Back To The Future: DeLorean four wheel drive
The DeLorean DMC-12
John DeLorean
founded the DeLorean Motor Company in Detroit, Michigan on October 24, 1975. He
was already well known in the automobile industry as a capable engineer,
business innovator, and youngest person to become a General Motors (GM)
executive. Investment capital came primarily in the form of business loans from
the Bank of America and from the formation of partnerships and private
investment from select parties, including The Tonight Show host Johnny Carson
and entertainers Roy Clark and Sammy Davis, Jr.. Money was also gained later
through a dealer investment program in which those dealerships offering
DeLorean's cars for sale were made shareholders in the company.
DeLorean also sought
lucrative incentives from various government and economic organizations to pay
for constructing the company's automobile manufacturing facilities. To gain
these, he looked to build his first factory in a country or area where unemployment
was particularly high. One candidate was the Republic of Ireland, although the
country's then Minister for Industry and Commerce, Desmond O'Malley, decided
not to support the project. A deal in Puerto Rico was about to be agreed when
DeLorean took up a last-minute offer from the UK Northern Ireland's Industrial
Development Board. Besides taking some early seed capital from Hollywood stars
Sammy Davis Jr. and Johnny Carson, DeLorean Motor Company relied on the British
government for about $120 million of its $200 million startup costs according
to the Times. The British government was very keen to create jobs in Northern
Ireland to reduce sectarian violence by reducing unemployment. As part of this
offer, DeLorean was apparently under the impression that the British government
would provide his company with Export Credit financing. This would provide a
loan of 80% of the wholesale cost of the vehicles (US$20,000) upon completion
and delivery for shipping.
