element of the “reciprocity” concept that had been the fallback in lieu of a merger.

Only six weeks later, Mason died suddenly from pancreatitis. Romney was in shock, but delivered a stirring eulogy. After the funeral, Romney found himself in a fight with the board of directors, who were not prepared to give him all three of Mason’s titles: Chairman, CEO and President. Once again, his powers of persuasion stood him well, and eventually the board acquiesced. AMC’s iffy future was now solely on his shoulders.

Although it was realistically a non-starter, due to Nance’s CEO demands, the issue of some arrangement with Packard-Studebaker was still in the air, especially by the media and Wall Street – as something, anything, to better survive the raging price and volume war seemed increasingly a necessity. But bad blood was spilled when Nance started bad-mouthing Romney behind his back.

Romney continued to defend his position, pointing out that AMC had a much higher level of working capital, and that he (rightfully) didn’t see just where there could be any synergies between Studebaker and Packard, as their bodies were so different, and that it would take at least two years and a massive investment to create a new body that could be shared by both.

Instead, Romney put his energies to the difficult task of convincing potential customers and dealers that AMC was a viable concern, and one with a future. It was an uphill battle, as consumers were increasingly wary of being stuck with an orphan car, creating a self-fulfilling prophesy. Romney was ideally suited for the job, and there is no question that his determination, sincerity, and enthusiasm were almost certainly the key ingredients that allowed AMC to survive the following two years, when things only became increasingly difficult.

The situation with Nance came to a head when it became obvious that Packard-Studebaker was not going to order parts from AMC, reneging on the “reciprocity” agreement. Romney was furious, and telegraphed Nance, who took his time responding, pointing out that there was a loophole in the contract that allowed S-P an out. It was a technicality, but Romney was a man of his word, and expected the same of those he did business with. It was the last straw.

Romney instantly told his VP of engineering to begin the design of a V8 engine, a project that would cost some $10 million at a time when the company was bleeding money. But Romney was determined to cut off all relations with S-P. The irony is that the Packard V8 was killed just three years later, and its assembly/transfer line sold for scrap.

There were issues closer at home too: a number of AMC execs were not really on board with the direction towards smaller cars, and still in love with the big cars, despite their steadily declining sales. A similar situation existed within the Nash-Hudson dealer body. Romney addressed both issues, and quite effectively, purging the executive ranks of those that couldn’t get on board, re-organizing the executive structure, and effectively convincing the dealers of Rambler’s bright future. He instituted a bonus program for the dealers, whereby all dealers got additional amounts per car as certain company sales goals were met. It incentivized the dealers and gave them access to desperately needed additional cash during the dark years. As it was, AMC’s dealer network dropped from 2800 stores in 1954 to 1900 in 1956.

Romney also instigated a complete make-over in AMC’s advertising, moving it away from the vague, dreamy ads typical of the time to very factual-based advertising. Superlatives were out; facts and “news language” were in, with ads focused on the very specific features that made Ramblers unique and/or superior.

1954 would end with a loss of over $22 million, but Romney was optimistic that 1955 would see an upswing.

AMC’s PR people came up with the term “dinosaur” to refer to the ever-larger cars being built by the Big Three, and it became a key part of a PR campaign and a speech Romney used over and over: “The Dinosaur in Our Driveway”. In it he blasted the competition’s “bigger is better” credo, saying, “Cars 19 feet long, weighing two tons, are used to run a 118-pound housewife three blocks to the drugstore for a package of bobby pins and lipstick.”

Not surprisingly, it did not go over well when first delivered to an industry group in Detroit. The media loved it, though, and the “dinosaur” concept became a household word.

In 1955, it was time to take on the UAW. In complete opposition to any logic, the tradition had been for the UAW to demand higher wages from the independents than the Big Three, when obviously it should have been the opposite. The union would negotiate a new contract with the Big Three, always with higher wages and benefits, and then taking that contract to the independents and demanding a premium or risk a strike, which they simply couldn’t afford.

Romney took his campaign against this unfair pattern by the union to the public and to Washington, where he spoke about the monopoly power of GM as well as the UAW. It was the kind of fight he relished, taking on any power structure he deemed to be unfair.

After a grueling negotiation, AMC won a major victory with the union that reduced, if not eliminated this premium.

