Iacocca was perhaps most remembered for his phrase: "If you can find a better vehicle, buy it!" and bestselling books that included "Talking Straight", which discussed American ingenuity at a time when many feared economic takeover from Japan.
Iacocca had reaped in massive sales over his career, particularly with the Ford Mustang that he designed in 1957. The Mustang, introduced at the 1964 World's Fair in NY, was an unqualified hit.
Lee Iacocca was also instrumental in launching other cars like the Ford Maverick - a compact auto with a four-cylinder engine built to compete with imports from Honda and Toyota.
Michelle Krebs, executive analyst at Cox Automotive's Autotrader, said Iacocca was "a giant in the automotive business and the American stage".
Iacocca spent 32 years at Ford Motor Co., rising to president after being closely associated with the success of the Mustang.
In 1979, the United States government bailed Chrysler out of a potential bankruptcy with $1.5 billion in secured loans. Without him, I don't think that loan guarantee would have happened.
Iacocca was also responsible for the company's line of "K-cars" - efficient and compact saloons based on design plans that had been earlier rejected by Ford.
But in the years before his retirement in 1992, Chrysler's earnings and Iacocca's reputation faltered. The news organization even notes that Iacocca's popularity was so high in the 1980s that he was preferred by 14 percent of Democrats as its 1988 presidential nominee.
During his accomplished lifetime, Iacocca also took on a fundraising restoration project for the Statue of Liberty and Ellis Island - per the request of President Ronald Reagan - wrote an autobiography titled Iacocca and became a voice for type 1 diabetes after Mary sadly died at 57 from complications of the disease, according to the website. Iacocca was very proud of his ethnic Italian roots.