right? reporter: iacocca was chrysler s pitch man. he starred in 61 chrysler commercials touting american cars and american values. i have one and only one ambition for chrysler. to be the best. reporter: he made chrysler profitable again and paid the government back every penny. he did it with an emphasis on quality. if you can find a better car, buy it. reporter: iacocca introduced longer warranties, lower prices, and a new kind of vehicle. the minivan sold so well dealers had waiting lists six to ten months long. iacocca s quest for new models actually redefined the landscape for detroit s big three. he engineered the buyout and eventual demise of number 4 car maker american motors just so he could add amc s jeep brand to chrysler s inventory. iacocca chaired the commission that raised almost $300 million to restore ellis island and the statue of liberty. we remember the millions drawn here by that flame, and we
it spawned the american muscle car movement and is still in production today. he was named president of the company 26 years later in 1970. despite his success at ford, in 1978 he was unceremoniously fired by company chairman and namesake henry ford ii, who told him according to iacocca s autobiography, sometimes you just don t like somebody. within months he was hired at chrysler. the next year iacocca was named ceo. the company was in serious financial trouble and nearly out of business. but iacocca persuaded washington to bail chrysler out with a billion dollars in federal loans. as part of that effort he agreed to take a personal salary of just $1 a year. even so, he took heat from critics when he cashed in stock options worth millions. his response was vintage iacocca. i mean, that s the american way. if little kids don t aspire to make money like i did, what the hell good is this country? [ laughter ] got to give them a role model,
renew our commitment to the ideals that kept it burning. reporter: iacocca was known for talking tough, and he often sounded like a politician. the administration has seemed to understand the importance of bargaining chips in nuclear disarmament, for example. but they don t have the faintest idea how to bargain in trade. reporter: in the 1980s he resisted entreaties to run for the white house himself but has campaigned since for both republican and democratic presidential candidates. iacocca retired from chrysler when he was 68. yet when the company presented him with a legacy award 20 years later, his vision couldn t be any clearer. i think the big three is coming back. reporter: only one car was ever named for iacocca, a 45th anniversary special edition mustang produced in 2009. who did you expect? stephanie elam with that report. well, now just do it. or change your mind and don t. why nike s under fire for canceling these red, white and
the age of 94. here s cnn s stephanie elam on his legacy. reporter: leo anthony iacocca, better known as lee, was born in the rust belt in allentown, pennsylvania in 1924. trained as an engineer, he vaulted to auto industry superstardom by helping design and champion the amazingly popular ford mustang. this is the car that dreams are made of. reporter: he also fathered the world s first minivan. dodge caravan, plymouth voyager. they re the most versatile wagons ever built in america. there s nothing like them. reporter: with a master s degree from princeton, iacocca started at ford in 1946 as an engineering trainee. he earned his reputation with ford s racing program in the 60s but found his place in history with the introduction of the ford mustang at the 1964 world s fair. the mustang can be tailored to be virtually anything its buyer designs. reporter: the mustang was an overnight success.