"Packardbakers"
The Packards (for 1957 and 1958) were essentially Studebaker Presidents with large amounts of bright work. The vehicles were referred to as "Packardbakers" by comedians. The final Packard rolled off the assembly line in July 1958. That year, Studebaker instructed company personnel to sell their Packards and use only Studebakers.
The one bright spot to come of the company's troubles was a distribution agreement, brokered by Hurley, with Daimler Benz. The agreement was looked on as a necessity both for the income that Mercedes-Benz could add to the company's bottom line and as another product that the Studebaker dealer network could sell in the event that the company quit building its own cars.
Studebaker-Packard Corporation made one last stab at resurrecting the Packard nameplate. The Franco-American Facel-Vega four-door sedan, which was powered by a Chrysler V8 engine, would have been rebadged as a Packard. The plans fell through when Daimler Benz demanded that Studebaker-Packard drop the plans or risk termination of its sales agreement to sell Mercedes-Benz cars.
Read more about this topic: Studebaker-Packard Corporation