March 3, 1949 – Tucker Corp goes into receivership

Decades of work in the auto industry taught Preston Tucker that change was constant and necessary. His experiences provided the world view he needed to create an astonishing new car for the post WWII world. What he developed in the late 1940s was the Tucker 48, a futuristic vehicle that featured such innovations as a padded steering wheel, safety glass, a roll bar and center cyclops headlight, all powered by 334 cubic inch (5.47l) aircraft engine. For Tucker, the future had arrived.

There was much public interest in his vehicle, but even after securing $17 million in funding and purchasing a factory, he was still short on cash for further development and production. To raise money, Tucker sold dealerships and automotive accessories, including seat covers and luggage, before production ever began. These types of transactions led to a fraud investigation, brought on by the Securities and Exchange Commission. While the evidence would eventually lead to a not guilty verdict in 1950, the damage done by the negative press led to the Tucker Corporation going into receivership on March 3, 1949.

The investigation and trial resulted in the company only being able to produce 51 complete Tuckers including the Tin Goose prototype. In the years that followed, the Big Three incorporated many of the 48’s features into their own designs. There is much speculation that the Big Three, along with Michigan Senator Homer S. Ferguson, had a role in Tucker’s demise as well. While most of the original Tucker’s remain, there’s still at least one out there waiting to be found. Do you know where the missing Tucker

48 is?