Detroit’s Big Three, Diversification, and the Shifting Gears of American Industry in 1969
When Americans picked up the January 1, 1969 issue of Forbes Magazine, they held more than just a business journal in their hands. They were looking at a sweeping portrait of the automobile industry at the height of its power. This particular issue carried a deep dive titled “Automotive Products” — an extraordinary blend of statistics, analysis, and photographs that revealed how cars, trucks, farm machinery, and equipment makers were driving not only Detroit, but the entire U.S. economy.
For readers of the late 1960s, this was more than an industry report. It was a snapshot of America’s industrial might, a warning about shrinking profit margins, and a reminder that the auto industry was no longer just about passenger cars — it was spreading into construction, agriculture, and global markets.
The late 1960s marked a critical turning point for American business. The economy was still booming, with unemployment low and consumer demand strong, but signs of strain were emerging. Inflationary pressures, overseas competition, and diversification pressures were reshaping industries.
The automotive industry was at the heart of this transformation:
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General Motors, Ford, and Chrysler — known as the Big Three — accounted for nearly 90% of their sales in automotive products. In 1968, GM alone posted $22.4 billion in sales, greater than the gross national products of more than 175 countries. Chrysler reached $14 billion, and Ford wasn’t far behind.
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Yet profitability was beginning to tighten. As Forbes noted, the automotive sector ranked only 11th out of 23 industries in profitability, and 19th in growth.
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Diversification was the buzzword of the day. GM had dabbled in aviation, shipping, and chemicals, while Ford was investing in motor homes and tractors. Chrysler tested the waters with boats. Caterpillar, Deere, White Motor, and International Harvester all moved into trucks and construction machinery.
Forbes captured this moment in stark terms: the Big Three still defined American industry, but specialized suppliers like Timken, Dana, and J.I. Case often outperformed them in returns on equity, showing that efficiency and focus could sometimes beat scale.
By 1969, Forbes had already established itself as one of the premier voices in American business journalism. Its editors believed in the power of numbers, rankings, and comparative tables to reveal truths that narratives alone could not capture.
The January 1, 1969 issue exemplified this. The “Automotive Products” feature combined:
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Charts and tables like the “Yardsticks of Management Performance”, which ranked 26 companies by profitability and growth.
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Industrial photography, with images of dump trucks, graders, and loaders from companies like Caterpillar, White Motor, and Case, showing the literal machinery of diversification.
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Clear editorial voice, explaining not just the statistics, but what they meant for the future of American manufacturing.
For investors and executives reading Forbes, this was more than newsprint — it was a tool for decision-making.
The cover design of Forbes in this era was restrained but authoritative. Instead of splashy illustrations, it leaned on typography and imagery that reflected business seriousness and economic weight. The emphasis was on credibility.
Inside, the Automotive Products feature showed why Forbes stood apart:
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Hard financial reporting paired with long-term analysis.
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Comparisons across companies that gave readers context for judging winners and losers.
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Balanced coverage — from the Big Three to smaller specialized firms like J.I. Case, TRW, and Timken Roller Bearing.
Forbes wasn’t about glamour; it was about clarity, foresight, and authority — traits that helped make it one of the most trusted names in global business reporting.
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General Motors’ Scale – With $22.4 billion in sales, GM’s revenues exceeded the entire economies of many countries, yet nearly 90% of its business depended on cars and trucks, leaving it exposed to downturns.
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Chrysler’s Push – Chrysler expanded into boats and other side ventures, but its profit margins lagged far behind GM and Ford.
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Ford’s Struggles – Despite being the number two automaker, Ford’s five-year return on equity lagged at 11.6%, compared with 16.9% at Chrysler and 23.2% at GM.
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Suppliers Outperforming Automakers – J.I. Case topped the profitability charts with 21.6% returns, while Timken Roller Bearing and Dana Corporation thrived by focusing on specialized components.
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Farm and Construction Expansion – Companies like Deere, International Harvester, and Caterpillar pushed aggressively into construction equipment and heavy-duty trucks, diversifying beyond agriculture.
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Tire Makers Squeezed – Goodyear, Firestone, and Uniroyal remained vital, but Forbes highlighted antitrust limits on vertical integration, which prevented automakers from swallowing tire companies.
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AMC’s Uncertain Future – American Motors Corporation (AMC) showed gains, but Forbes questioned whether its smaller scale could sustain profits against the Big Three.
Each of these highlights combined into a larger story: the Big Three were still giants, but the real profitability and growth often lay with the suppliers and specialists.
For collectors of vintage Forbes magazines, this issue is more than just a window into business — it is an artifact of industrial America.
Why is it collectible?
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Historical Timing – Published at the end of the booming 1960s, it captures the auto industry just before the turbulence of the 1970s oil shocks and stagflation.
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Big Three Coverage – With deep analysis of GM, Ford, and Chrysler, it preserves a record of the golden age of Detroit.
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Supplier Insights – Rare detailed reporting on component makers like Timken, Dana, and TRW, companies often overlooked in consumer histories.
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Industrial Photography – Images of dump trucks, graders, and loaders provide a visual record of late 1960s machinery and diversification strategies.
Owning this issue means holding a piece of American business history — the kind of source material that historians, car enthusiasts, and investors treasure.
Forbes’ annual industry reports endure because they are more than news. They are time capsules. Every page preserves the calculations, anxieties, and optimism of the business world at a given moment.
Unlike fleeting headlines, these reports were built to last. They were studied in boardrooms, quoted in financial reports, and now serve as primary sources for historians.
That permanence is why vintage Forbes magazines remain so powerful for collectors today.
If you’re looking to explore this issue — or others like it — thousands of original Forbes magazines are available in our collection. From the 1940s through the 1980s, you can trace entire decades of business strategy, entrepreneurship, and global commerce as they were reported in real time.
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Whether you’re an investor, historian, or collector, these magazines offer something truly unique: a chance to see business history as it was first recorded.
The January 1, 1969 issue of Forbes Magazine remains one of the most important business publications of its era. Its coverage of Automotive Products revealed the dominance of the Big Three, the surprising profitability of specialized suppliers, and the industry’s first steps into diversification beyond cars.
Holding this issue today means holding a moment when Detroit’s auto industry stood at the height of its global influence, even as the pressures of competition and transformation loomed. Thanks to Forbes’ unmatched reporting, we can revisit those dynamics not only as history, but as lessons still relevant in today’s global economy.
For anyone who values business history, vintage Forbes magazines are not just reading material — they are living artifacts of industrial power and economic change.