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    Wall Street's ride, Lincoln Town Car, faces demise

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    Wall Street's ride, Lincoln Town Car, faces demise

    By Greg Bensinger
    Bloomberg News
    Published September 13, 2006, 3:31 PM CDT


    The Lincoln Town Cars that chauffeur New York investment bankers home at the end of the day soon may be part of Wall Street history.

    Ford Motor Co. plans to close the Wixom, Michigan, plant that makes the sedan and hasn't committed to production beyond the 2007 model year. Ford's Mercury Grand Marquis or DaimlerChrysler AG's Chrysler 300 may be called upon to take the Lincoln's place.

    The Town Car, which makes up more than 80 percent of New York's 35,000 for-hire fleet, is the ``black car'' of choice in every major U.S. market, said Neil Weiss, editor of industry magazine Black Car News. Without it, life wouldn't be the same for thousands of bankers and executives who have been stretching out in the back seat since 1980, usually at company expense.

    Investor Warren Buffett is already giving up the ride. Yesterday, he offered his 2001 Town Car in a charity auction.

    ``It's spacious, the leather seats are nice, and it's just a nice ride,'' Alex Weiss, an investment banking analyst for Lehman Brothers Holdings Inc., said of the fleet models. Weiss, who uses a car service three or four times a month, estimated his five-minute ride costs Lehman $18, compared with $6 for a taxi.

    The Town Car has a manufacturer's suggested retail price starting at more than $40,000. The biggest model is the largest American sedan, at 18 feet, 5 inches (5.6 meters). That's more than a foot longer than the $140,000 Mercedes-Benz S600, based on figures from Ford and DaimlerChrysler's Web sites.

    Riders ``feel like kings in the back of these things,'' said Dean Hameed, 36, who has driven Town Cars for 10 years.

    On a recent evening, Hameed's Town Car was one of 40 lined up outside Deutsche Bank AG on Wall Street. A mile away, 30 Town Cars waited on Greenwich Street in Tribeca for workers headed home from Citigroup Inc. just before midnight.

    The vehicle is so much a part of Wall Street culture, the local community board demanded that Goldman Sachs Group Inc. adopt a ``black-car management plan'' for the $2.4 billion headquarters it's building in lower Manhattan. The investment bank agreed that black cars for employees working after 9 p.m. will be summoned from an adjacent garage, spokeswoman Andrea Raphael said.

    Town Cars often are used as a messenger service, said Maria Yuan, 25, a former JPMorgan Chase & Co. investment banker.

    ``When one of our bosses or clients needed a package delivered to their house in Connecticut or Westchester, we'd just throw it in the back seat of one,'' she said.

    Sometimes the car's comfort and spaciousness are put to the test.

    ``Christmastime, you get many, many drunk bankers,'' said driver Andy Koksal, 32, parked near Citigroup's offices on Park Avenue. Last December, he had to plead with a female passenger to limit her back-seat activities with a client because the windows were becoming too fogged.

    ``This is a very embarrassing situation,'' Koksal said. ``But you want to drive safely.''

    Ford hasn't disclosed any decision on making the Town Car after the 2007 models, spokesman Jim Cain said.

    Shuttering the Wixom plant is part of a plan announced in January by William Clay Ford Jr., great-grandson of the company's founder, to close 14 North American factories and cut 30,000 jobs by 2012. The company's board is to meet tomorrow to consider additional restructuring steps.

    Boeing Co.'s Alan Mulally was named Sept. 1 to replace Ford as chief executive officer. Ford, who held the position for almost five years, remains chairman. The Dearborn, Michigan- based company, the second-biggest U.S. automaker, had a first- half loss of $1.44 billion.

    Ford shares rose 13 cents, or 1.4 percent, to $9.19 at 4:01 p.m. in New York Stock Exchange composite trading. They have gained 19 percent this year. The automaker's 7.45 percent note due July 2031 fell less than a cent to 79.75 cents on the dollar, yielding 9.6 percent, according to Trace, the NASD's bond-price reporting service.

    Town Car sales slowed to about 47,000 in 2005 from 149,000 in 1990, according to Autodata Corp. This year's sales through August fell 17 percent. Sales are split about evenly between retail and fleet customers, Ford spokesman Alan Hall said.

    ``If they put $200 million into a redesign, I think they could revive sales quickly,'' said Dennis Virag, president of Automotive Consulting Group in Ann Arbor, Michigan.

    Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., put his personal gold Town Car on the block -- including the license plate that says ``Thrifty'' -- in a benefit for Girls Inc., a New York-based non-profit educational group.

    Bidding on EBay Inc.'s Web site runs through Sept. 22 and starts at $25,000 for the car, which has been driven less than 14,000 miles. Buffett replaced it earlier this year with a Cadillac, made by General Motors Corp.