Romney took a risk and committed a big chunk of Rambler’s advertising budget on a new and untried tv show, “Walt Disney’s Disneyland”. The bet paid off superbly, as Disneyland became one of the hottest shows on tv. It suited Rambler perfectly, especially with its emphasis on station wagons, which always sold at vastly higher levels than at other carmakers. It’s safe to say that the Rambler wagon was analogous to the crossovers and SUVs of today; the go-to car for families. They were considered stylish and youthful. Meanwhile, there were no two-door coupes or hardtops; one could also compare Rambler to Volvo in its prime, where wagons were also exceptionally popular and the only coupes were expensive and in limited production.

1955 turned out to be another bloodbath. Romney decided fresh new cars were essential. The big Nashes and Hudsons were already old, having last gotten new bodies in 1952. And the Ramblers were looking even older, their basic body going back to 1950. Romney could afford to redo only one of them. Which should it be?

Romney decided bet the farm on Rambler, and made a bold decision, to advance the introduction of new Ramblers up one year, to 1956, instead of 1957. He also halted the work on new large cars. This was an expensive bet, as the tooling for the 108″ wb four door Ramblers introduced had not been amortized yet.

Although sales ticked up some 35% over the dismal level of 1954, there was still a loss of $7 million.

1956, with the all-new Rambler line of four door sedans, hardtops and wagons, was to be the breakthrough year. It had better be. But the ramp-up was problematic, as it was bound to be, given the new cars’ timeline being reduced by a year. Dealers were starved of the new cars. Not surprisingly, quality suffered, especially in comparison to the typical high Nash standards.

In the summer of 1956, Romney had to go looking for more money from the bankers. It was a very hard sell, given how the year was unfolding. These same bankers and insurance companies had just turned down Studebaker-Packard, precipitating another of seemingly endless crises there. But Romney was persuasive about the positioning of Rambler, that it represented the future, not the past. They gave him $45 million instead of the $73 million he asked for, but that was a lot better than nothing. AMC was still in the running, sort of.

1956 was a crushing disappointment: despite the new Ramblers, sales were down, and big Nash and Hudson car sales evaporated. Cash burn was ferocious, and Romney cut back expenses wherever possible. The two company airplanes were sold, and sheet toilet paper replaced the rolls, among other privations. At an executive meeting Romney suddenly announced that he was taking a 35% pay cut, and asked who else would be joining him. No one dared not to.

Through drastic cost-cutting, AMC’s break-even point was reduced to 120k cars; now Romney just needed to sell that many.

In another move, Romney decided that there would be no more unique bodies for future big Nash and Hudson cars; they would move to the Rambler platform, with an extended wheelbase and unique styling. For the moment, it seemed like a viable plan to keep these cars and brands alive in the future.

Sales continued to be weak, so more of the furniture was burned. The El Segundo plant was sold, as was the old main Hudson plant. Other Hudson plants were put on the market. AMC’s Ranco Inc. division, the largest maker of temperature controls for appliances and cars, was sold for $10.6 million.

There was another problem: a threat of a hostile take-over and liquidation by the feared financier Louis Wolfson, who announced that he had bought 16,000 shares of AMC stock and was not happy to see its value tanking. Romney managed to fend him off, basically by procrastination, charm, and bluff. He managed to win Wolfson’s support long enough until AMC’s 1957 turnaround began, by which time he was happy to move on to better hunting opportunities. But the threat of a liquidation was very real for some time.

Near the end of 1956, Romney had something of an epiphany. Things were terrible, and there was still no end in sight. He decided that the future was 100% Rambler, and decided to kill off the big Nash and Hudson cars totally. AMC had to stand for one thing only: Rambler. There would be a Rambler Ambassador in 1958, but just as a Rambler with a longer front end. That also spelled the end of the storied Hudson and Nash brands. Somewhat surprisingly, dealers mostly supported that move. The big cars had become increasingly difficult to sell, and it was easier to sell something like the Rambler, with its unique qualities and image.

This was a historic step, and it invigorated Romney as he no longer had any doubt what he and AMC were fighting for: the triumph of the compact car, period. He had always believed in it, but had hedged his bets. No more.

This now became a genuine cause, and Romney was at his best fighting for a cause. He traveled the country making speeches and appearances. He was fighting for AMC’s life, which was hanging by a thread. And his message invigorated the troops, workers, dealers, and management. The battle was coming to the final showdown. and Romney was going to have all his guns blazing, even if he went down.

That was a very real possibility, given the massive $31.7 million operating loss for 1956. Two reasons for the size of it were the excess amortization of the old 1954-1955 Rambler body as well as the V8 program. At least these were non-recurring.

