A $3,500 Sierra auctioneer is being hailed a hero after he successfully auctioned off an old, vintage Ford Mustang to a local couple for $1,400,000.
Read more about the auction at the Los Angeles Times.
The Sierra Auction House auction house was set up by the Los Angels Angels in 1883 as an entertainment and sales agency to support the fledgling West Coast entertainment industry, according to the Los Angles Times.
Its first buyer was George H. W. Walker, who donated the company to the city of Santa Monica in 1889.
In 1920, the Sierra began producing its own gas engines and tractors, according the LA Times.
It is believed that Walker died before the first sale in 1926, but the company continued to grow into the 1950s, becoming one of the largest automotive and aerospace manufacturers in the world, according Fortune magazine.
In the 1950-51 decade, the company also made a huge profit by making the Sierra and Dodge Charger, two of the most popular cars of the time.
The company began selling its cars in 1967, according To The LA Times, but it has never been profitable.
In fact, it only made $3 million in profit in 2017.
The sale of the Ford Mustang and Dodge Challenger came at a time when the automobile industry was struggling financially.
In 1970, Ford sold its manufacturing division to General Motors for $4.5 billion.
The deal brought in $7 billion in new capital and the creation of two factories in Michigan, which would later be called Ford Plant 3.
In 1980, the Detroit auto industry was hit by a nationwide recession that resulted in the layoffs of tens of thousands of workers.
In addition to Ford, General Motors and Chrysler also closed plants in the U.S.