Today’s subjects have more in common than just gullwing doors. Both were American brands produced outside of the USA, both attempted to tackle the same market segment, both ended up with a purchase price much higher than initially promised, suffered manifold quality problems and delivered only lukewarm performance; both lasted only three years on the market and were created under a business financing model with at least a whiff of sharppractice, leaving foreign governments eventually holding the bag.
They even almost ended up with similar names: Bricklin named its sportscar “SV-1” (for Safety Vehicle), and the original prototype of the DeLorean was known internally as the “DSV-1” (for DeLorean Safety Vehicle).
Malcolm Bricklin became wealthy by operating a nationwide franchise operation of do-it-yourself stores named Handyman. After this he ventured into the automotive field by becoming the American importer of Subaru in 1968; the Japanese company had only the tiny 360 to offer at the time but Bricklin became interested because it delivered excellent gas mileage and did not require federalizing in the USA because of its sub-1000 pound weight.
We conclude our account of the life and career of John Zachary DeLorean.
The DeLorean Motor Company was, from January 1982, under the control of the receivers. Their job, in the first instance, is to see if a buyer can be found for the company. If none is forthcoming, they are required to dispose of the company’s assets in an orderly manner and raise as much money as possible to repay creditors in order of seniority, either fully or, more usually, in part (cents on the dollar). There is rarely anything left over for shareholders after this is done.
DeLorean’s biggest asset was its large inventory of unsold cars, which was increasing as production continued into the spring of 1982. Deep discounts offered on 1981 stock and exhortations to dealers to buy inventory failed meaningfully to improve the situation, and production at Dunmurry was halted in May 1982.
DMC filed for bankruptcy in October, although a skeleton staff completed around 100 partially built cars before the year end. Consolidated International, a US company based in Columbus, Ohio, acquired the remaining stock from the liquidators at a deep discount and attempted to Continue reading “Hero or Villain? (Part Three)”
We continue the story of John Z DeLorean and remember the car that carried his name on the fortieth anniversary of its launch.
The 1970’s was a truly miserable decade for the whole of Ireland. A sectarian conflict that had simmered in Northern Ireland since the island was partitioned in 1921 had exploded into violence and bloodshed in 1968. This unrest continued throughout the following decade, with bombings, assassinations and other terrorist atrocities perpetrated by paramilitary groups on both sides of the political and religious divide.