Jay Leno with Lee Iacocca

Automotive legend Lee Iacocca decided to stop by Jay Leno’s Garage to have a convo with the great automotive collector. Also during their little get together, Iacocca let Leno take his Iacocca Silver 45th Anniversary Edition Ford Mustang for a quick spin.

Hit the jump to see the video.

Iacocca Silver 45th Anniversary Edition Ford Mustang:

Iacocca Silver 45th Anniversary Edition Ford Mustang:

- By: Omar Rana

After a two-day visit with Detroit automakers, Transportation Secretary Ray LaHood said that Chrysler Group LLC’s CEO Sergio Marchionne is “the next-generation of Lee Iacocca.”

“I think what I saw at Chrysler is what people felt when Iacocca was there,” LaHood said during a speech to the Detroit Economic Club. “It’s a new level of energy and enthusiasm because there’s new leadership of people that know what they’re doing, of people that have been successful in the automobile manufacturing business.”

LaHood said he had a 40-minute meeting with Marchionne yesterday, reports Automotive News. He said that Marchionne represents ”the next generation of leaders for the American automobile industry.”

- By: Omar Rana

Many know Lee Iacocca as the man who saved Chrysler in the 1980s. Others know him as the man that was responsible for introducing the original Ford Mustang 45 years ago. Today, Iacocca is getting his very own personalized Iacocca Silver 45th Anniversary Edition Ford Mustang.

Designed by Michael Leone and built by the Gaffoglio Family Metalcrafters, only 45 units of the Iacocca Silver 45th Anniversary Edition Ford Mustang will be built – all painted a special “Iacocca” silver chosen by the man himself.

Based on the 2009 Ford Mustang, two engine options will be offered: a normally-aspirated 4.6L V8 making 320-hp and a supercharged version pumping out 400-hp. Both engines will be covered by Ford’s engine warranty and are mated to a 5-speed manual.

Make the jump for the press release and high-res image gallery.

Iacocca Silver 45th Anniversary Edition Ford Mustang:

Press Release:

Forty-five years after he introduced the original Ford Mustang, launched at a dramatic press conference at the 1964 New York World’s Fair, auto industry visionary Lee Iacocca today announced a new version of the famous muscle car – the Iacocca Silver 45th Anniversary Edition Ford Mustang – a breathtaking vehicle that utilizes the latest in Ford performance technology with a style and panache that screams, Mustang fastback. Only 45 “2009½” Iacocca Silver Edition Mustangs – all painted a special “Iacocca” chosen silver hue – will be built.

Nearly two years in the making, the Iacocca Silver Edition Mustang is a collaborative effort by Iacocca, designer Michael Leone, and Gaffoglio Family Metalcrafters, the world-class coachbuilding and Design Company in Fountain Valley, Calif. The new business venture is called I Legacy, and it will be in concert with Galpin Ford, the exclusive Ford dealership to offer these Iacocca Silver 45th Anniversary Edition Ford Mustangs to the public.

In a word, the new Iacocca Silver Edition Mustang is stunning. The lines flow organically from front to rear. The hand-crafted piece of rolling art, with its innovations and impact of the fastback design is truly exceptional in every way. With its sunken headlights, slanted grill and low stance, the car gives you “street attitude.”

“Once in a while a car comes along that changes everything, and that was the original Mustang,” said Iacocca.

The Silver Edition Mustang perpetuates the Iacocca mystique.

The car begins life on a 2009 Mustang platform, which is then uniquely modified and coachbuilt. While the exterior fastback design of the Iacocca Silver Mustang is compelling, the mechanical underpinnings are true American muscle. Two power plant options will be offered, a normally-aspirated 4.6-liter Ford V8 rated at 320 horsepower and an optional supercharged version that delivers a head-snapping 400 horsepower. Both engines are covered by a factory Ford warranty. Drivers will harness the power through a quick-shifting 5-speed manual transmission.

The car’s suspension has been upgraded to keep pace with the power delivery. A Ford Racing Handling Package adds firmer springs and re-valved shock absorbers. A 14-inch Ford Racing Braking Package is optional. All suspension components will be covered under a factory Ford warranty, as well.

Inside the Iacocca Silver Mustang, the interior is resplendent with luxurious touches that highlight the car’s special heritage, including Iacocca Diamond Design leather seats with embroidery stitching, an Iacocca signature dash plaque with serial number, a leather-wrapped steering wheel with “I” badge, and Iacocca-badged aluminum door sill plates.

The cars will initially be revealed and then available at a reception in late July, at Southern California’s Galpin Ford dealership, the world’s largest volume Ford dealer for 19 years, as well as an innovator in the promotion and retail of specialty automobiles. The price is yet to be announced.

The “Father of the Mustang” returns to the legend that started it all.

For more photos, videos and/or information about the Iacocca Silver 45th Anniversary Edition Mustang and I Legacy, please log onto www.ilegacy.com.

For sales inquiries please call Galpin Ford’s Iacocca Mustang specialist, Brandon Boeckmann at 1-800-829-0744.

