Monday 11th December 1967

The Lincoln Continental Mark III was previewed by the press. The Mark III was created when Lee Iacocca, president of Ford Motor Company at the time, directed Design Vice President, Gene Bordinat, to “put a Rolls Royce grille on a Thunderbird”. Introduced in April 1968 as an early 1969 model, the model was a remarkable commercial success because it combined the high unit revenue of a luxury model with the low development costs and fixed cost – amortizing utility of platform-sharing, in a car that was appealing enough to buyers that many units were sold. Iacocca said, “We brought out the Mark III in April 1968, and in its very first year it outsold the Cadillac Eldorado, which had been our long-range goal. For the next five years [Marks III and IV] we had a field day, in part because the car had been developed on the cheap. We did the whole thing for $30 million, a bargain-basement price, because we were able to use existing parts and designs.” Iacocca explained that this transformed the Lincoln-Mercury Division from losing money on every luxury car (via low unit sales on high fixed costs) to a profit centre that in its best year of the series earned Ford almost $1 billion profit from Lincoln alone, making the new Mark series as big a success as any he ever had in his career.