    The Chrysler 300 or the Grand Marquis is the Town Car's likely successor in black-car fleets, said John Wolkonowicz, senior auto analyst for Global Insight Inc., an economic forecasting firm in Lexington, Massachusetts.

    Like the Town Car, both have long wheelbases and rear-wheel drive, making them roomy and better equipped to handle all-day driving, potholes and stop-and-go traffic, Wolkonowicz said. The Chrysler 300 is 16 feet, 5 inches, while the Grand Marquis is 17 feet, 7 inches.

    The 16-foot, 4-inch Cadillac STS rear-wheel drive sedan is a less likely replacement, said Jesse Toprak, market forecasting director for vehicle-comparison Web site Edmunds.com.

    That's because the STS has a retail price starting at almost $43,000 and a reputation as being less reliable, Toprak said. ``Pricing is the number one thing,'' he said. ``A few thousand dollars per car can make a big difference when you're buying this in quantity.''

    David Yahodah, general manager of Queens-based City Ride Transportation, said he can't imagine what could replace his fleet of 180 Town Cars.

    ``You can put maybe 400,000 miles on a Town Car, no problem,'' Yahodah said.

    In Brooklyn, Lincoln Auto Mall sells only used Town Cars, for as much as $31,000.

    ``We'll be able to sell Town Cars for a few years if there's no new ones,'' said general manager David Khoen, who estimates that he sells about 200 of the vehicles annually.

    ``We haven't crossed that bridge yet,'' he said. ``Maybe we'll change our name to Chrysler Auto Mall.''

    Notice this?-

    Investor Warren Buffett is already giving up the ride. Yesterday, he offered his 2001 Town Car in a charity auction.
    He loves them so much, here's his idea to contribute:

    Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., put his personal gold Town Car on the block -- including the license plate that says ``Thrifty'' -- in a benefit for Girls Inc., a New York-based non-profit educational group.

    Bidding on EBay Inc.'s Web site runs through Sept. 22 and starts at $25,000 for the car, which has been driven less than 14,000 miles. Buffett replaced it earlier this year with a Cadillac, made by General Motors Corp.
    Don't go buy an '07 or anything. Jacka$$.

    1994 Buick Roadmaster (LT1 V8) 116K Daily Driver
    1992 Chevy Caprice 9C1 (5.7 V8) 100k Daily Driver
    1989 Chevy Cheyenne EX-CAB (5.0 V8) 128K Spare
    1992 Chevy Caprice 9C1 (5.7 V8) 146k For Sale!

    1989 Chevy Caprice (5.0 V8) 175k Retired
    1997 Toyota T-100 (2.7 4cyl) 270k retired
    1993 Chevy Cavalier (2.2 4cyl) 55k retired
    1988 Chevy Caprice Classic (5.0 V8) 100k retired
    1989 Chevy Caprice 9C1 (5.7 V8) 210k retired
    1987 Dodge Ram D-150 (5.9 V8) 70k retired
    1985 Dodge Diplomat (5.2 V8) 55k retired
    1983 Chevy Impala 9C1 (5.7 V8)165k retired
    1984 Olds Delta 88 (5.0 V8) 160k retired
    1983 Olds Delta 88 (5.0 V8) 200k retired
    1974 Buick Riviera (455 V8) 170K garaged

    Find me also at www.thecapriceforum.net

    #2
    YEah, WTF? Replaced it with a caddy already...Moron
    Builder/Owner of Badass Panther Wagons

    Busy maintaining a fleet of Fords

    Comment


      #3
      Town Car vs...Cadillac??? Why? There isn't much competition there.

      It's gonna be sad to see the Town Car go...I hope Ford can pull out of this slump, and keep production of the three large sedans constant.


      sigpic
      - 2004 Ford Thunderbird - 2006 Ford F150 XLT - 2018 Ford Explorer Limited - 1958 Mercury Medalist

      Comment


        #4
        There won't be any new Panthers soon....
        '89 Ford LTD Crown Vic - '92 Ford F-150 Custom -
        '95 Ford Bronco XL -

        sigpic :rebel:

        Comment


          #5
          Well, the Crown Vickies are gonna be around for a while, and the MGM is basically a suped-up Crown Vickie so it's easier and cheaper to make. Interestingly, when you mention "Lincoln" to someone who's not from the US, the first two vehicles that come to their mind are the '60s Continentals with the suicide doors, and the Town Cars in all their varieties... Contis are gone, TC will follow suit, what will then be Licoln's flagship? That joke of a car the Zephyr?