At the new-car introduction for dealers in late September 1956, Romney gave a sobering but prescient speech. He explained everything that had been done to position the company for survival and growth, and then he quoted Ibsen: “He is in the right who is most in league with the future”. He pointed out how Rambler could compete with the Big Three, because “our automobile program is more clearly in league with the future”. Romney urged them to increase sales, pointing out that if each dealer sold just one more car per month, AMC would turn the corner. He received a standing ovation, but more importantly, they had signed on to the fight to save American Motors. Romney’s missionary zeal was contagious.

But there was no respite, at least not yet. The winter of ’56-’57 was a grueling slog for survival, cutting even more costs, hoarding what little cash there was. But in the spring, things suddenly picked up; just enough to give Romney a sliver of hope and conserve precious cash. A rumor that AMC was looking to sell its Rambler operation to Chrysler popped up, but eventually Chrysler denied it. They had problems enough on their hands.

Despite the uptick late in the model year, there was still another painful loss for the year, $11.8 million. But automotive operations were increasingly in the black, and there was light at the end of the long, dark tunnel. Romney set out on another crusade to make that light brighter as fast as possible. He went on a massive nationwide PR blitz, traveling 70,000 miles in 12 months, speaking at union halls, dinners, churches, fairgrounds, radio and tv stations, wherever anyone would listen. His two years experience as a Mormon missionary in Scotland and England had well prepared him for this arduous task. He was on a crusade to sell the compact Rambler, and the timing was good, as a nasty recession had set in, and there was an increasing negative perception about the overwrought and oversized cars from the Big Three.

In response to the recession as well as the rapidly growing sales of low-cost imports, Romney decided to bring back the 100″ two-door Rambler sedan. Fortunately the dies had been stored in an AMC warehouse. There was no need to even build a prototype for the changes, mainly the rear wheel openings and a few other details. A low mileage 1955 Rambler two-door was purchased on the market, and had its rear fenders cut open and its taillights flipped. The total tooling cost was under $800k, about the same it took to restyle a fender at the Big Three.

It was a rather audacious move, resurrecting a model that had been discontinued three years earlier, and was essentially a 1950 car with facelift in 1954. It was targeted at potential import buyers, with a very low $1789 price tag. It sold quite well, but one does wonder why it had been killed in the first place. Presumably Romney wanted only fresh new Ramblers in 1956 to call attention to their new design and features.

The four door Rambler was restyled for 1958, with new quad headlights in the more traditional spot on top of the fenders, and sporting fins at the rear, which seems a bit of a sellout to fashion, given their utter uselessness. Romney had his factories gear up for increased production.

In February of 1958, Romney dropped a bombshell at a Senate hearing on the soaring cost of living, especially the increased prices of steel, petroleum and automobiles. He stated that for the good of the country, the Big Three should be broken up into smaller firms, to stimulate genuine competition. In particular, he suggested that GM could be broken up into three smaller companies. He also called for a reduction in union power, to bring back control of the supervision of plants into management, not by the unions themselves.

The Big Three were fine with that last sentiment, but the talk of breaking up the Big Three created a furor, and Romney became a pariah in Detroit. But he was quite comfortable in that role; speaking out on excessive power wherever he saw it was his passion.

Rambler sales exploded in MY 1958, up 58.7%; calendar year sales were up just over 100%. Rambler was the hot brand. Romney’s message had finally gotten through, and was being embraced with a passion. The result was the first full-year profit for American Motors, $26 million, and tax free, due to loss carry forwards. New dealers were flocking to Rambler; some 425 were signed up in 1958 alone.

Rambler had been very close to bankruptcy in 1957. It’s more than a bit ironic that a deep recession would be what it took to save an automaker, especially since it affected the others so negatively.

Romney was now a media star, with a cover on Time magazine and endless interviews. His message continued to be in essence “who wants to have a gas-guzzling dinosaur in the garage?” Time stated that Rambler’s explosive growth in 1958 was the catalyst that committed the Big Three to their compact programs for 1960. The Big Three claimed they were responding to the growth of imports, but there’s no doubt that the timing as well as the size and price range of the 1960 compacts were clearly targeted at Rambler and not VW and Renault. All of the Big Three’s earlier compact programs had been smaller cars with four cylinder engines, but when they pulled the trigger in 1958, it was with larger cars, all with wheelbases very close to the Rambler’s 108″, and with six cylinder engines.

There were plenty of industry predictions that the Big Three compacts would decimate Rambler. But they failed to appreciate the underdog image that Romney had cultivated for Rambler and himself. He had become a very public figure, appearing in Rambler advertising and network tv commercials on “Disneyland”. It was a preview of what Lee Iacocca would become in his crusade to save Chrysler twenty years later. There’s little doubt that Iacocca was very much influenced by Romney.

