January 3, 1977 - This year we celebrated 30 years of the Nassau Motor Company, as we were founded in 1946. We celebrated by once again booking another fantastic year!
Behind the scenes, our engineers are working diligently on our new cars to update our aging designs. Our last new models hit the streets in 1974. Our now mid-size B-body and full-size D-bodies were last revised in 1971. The design of the B-body actually dates back to 1960.
They've also been working on our new engines, ensuring they can reliably meet new fuel regulations and economy targets.
We will be debuting a couple of our new models on this year's auto show circuit.
We had another great year, taking in $5.9 billion in revenues. Profits nearly matched last year as we brought in $463 million.
Below is a running total of our balance sheets.
After a brief jump last year, the economy stabilized this year. We're hoping this is just a step toward full economic recovery, but shaky trade situations worldwide and the oil crisis could still bring everything crashing down.
Fruinian Touring Car Championship
1976 saw Nassau not reach victory lane for the first time since 1969. The Raider SE is falling behind the competition on the track. Martini driver Ernie McCracken completed the repeat, taking the championship again in his Martini Calypso.
FTCC Final Standings:
5th - Justin Cochran (Nassau Performance)
9th - Austin Myers (Segelson Motorsports)
12th - Kevin Steen (Nassau Performance)
15th - Alan James (Segelson Motorsports)
Trans-Gasmean Racing Series
The 1975 Raider NP is falling behind the competition also, but did manage to score 2 victories this year. Congratulations to Brandon Newman for winning his first championship with his Whitaker M6.
Trans-Gas Final Standings:
5th - Dan Limon (Nassau Performance) - 1 victory
6th - Nick Grand (Allroad Motorsport) - 1 victory
9th - Marc Martin (Allroad Motorsport)
11th - Kyle Stephens (Nassau Performance)
14th - Mike Mitchell (Johnson Brothers)
20th - Derrick Davis (Johnson Brothers)
1976 was a fantastic year for the company as we sold 538,608 cars, up around 35k from the previous year. This now brings our sales increases to 13 straight years.
During the year, we fiddled with price increases and production optimization, so while total sales were up, some models actually lost sales.
The 1976 B-bodies hit it out of the park once again. Riding a chassis that dates back 12 years, and engineering that goes back 16, all three remaining models of the car had their best years ever. In fact, even with the model line being reduced from 5 to 3, 1976 was the best sales year in the B-bodies history, totaling 340,867. As of this year, sales of the second generation ('71-'76) have now doubled sales of the first generation ('64-'70).
The Arabia S was the volume model as the improved economy led to more sales. It was the car's first sales increase since 1973. We sold 203,270.
The more upscale 1976 Arabia SE saw sales jump up quite a bit to 41,744 units. That's more than 10k up from 1975.
The Regent for 1976 continues to be the star of the 70's for the Nassau Motor Company. After being a relatively small seller during its first generation, sales of the Regent exploded after the 1971 redesign. The last 2 years have seen a pretty big jump as well. This year a record 95,853 left dealer lots.
Sales across our A-body compact line were down across the board for 1976 as we sold 101,449. This was down nearly 15k from 1975. We did raise the price to optimize profits and we adjusted production a bit. We are still producing at capacity, but we're now building up a small amount of stock.
The Bahama SE saw a sales drop to 31,519 as the basic car is being passed over in favor of models with more options.
The higher level Bahama S hatchback saw sales remain flat for 1976 as we sold 45,109.
Sales of both Raider models were down. We're hearing feedback that consumers are rejecting the current model for not living up to the previous generations. Many cite the base I6 Raider SE model for being too small and too underpowered. We sold 11,525 of them this year.
The Raider NP saw sales fall as well. Unfortunately, the current car isn't as much of a performer as the old one was. We're hearing consumers are angry that the current Raider is basically an economy car with a V8 dropped in and in reality, we can't really blame them. Costs during the early '70s at Nassau were a bit tight, so the Raider was developed in conjunction with the Bahama hatchback. The car was developed to be a hatchback from the beginning, but the unexpected success of the first generation Raider meant we had to do something. Without funds to keep development on the C-body going, the car was moved to the A-body chassis. Overall, we sold only 11,320.
Things were completely different for the D-body Galleons. Sales inch closer and closer to 100k, as this year we sold 98,268.
Sales for the Galleon S look like they may be beginning to flatten out. This year we sold 41,181.
The premium Galleon SE had a pretty decent increase for 1976. This year we sold 19,038.
People can't get enough of the Galleon Brougham personal luxury coupe. If trends continue into 1977, it may become our top selling D-body. 38,049 units were moved.
1976 Model Breakdown
203,270 - Arabia S (+13%)
95,853 - Regent (+5%)
45,109 - Bahama S (-1%)
41,744 - Arabia SE (+34%)
41,181 - Galleon S (+1%)
38,049 - Galleon Brougham (+15%)
31,519 - Bahama SE (-18%)
19,038 - Galleon SE (+36%)
11,525 - Raider SE (-24%)
11,320 - Raider NP (-21%)
This year we will be unveiling 2 new model lines. We'll have 1 at the Fruinian show and 1 at the Gasmean show.
Unfortunately, we're behind schedule for our 3rd new model. We had hoped to have all of our new cars ready for 1978, but it looks like we're not going to make it. We'll have more on this in a few months.