The man best known for the development of the Ford Mustang and Ford Pinto died Tuesday in Los Angeles.
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Iacocca died from complications from Parkinson's disease, his daughter Lia Iacocca Assad told The Washington Post.
He worked for two major auto manufacturers, Ford Motor Company in 1946, and, after he was later fired by Henry Ford Jr. in 1978, Chrysler Corporation.
Iacocca was also known for saving Chrysler more than once, including a bailout in 1980, where he was credited for approaching the United States Congress to obtain a loan guarantee of up to $1.5 billion, according to the Post.
He retired from Chrysler in 1992.
The son of Italian immigrants, Iacocca reached a level of celebrity matched by few auto moguls. During the peak of his popularity in the ’80s, he was famous for his TV ads and catchy tagline: “If you can find a better car, buy it!” He wrote two best-selling books and was courted as a potential presidential candidate.
The Associated Press contributed to this report.