Meanwhile, 1959 was a stellar year for AMC, despite the competition form Studebaker’s Lark. Sales continued to explode, and net profit was over $60 million, after paying taxes for the first time in many years. Rambler was now the #6 brand in the US, with a market share of 6.2%, from 1.6% just two years earlier. Romney invested $40 million on plant expansions to increase capacity.

1960 brought another refresh to the Ramblers and a new crusade for Romney: quality. He coined a new slogan “The New Standard of Basic Excellence”. He wanted his employees to craft the best-built cars in the industry, to both retain existing customers and appeal to new ones. It was straight out of Toyota’s future playbook.

This was not just PR; Romney was increasingly aware that the lax standards in US union plants were no match for the imports, and that would not only affect quality but future affordability. His perception was that the union just wanted to perpetually do less work for more pay, a sure-fire formula for long-term failure.

Romney decided to address this in a fundamentally new way, and he started by doing something completely out of character for Detroit: he set up a series of meetings with Walter Reuther, head of the UAW, not to negotiate anything, but strictly to start an honest dialog to explore ways of improving the relationship between the two parties, and see if there was common ground.

The group met repeatedly, and Romney and Reuther forged a genuine relationship. Both of them eschewed drink and tobacco, and were honest, hard-working dedicated leaders who agreed that forging human dignity was the most important task of all. These conversations eventually led to a ground-breaking new contract in 1961 that broke the “pattern agreements” acknowledging that AMC was a smaller, more vulnerable firm as well creating incentives for workers to be more productive. The key element, which was lauded as “the most significant and historic collective-bargaining agreement ever signed in the US” included profit sharing, which made the workers feel invested in the financial success of the company through greater productivity and quality.

Romney’s competitors were shocked, and called him a socialist. He didn’t care, and of course he had been right: profit sharing eventually became universal in UAW agreements with the Big Three and other companies. Once again, Romney had been ahead of the times.

In 1960, AMC enjoyed a banner year despite the onslaught of new competition from the Big Three. Wholesale deliveries to dealers totaled 478,249 cars. Net profit was $48 million, and would have been more if not for the significant investment in expanding production facilities. AMC shares continued on their upwards momentum, making Romney a wealthy man. Not that it phased him: he still wore the same suits from the ’40s and ’50s, updated some by a tailor from double-breasted to single breasted. And he still drove his beloved Rambler.

Romney was increasingly aware of the inevitable globalization of the industry, and sought an international partner. He had sought merger agreements with VW and BMC, but these went nowhere. Too bad he didn’t have the foresight to look to Japan. It could have been a good fit, with the emphasis on compact size, efficiency and quality.

Meanwhile, Romney did blow an opportunity to buy Kaiser-Jeep in 1960, which the Kaisers were eager to unload. It would have both expanded the dealer network considerably as well as given AMC a very complementary product line. It also would have expanded AMC’s overseas presence considerably, given Kaiser’s strong presence in Brazil and Argentina. Of course this came to pass exactly ten years later, but passing on this opportunity was almost certainly Romney’s biggest strategic mistake.

There was another economic downturn in 1961, and this time AMC was not immune. But the company was still quite profitable, booking a $23 million net gain. Market share stayed high, despite the entry of a number of new competitors in the form of the “senior” compacts from Pontiac, Olds and Buick, which were clearly targeted at Rambler.

1962 would bring even more competition, in the form of Ford’s mid-size Fairlane as well as downsized “full sized” Plymouths and Dodges, which had obviously been created in response to the explosive growth of Rambler in 1958-1959. Rambler sales increased anyway, and revenue topped $1 billion for the first time ever. The new profit sharing plan paid out a tidy $12 million to workers.

Romney had become a major national figure, and not surprisingly, politics called. And he answered, taking an unpaid leave of absence to run for the governorship of Michigan as a Republican. Sales VP Roy Abernethy was promoted to president.

Romney left AMC in very good shape, a profitable major independent car-maker larger than any independent had been since the 1920s. Obviously, American Motors was destined to face new challenges in the post Romney era, which it did not meet as successfully as it had done in the late ’50s. But that’s a story for another time.

 

Related:

Junkyard Classic/Automotive History: 1955 Rambler Cross Country – How Rambler Won the Compact and Price Wars of the 1950s and Saved AMC   PN

Who Killed The Big American Car?  PN