April 17, 2006

Today In Automotive History

1964 Ford introduces Mustang

Ford introduced the Ford Mustang on the first day of the New York World's Fair in Flushing, Queens. The Mustang had been the brainchild of Lee Iacocca and his production team. The car was essentially a Ford Falcon with a new frame and body. The Mustang was so successfully marketed, thanks in part to its introduction at the World's Fair, that it became one of Ford's best-selling models of all time. Ford profits soared after the release of the Mustang. Another of Iacocca's Mustang-related innovations was a new strategy of marketing upgrade packages for the car. On this day in 1965, a year into the Mustang's lifetime, Ford introduced the GT Equipment Group as an option on the Mustang, creating the first Mustang GT. Iacocca commented on the success of the package, "People want economy so badly they don't care how much they pay for it." The base price for the Mustang was a skinny $2,368, but buyers purchased an average of $1,000 worth of options.

Posted by Quality Weenie at April 17, 2006 08:18 AM | TrackBack