1) Acquired in 1954 by Packard Motor Car Company of Detroit, Michigan, Studebaker was a division of the Studebaker Packard Corporation from 1957 to 1962. In 1962, it reverted to its previous name, the Studebaker Corporation. While the company left the automobile business in 1966, Studebaker survived as an independent closed investment firm until 1967 when it merged with Worthington to become Studebaker-Worthington Corp.