Re: "The Classic Car", Summer 2013 issue

Posted by Tim Cole On 2013/6/15 0:16:33

The profit numbers for 1929-1942 indicate a chronically poor financial outlook. Even with war contracts the retained earnings position of the company was unchanged.
I don't know what the numbers were for 1923-1928, but after 1929 the company was on a downward spiral. Like haberdashery after JFK the luxury market was dead after the roaring 20's. Packard was in a bubble. And they lost the fat margins that went with it. Those poor dealers must have been reeling.

The depression was very bad - "you couldn't find a dollar" is the best description I've heard.