          Comment


            #6
            They only have plans for the CV/GM until 2009...07's are already out...2 more years. 30 years is a long run...what other platform has run that long?
            '89 Ford LTD Crown Vic - '92 Ford F-150 Custom -
            '95 Ford Bronco XL -

            sigpic :rebel:

            Comment


              #7
              How many platforms has it been? Cat's have 9 lives!
              YouTube. FaceBook Crown Vic Group

              Comment


                #8
                They plan to kil the panther line. Panther chassis have run from 79 to now. Up untill 2003 there were practicaly 0 changes. 03 and up have redesigned setups, but are still based off the same frame. The question is will they replace it with an appropriate model...or are they going to replace it with a mid-compact car like the 500?
                Last edited by Blaze86Vic; 09-16-2006, 12:48 PM.

                Comment


                  #9
                  I put my 88 Town Car on the road the same day they announce the discontinuation of the towncar, I guess the mafia will be using Toyotas from now on...
                  Summer car-> 1988 Lincoln Town Car, triple blue, 335,xxx km. New HO 5.0 in and running. Bought 2006/08/22. June 2017 PotM!
                  Winter vehicle-> 1995 Ford F-250 XLT SuperCab 4x4, 284,xxx+km. AKA "Brutus" 460/E4OD/4.10 axles and 12 MPG. Bought 2019/08/14

                  Originally posted by phayzer5
                  I drive a Lincoln. I can't be bothered to shift like the peasants and rabble rousers

                  Comment


                    #10
                    Panther started in '79...
                    '89 Ford LTD Crown Vic - '92 Ford F-150 Custom -
                    '95 Ford Bronco XL -

                    sigpic :rebel:

                    Comment


                      #11
                      Originally posted by BoxMan
                      Panther started in '79...

                      Woops, typo.

                      Comment


                        #12
                        but lincoln panthers didnt start till 80

                        1986 lincoln towncar signature series. 5.0 HO with thumper performance ported e7 heads, 1.7 roller rockers, warm air intake, 65mm throttle body, 1/2" intake spacer, ported intakes, 3.73 rear with trac lock, 98-02 front brake conversion, 92-97 rear disc conversion, 1" rear swaybar, 1 3/16" front swaybar, 16" wheels and tires, loud ass stereo system, badass cb, best time to date 15.94 at 87 mph. lots of mods in the works 221.8 rwhp 278 rwt
                        2006 Lincoln Town Car Signature. Stock for now
                        1989 Ford F-250 4x4 much much more to come, sefi converted so far.
                        1986 Toyota pickup with LSC wheels and 225/60/16 tires.
                        2008 Hyundai Elantra future Revcon toad
                        1987 TriBurner and 1986 Alaska stokers keeping me warm. (and some pesky oil heat)

                        please be patient, rebuilding an empire!

                        Comment


                          #13
                          Yea, Lincolns are weird :p
                          '89 Ford LTD Crown Vic - '92 Ford F-150 Custom -
                          '95 Ford Bronco XL -

                          sigpic :rebel:

                          Comment


                            #14
                            Originally posted by BoxMan
                            They only have plans for the CV/GM until 2009...07's are already out...2 more years. 30 years is a long run...what other platform has run that long?
                            GM's B-body from 1962-1996

                            Hey...you asked.

                            1994 Buick Roadmaster (LT1 V8) 116K Daily Driver
                            1992 Chevy Caprice 9C1 (5.7 V8) 100k Daily Driver
                            1989 Chevy Cheyenne EX-CAB (5.0 V8) 128K Spare
                            1992 Chevy Caprice 9C1 (5.7 V8) 146k For Sale!

                            1989 Chevy Caprice (5.0 V8) 175k Retired
                            1997 Toyota T-100 (2.7 4cyl) 270k retired
                            1993 Chevy Cavalier (2.2 4cyl) 55k retired
                            1988 Chevy Caprice Classic (5.0 V8) 100k retired
                            1989 Chevy Caprice 9C1 (5.7 V8) 210k retired
                            1987 Dodge Ram D-150 (5.9 V8) 70k retired
                            1985 Dodge Diplomat (5.2 V8) 55k retired
                            1983 Chevy Impala 9C1 (5.7 V8)165k retired
                            1984 Olds Delta 88 (5.0 V8) 160k retired
                            1983 Olds Delta 88 (5.0 V8) 200k retired
                            1974 Buick Riviera (455 V8) 170K garaged

                            Find me also at www.thecapriceforum.net

                            Comment


                              #15
                              Yes, I did...I wanted to know if there was any others.
                              '89 Ford LTD Crown Vic - '92 Ford F-150 Custom -
                              '95 Ford Bronco XL -

                              sigpic :rebel:

                              Comment

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