Editing Lotus Cars (section)

===Financial troubles, death of Chapman===
By 1980, Group Lotus was in serious financial trouble. Production had dropped from 1,200 units per year to a mere 383. This situation resulted from the worldwide economic [[recession]] combined with the virtual collapse of sales in the American market and limited development of the model range.<ref name=LEWFinChap/>

In early 1982, Chapman forged an agreement with [[Toyota]] to exchange intellectual property and applied expertise. As a result, Lotus Engineering helped develop the Mk2 [[Toyota Supra]], also known as the [[Toyota Celica XX]]. The partnership also allowed Lotus to launch the new [[Lotus Excel]] to replace the ageing [[Lotus Eclat]]. Using drivetrain and other components build by Toyota enabled Lotus to sell the Excel for £1,109 less than the outgoing Eclat.<ref name=LEWFinChap>{{cite web|url=http://www.lotusespritworld.com/EHistory/ChapmanLastYears.html|title=The Final Chapman Years|publisher=LotusEspritWorld.com|access-date=14 July 2012}}</ref>

Looking to reenter the North American market, Chapman was approached by young law professor and investment banking consultant Joe Bianco, who proposed a new and separate American sales company for Lotus.<ref name="ForbesBianco">{{cite web |url=https://people.forbes.com/profile/joseph-bianco/143017 |title=Joseph Bianco Profile - Forbes.com |date=19 December 1983 |access-date=9 September 2017 |archive-url=https://web.archive.org/web/20120313202336/https://people.forbes.com/profile/joseph-bianco/143017 |archive-date=13 March 2012}}</ref> By creating an unprecedented tax-incentivised mechanism by which each investor received a personalised Lotus Turbo Esprit, the new American company, Lotus Performance Cars Inc. (LPCI), was able to provide fresh capital to Group Lotus in the United Kingdom. Former [[Ferrari]] North America general manager John Spiech was recruited to run LPCI, which imported the remarkable [[Giugiaro]]-designed Turbo Esprit for the first time. American sales began to quickly jump into six figures annually.<ref>Car and Driver, "Lotus Lives", April 1983</ref>

Chapman died of a heart attack on 16 December 1982 at the age of 54. At the time, both Chapman and Lotus were linked to the [[DeLorean Motor Company]] scandal regarding the use of [[UK Government]] subsidies for the production of the [[DMC DeLorean]], for which Lotus had designed the chassis. Chasing large sums of money that had disappeared from the DeLorean company, Lotus was besieged by [[Inland Revenue]] inspectors, who imposed an £84 million legal "protective assessment" on the company.<ref name="TelgWickinsObit">{{cite news|url=https://www.telegraph.co.uk/news/obituaries/1541089/David-Wickins.html |archive-url=https://ghostarchive.org/archive/20220111/https://www.telegraph.co.uk/news/obituaries/1541089/David-Wickins.html |archive-date=11 January 2022 |url-access=subscription |url-status=live|title=Obituary – David Wickins|newspaper=[[Daily Telegraph]]|date=31 January 2007|access-date=14 July 2012}}{{cbignore}}</ref> At the trial of Lotus accountant Fred Bushell, the judge insisted that had Chapman lived, he would have received a sentence "of at least 10 years."<ref>{{cite book|last=Lawrence|first=Mike|title=Wayward Genius|year=2002|publisher=Breedon Books}}</ref>

With Group Lotus near bankruptcy in 1983, [[David Wickins]], the founder of [[British Car Auctions]], agreed to become the new company chairman through an introduction by his friend [[Mark Thatcher]].<ref name="TelgWickinsObit" /> Taking a combined 29% BCA/personal stake in Group Lotus,<ref name="LEWToy" /> Wickins negotiated with Inland Revenue and recruited new investors: [[merchant bank]] [[Schroders|Schroeder-Wagg]] (14%),<ref name="LEWToy" /> [[Michael Ashcroft]]'s [[Bermuda|Bermudian]] operating company Benor (14%)<ref>{{cite news|url=https://www.theguardian.com/politics/2000/jan/16/thatcher.uk1|title=Ashcroft's Lotus position|author=Andy McSmith and Ben Laurance|newspaper=[[The Observer]]|date=16 January 2000|access-date=14 July 2012}}</ref> and [[Anthony Bamford|Sir Anthony Bamford]] of [[J. C. Bamford|JCB]] (12%).<ref name="LEWToy">{{cite web|url=http://www.lotusespritworld.com/EHistory/ToyotaGM.html|title=The Toyota and GM Link|publisher=LotusEspritWorld.com|access-date=14 July 2012}}</ref> Wickins oversaw a complete turnaround in the company's fortunes, for which he was dubbed "the saviour of Lotus."<ref name="TelgWickinsObit" /><ref>{{cite web|url=http://www.gethampshire.co.uk/news/s/2007738_auctions_magnate_began_by_selling_just_one_old_car |title=Auctions magnate began by selling just one old car |publisher=GetHampshire.co.uk |date=13 February 2007 |access-date=14 July 2012 |url-status=dead |archive-url=https://web.archive.org/web/20130623102205/http://www.gethampshire.co.uk/news/s/2007738_auctions_magnate_began_by_selling_just_one_old_car |archive-date=23 June 2013 }}</ref>