On this day in 1947 : Tucker announces car concept

On the day after his acquittal, Preston Tucker celebrated in Chicago, driving one of the few automobiles actually produced in his venturePreston Tucker announced his concept for a new automobile to be named "the Tucker". Having built a reputation as an engineer during WWII when he served as general manager of his company, Ypsilanti Machine & Tool Company, Tucker looked to capitalize on the high demand for cars that post-war conditions offered. No new car model had been released since 1942, and so the end of the war would bring four years worth of car-buyers back to the market. Tucker intended to meet the demand with a revolutionary automobile design. His 1945 plans called for an automobile that would be equipped with a rear-mounted engine as powerful as an aircraft engine, an hydraulic torque converter that would eliminate the necessity of a transmission, two revolving headlights at either side of the carÝs fender, one stationary "cyclops" headlight in the middle, and a steering wheel placed in the center of the car and flanked by two passenger seats. However, a series of financial difficulties forced Tucker to tone down his own expectations for the cars. Production costs rose above his projections and investors became more cautious as the Big Three continued their astounding post-war success. To raise money for his project, Tucker sold franchises to individual car dealers who put up $50 in cash for every car they expected to sell during their first two years as a Tucker agent. The deposit was to be applied to the purchase price of the car upon delivery. The SEC objected to TuckerÝs strategy on the grounds that he was selling unapproved securities. It was just one intervention in a continuous battle between Tucker and federal regulatory bodies. Tucker loyalists espouse the theory that Tucker was the victim of a conspiracy planned by the Big Three to sabotage independent manufacturers. More likely, though, Tucker was the victim of an unfriendly market and his own recklessness. Unfortunately for his investors, the SEC indicted Tucker before he could begin mass production of his cars. He was acquitted on all counts, but his business was ruined. In the end, only fifty-one Tuckers were produced and none of them were equipped with the technological breakthroughs he promised. Still, the Tucker was a remarkable car for its price tag. Whether as an innovator silenced by the complacent authorities or a charlatan better fit to build visions than cars, Preston Tucker made a personal impact in a post-war industry dominated by faceless goliaths