Iacocca Silver Edition Mustang – Specifications

Engines
“¢ 4.6-liter V8 with 320 HP (Ford Racing Cold Air – under WARRANTY)
“¢ 4.6-liter V8 with 400HP Supercharger Optional (Ford Racing Supercharger – under WARRANTY)

Drivetrain
“¢ 5-speed stick shift transmission (there might be automatics)

Suspension
“¢ Ford Racing Handling Package (Ford Racing Package – under WARRANTY)
“¢ 14-inch’ Brakes Optional (Ford Racing Package – under WARRANTY)

Wheels & Tires
“¢ Iacocca Design 20″ Chrome wheels with “I” Design center cap
“¢ 20”x 9 ½ ” (F), 20″x 9 ½ ” (R)
“¢ Goodyear Eagle RSA 245 X 45 X R20

Interior
“¢ Iacocca Diamond Design Leather Seats with Embroidery Stitching
“¢ Iacocca Signature Dash Plaque with Serial Number
“¢ Iacocca Leather-Wrapped Steering Wheel with “I” badge
“¢ Iacocca Aluminum Door Still Plates
“¢ One-Touch Up/Down power Windows
“¢ Two Power Outlets
“¢ Variable-Speed Windshield Wipers
“¢ Rear Window Defroster
“¢ Air-Conditioning

Exterior
“¢ Iacocca DESIGN FASTBACK
“¢ Iacocca Design Hood Emblem
“¢ Iacocca Design Trunk Cap “I” Emblem
“¢ Iacocca Design Trunk Lettering

- By: Mo Eladawy

The man responsible for keeping Chrysler out of bankruptcy in the 1980s, Lee Iacocca, is giving Chrysler and General Motors one advice: Get the government out of your business as soon as possible. Iacocca, who used $1 billion in government loans in the 1980s to save Chrysler, told The Associated Press that government intervention in his goal for the automaker was a strong motivation to repay the loan early.

“They’re on you day and night. Their oversight is just too extreme,” said Iacocca. “That’s why our 10-year loan, we paid it back in three years. We couldn’t stand the government. The bureaucracy kills you.”

Chrysler came out of bankruptcy in 42 days while GM remains in Chapter 11.

84-year old Iacocca seems appalled that the government is one again involved in loaning money to Chrysler, but understands that Chrysler and GM’s collapse would have caused nation wide unemployment.

Iacocca said that he would invest in Chrysler as well as Ford, but was a bit reluctant when it came to GM.

“GM’s got more serious problems,” he said. “They’re just big. They’re huge. They’ve got many more problems than Chrysler has with just sheer size.”

Iacocca was fired by Henry Ford II in 1978 from FoMoCo and later took over Chryslers.

- By: Omar Rana

Source: MSNBC

Former Chrysler CEO Lee Iacocca is leading a group of Chrysler retirees in welcoming new CEO and partner Sergio Marchionne and Fiat SpA.

In a full-page ad in Detroit newspapers today, Iacocca is joined by some 19,000 Chrysler retirees in offering their help as advisers “in any capacity that you might require. As a first step, we would be willing to meet with the Chrysler human resources team to determine where help is needed and to identify historically top-producing volunteers to assist you. Just put us to work.”

“While there are still some exceptions that we hope will be reevaluated, we are grateful that the new company has elected to make its history (that’s us) part of its future,” the ad says referring to some retirement plans that may be seen as a bad asset to the new Fiat owned Chrysler Group LLC.

It was reported last month that Lee Iacocca would lose his pension and company car since Chrysler will no longer have to pay it if it sells itself as “Chrysler Group LLC,” to Fiat.

- By: Omar Rana

Source: Detroit News

We already know that Lee Iacocca, the man responsible for turning around Chrysler in the 1980s, is going to lose his life-long company car due to the Auburn Hills automaker’s bankruptcy filing.

Today, CEO Bob Nardelli told the U.S. bankruptcy court that Iacocca would also lose his pension since Chrysler will no longer have to pay it if gets bankruptcy court approval to sell itself as “Chrysler Group LLC,” which will be owned by Fiat, the U.S. and Canadian governments and its union.

Typically, Iacocca would be paid after secured creditors get their money but even secured creditors are not expected to get paid in full in the bankruptcy process.

Other former Chrysler executives will also lose their cars and pension.

Chrysler said it regretted the decision “in light of the many contributions these individuals have made to Chrysler over the years” and that Chrysler Group LLC does not expect to reinstate the car program.

- By: Kap Shah

Source: MSNBC

It seems like Chrysler’s Chap. 11 bankruptcy is affecting Lee Iacocca more than just emotionally. Iacocca, who is famous for saving Chrysler from bankruptcy in 1980s, has apparently been asked to return his company vehicles.

According to FOX Business, which obtained a letter sent to former Chrysler executives and directors, the now-bankrupt automaker is asking its former executives to either buy the vehicles they are currently driving at a market value or return it to the company.

Chrysler says that the bankruptcy law doesn”t allow companies to provide former executives with vehicles.

Iacocca, whose office confirmed receiving the letter, current owns a minivan and a Chrysler 300 given to him by the company.

- By: Omar Rana

Source: Fox Business

Former Chrysler CEO Lee Iacocca is showing his support not only for the Big 3 but the CEO’s of all three automakers. Iacocca said he does not agree with the Congress setting conditions that ask the management to step down as a condition for getting federal loans.

“You don’t change coaches in the middle of a game, especially when things are so volatile,” Iacocca said in a statement. “The industry has been brutalized by a totally unpredictable series of events over which it had little control and that is beating it unmercifully into the ground.”

Iacocca said he agrees the company’s made mistakes but the people running them are the only once with the experience and knowledge of how their business works.

“They’re by far the best shot we have for success. I say give them their marching orders and then let them march. They’re the right people to get the job done,” he said.

Source: Detroit News