Tucker
Brief History
Born September 21, 1903 in Capac, Michigan, Preston Thomas Tucker spent his childhood around garages and used car lots. His first job was an office boy for Cadillac. After enrolling at Cass Technical School in Detroit, Tucker became a salesman, first for Studebaker, then Stutz, Chrysler, and finally made regional manager for Pierce-Arrow.
While a salesman, Tucker met engine designer Harry A. Miller and in 1935 they formed Miller-Tucker, Inc. and their first customer was a man named Henry Ford. Ford signed a contract for ten race cars to be built to race at the Indianapolis Speedway. Miller and Tucker built the Indy cars but they were not up to spec for Ford and he canceled the entire contract.
With the start of World War ll, all United States automobile companies were asked to help out with the war effort. As the war came to an end, Tucker saw the opportunity to launch his dream. In 1946, he formed the Tucker Corporation for the manufacturing of automobiles. Using technological skills learned in WW ll, Tucker’s four door, fast back sedan design was far ahead of its time in terms of styling.
Although anxious to begin work on his prototype, Tucker needed money fast. He soon discovered that anyone who could underwrite a $15 million loan also wanted control of his company. This was not what Tucker had planned. Tucker came up with another idea and began selling dealer franchises. He soon had $6 million raised to be held in escrow until his cars were delivered. These franchises attracted the attention of the Securities and Exchange Commission (SEC), and in September of 1946 an investigation was launched.
Meanwhile, Tucker had hired a man named Alex Tremulis to design and build his car. He now had only 100 days to show his prototype to his investors. Unable to obtain enough clay for a mock-up, Tremulis and Tucker began beating out sheet metal to finish the car. The first car, completely hand-made, was nicknamed the "Tin Goose." The Tucker '48 premiered June 19, 1947 in the Tucker plant before the press, photographers, dealers, distributors, stockholders and brokers. For the grand unveiling, two 12-volt truck batteries weighing over 150 pounds were used which caused the car’s suspension arms to snap. Workers behind the curtains quickly made repairs to get the Tin Goose up and running. Before a crowd of 5000, the curtains parted and the Tucker automobile rolled smoothly down the ramp. The Tucker was only 60 inches high and looked even lower than that. Tremulis had extended the doors into the roofline and there was a huge interior with enough room for six large adults. Thousands of orders were placed and stock sales finally cleared on July 15.
By the spring of 1948, Tucker had a preliminary production line set up but he was $5 million short of the needed $15 milion. He began a pre-purchase plan for Tucker automobile accessories such as radios and seat covers and managed to raise another $2 million. When the SEC heard Tucker was selling accessories on cars which had not yet been built, they were not pleased. On May 28, 1948, the SEC and the Justice Department launched a full-blown investigation of Tucker Corporation. Tucker was forced to stop production of his car and let go 1600 employees. Tucker was sure that the major Detroit automakers had conspired to put him out of business. While some evidence suggested this was possible, there was no real proof. A small crew of workers assembled the only 50 cars the company would ever produce.
On June 10, 1949, Tucker and seven associates were tried for conspiracy and mail fraud. The trial opened on October 5, 1949 and the prosecution based its case on the "Tin Goose" prototype. Tucker was finally acquitted in 1950, but the damage had been done. In January 1949, the plant closed and the company was put under trusteeship.
Tucker refused to let go of his goal and moved to Brazil, planning a two-seat sports car called the "Carioca." Before he was able to pursue this last dream, Tucker died from lung cancer on December 26, 1956 at the age of 53.
Only 51 Tuckers were ever built, amazingly, most of these classics still exist. Every so often, ones does come up for sale, but not for very long.
Today a Tucker is worth anywhere from $250,000 to $500,000. In March, 1996 Tucker #1030 sold at auction for $259,000.
