Ford Motor Company

The Original Ford Bronco

Ford may be returning with a new model, but that isn’t stopping some enthusiasts from snapping up the original. Speaking of the original, a company by the name of Gateway Bronco has received approval by the Ford Motor Company to produce original copies of the first-generation Bronco for customers under a special license agreement with the automaker.

Based in Hamel, Illinois, Gateway Bronco is already a restorer of the original and will now create 1966-77 Broncos according to the Low Volume Motor Vehicle Manufacturers Act of 2015. That act allows manufacturers to build as many as 325 replica cars annually without needing to comply with certain NHTSA safety standards or pay for expensive crash testing. In effect, the act makes it possible for certain discontinued vehicles such as the original Ford Bronco to return.

Gateway Bronco has the distinction of restoring the classic Bronco and delivering it to customers with an authentic Ford frame and original Vehicle Identification Number (VIN). Available upgrades include electronic fuel injection, a Porsche leather interior, and a barn wood bed. In fact, the company says that it offers “endless custom options” according to its website.

Founder Seth Burgett stands in front of one of his classic Broncos.

A Reimagined Original

Under the agreement with Ford, Gateway Bronco will now go to the next step: offering what it calls “reimagined” Ford Broncos powered either by a fuel-injected 347 Stroker engine paired with a four-speed automatic or five-speed manual transmission or by a Ford Coyote 5.0-liter V8 engine paired with a six-speed automatic transmission.

Further, the company makes improvements to the chassis for a smoother and more comfortable ride, adds sound deadening material, and takes special steps to thwart rust and deterioration. Customers will have a choice of three models ranging in cost from $120,000 to $180,000.

Gateway is able to produce two to four new vehicles per month. Importantly, it meets the Certified Reconditioned Vehicle standards as established by Ford.

“We’re honored to be recognized by Ford Motor Company and consider this license agreement a tremendous privilege,” said Seth Burgett, CEO of Gateway Bronco. “We will work diligently to serve and protect the Ford brand. Our proprietary, exclusive solutions to re-condition and manufacture the first-generation Ford Bronco has led to incredible growth of our company. Deepening our relationship with Ford will help us better serve our customers who want the ultimate classic Ford Bronco with modern performance.”

Hagerty Valuation

Of course, if you own a classic Bronco, Hagerty places a value starting somewhere around $25,000, depending on the year and condition. A makeover can restore it to its original condition or in the case of Gateway Bronco, provide a fresh take on a cherished classic with either a complete restoration or an all-new Ford-approved model.

Video: This is Gateway Bronco

Photos and video copyright Gateway Bronco.

Management shakeup at the top as stock prices slide.

Following a board meeting this past Friday, the Ford Motor Company set in motion changes to senior management confirmed only this morning.

CEO Mark Fields is out, Jim Hackett has taken his place, and three new roles for current Ford executives were announced. Also, long time Ford communications head Ray Day will retire in 2018 with Mark Truby replacing him.

Hackett is the former CEO of Steelcase, a leading office furniture company. Besides modernizing Steelcase, Hackett served as the interim athletic director at the University of Michigan, bringing venerated football coach Jim Harbaugh to Ann Arbor. That move received praise from fans and has helped reinvigorate the program.

From Board Member to Mobility Boss

Hackett joined Ford’s board of directors in 2013, later named the chairman of the newly formed Ford Smart Mobility in March 2016. Bill Ford is a fan of Hackett and the two appeared together at a news conference this morning at Ford’s Dearborn headquarters to discuss the changes.

These changes mean Mark Field has retired, following a distinguished 28-year career at Ford. Fields, now retired, succeeded Alan Mulally as the company’s president in CEO beginning in July 2014. Prior to that, he served as the company’s chief operating officer, executive vice president, and chairman of the automaker’s Premier Automotive Group. Early on he ran marketing and sales for Ford’s former Mazda subsidiary and also managed Ford’s Argentina operation.

In Mulally’s Steps

But Fields came in behind Mulally, who has been widely credited with saving Ford from bankruptcy. Unlike its chief US competitors GM and Chrysler, Ford had a large cash fund in place when the market nosedived in 2008. Essentially, Mulally hocked the house to create Ford’s war chest. That debt has since been paid off.

Mulally also instituted the company’s “One Ford” policy, where the automaker began offering its products globally instead of regionally. Thus, the European Ford Focus came to the US market, while the Mustang sports car’s range extended to new markets, including Europe. Today, more than 100 markets offer the Ford Mustang.

To his credit, Fields oversaw record profits and operating margins over the past few years. For instance, the company made a record $2.5 billion net profit in the first quarter of 2016 — more profit than any quarter in Ford’s now 114-year history.

But profits are only one indicator of corporate success. Unfortunately, Ford’s stock price has fallen by 40 percent under Fields. At the most recent annual shareholder meeting earlier this month, shareholders pressed Fields and Chairman Bill Ford to explain why shares have plummeted. Further aggravating shareholders were the strong bonuses awarded to Fields and other executives as share prices tumbled. Clearly, shareholder disgruntlement and board angst led to the changes we learned about today.

Three Appointments Effective June 1

Besides Hackett stepping in, Ford announced three other personnel changes effective June 1.

Firstly, Jim Farley is now the executive vice president and president of Global Markets, overseeing Ford’s business units in much of the world. In addition, Farley will oversee the Lincoln Motor Company along with global marketing sales and services.

Secondly, Joe Hinrichs is appointed executive vice president and president of Global Operations. This means Hinrichs will oversee the company’s product development, manufacturing and labor affairs, quality, purchasing, and sustainability efforts, along with environmental and safety engineering.

Thirdly, Marcy Klevorn is now the executive vice president and president of Ford Smart Mobility LLC, replacing Hackett. The subsidiary was formed to accelerate the company’s plans to design, build, grow and invest in emerging mobility service along with advancing changes to Information Technology and Global Data.

“We are fortunate to have three dynamic and talented leaders in Jim Farley, Joe Hinrichs and Marcy Klevorn taking on greater responsibility,” Bill Ford said. “Each has a track record of driving innovation, cost efficiency and delivering results around the world. They will work closely with Jim Hackett to lead Ford’s day-to-day operations, build our brand and capitalize on emerging opportunities.”

Three Priorities

Hackett and Bill Ford will focus on three priorities moving forward, defining these as:

1), sharpening operational execution,

2), modernizing Ford’s business, and

3), transforming the company to meet future challenges.

Besides the immediate challenges of convincing Wall Street to boost Ford stock, the automaker must also face a tightening market. US sales are down year to date as analysts indicate peak sales were reached in 2017.

Like its competitors, Ford must exercise discipline and avoid deep discounting, what can only hurt its bottom line.

Photo courtesy of the Ford Motor Company.