This week is Christmas, along with a handful of other holidays, which in the business world usually signals the same thing: inboxes quiet down, meetings disappear, and for a brief stretch, most people step away to spend time with family, friends, and whatever slightly questionable holiday traditions they’ve signed up for.
The boldest one we’ve heard this year? Pond hockey followed immediately by an ice plunge in the Maumee River. Ambitious. Not for us.
With the calendar slowing down, we wanted to use this week to look backward for a moment. Toledo wasn’t built on hype or timing. It was built on manufacturing—real output, real precision, and the ability to scale when it mattered. That foundation didn’t disappear. It evolved. The skills are still here. The institutions that develop talent are still here. And the regional economy still knows how to grow when demand shows up.
That context matters, especially as we head into another year of building.
Merry Christmas and happy holidays to the Toledo Money community. Thanks for reading, sharing, and pushing the conversation forward. We’re looking forward to a very busy 2026.
💪 This Week’s Shoutout: Ron Leffel
Earlier this fall, I had a conversation with Ron Leffel. His background is in tooling and machining, but what really stood out was the depth of perspective he carries on Toledo’s industrial history.
Ron was glad to see Toledo’s economy being discussed today; but he also reminded us that today didn’t arrive on its own. He shared stories, company names, and family legacies that quietly built the backbone of this region long before headlines or press releases existed. Toolmakers, machinists, plant managers, and founders whose work rarely gets credited, but without whom none of this works.
Ron challenged us to do something simple and important: don’t just talk about where Toledo is going. Take time to recognize the people who got us here.
That challenge shaped this week’s issue. Appreciate you, Ron.
Local Stock Market | 📈
Owens Corning | $OC ( ▼ 0.29% )
Dana Incorporated | $DAN ( ▲ 0.42% )
The Andersons | $ANDE ( ▼ 1.45% )
Owens Illinois | $OI ( ▲ 0.67% )
Welltower Inc. | $WELL ( ▼ 0.16% )
Marathon Petroleum Corporation | $MPC ( ▼ 0.77% )
First Solar | $FSLR ( ▼ 0.74% )
Before Toledo Built Cars, It Built Motion
Before Toledo became an automotive city, it proved something more fundamental: it could manufacture precision, moving systems at scale.
At the turn of the 20th century, Toledo sat squarely inside the American bicycle boom. By the late 1890s, the U.S. was producing +1M bicycles a year, and a quality bike often cost a quarter to a third of a worker’s annual wage. Manufacturers couldn’t afford sloppy tolerances or inconsistent parts — failure showed up immediately.
That environment gave rise to companies like Consolidated Manufacturing Company, operating out of Fernwood Avenue and producing Yale and Snell bicycles. These weren’t simple products. They were systems built from chains, bearings, hubs, gears, frames, and brakes — all required to work together, under constant motion, every time.
Bicycles weren’t a warm-up act. They were proof that Toledo could build reliable mechanical systems.
From Pedals to Power
By 1900, Toledo already had what emerging industries needed: trained machinists, standardized parts, repeatable assembly, and logistics via rail and the Great Lakes. So when automobiles began scaling, the city didn’t pivot… it extended.
That foundation supported the rise of Overland Automobile Company, which evolved into Willys-Overland Motor Company. During World War I, Willys ranked second only to Ford in U.S. automobile production; a level of output that only works when a manufacturing ecosystem is already mature.
The jump from bicycles to cars wasn’t cultural or accidental. It was mechanical.
Why Toledo Became a Parts City
As the auto industry matured, Toledo’s advantage sharpened. The city became exceptionally good at building components that had to work every time.
This era produced companies like Electric Auto-Lite Company, supplying starters and ignition systems nationwide; Spicer Manufacturing, laying the groundwork for today’s Dana; and glass innovators such as Owens Bottle Company, which helped earn Toledo the nickname “Glass City” by pioneering automated, high-volume production.
None of it was flashy. All of it was essential.
The Through-Line
Toledo didn’t rise by chasing trends. It rose by mastering motion, precision, and repeatability early; then applying those skills wherever industry went next.
Bicycles proved Toledo could build moving systems.
Automobiles proved it could do it at scale.
Components proved it could do it consistently.
Before Toledo built cars, it proved it could build motion.
Everything else followed.
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From Bicycles to Jeeps: How Toledo Learned to Build at Scale
Toledo didn’t become an automotive city by accident.
It earned that role by proving early that it could manufacture complex systems with moving parts, then scale them when the world demanded it.
That story starts well before cars.
At the turn of the 20th century, Toledo sat inside the American bicycle boom. By the late 1890s, the U.S. was producing +1M bicycles per year, and a quality bike often cost 25–33% of a worker’s annual wage. These weren’t disposable goods. They demanded precision, durability, and repeatable assembly.
Bicycles were proof of capability.
When the Country Needed Scale, Toledo Was Ready
Fast forward to the early 1940s. The U.S. military needed a rugged, standardized, mass-produced vehicle, fast. What followed was one of the clearest demonstrations of Toledo’s manufacturing muscle.
Using Jeep production as a proxy, the ramp tells the story:
Year | Estimated Jeep Output | What Was Happening |
|---|---|---|
1940 | ~1,500 | Prototypes and pilot builds |
1941 | ~8,000–10,000 | Early contracts and standardization |
1942 | ~50,000–70,000 | Full wartime ramp-up |
1943 | ~100,000–120,000 | Mass production at scale |
1944 | ~130,000–150,000 | Peak wartime output |
1945 | ~100,000–130,000 | Wind-down as war ends |
1946 | ~40,000–50,000 | Transition to civilian production |
1947 | ~60,000–70,000 | Postwar consumer demand surges |
1948 | ~50,000–60,000 | Civilian production stabilizes |
1949 | ~30,000–35,000 | Transition to next CJ models |
In just four years, production went from near zero to well over 100K units annually.
That output was led by Willys-Overland Motor Company, which produced roughly 362,000–363,000 military Jeeps, about 56% of total WWII Jeep output. At its peak, Willys ranked second only to Ford in U.S. automobile production.
That kind of ramp doesn’t happen in places learning on the fly.
The Quiet Advantage: Systems, Not Spotlights
What made this possible wasn’t just one company. It was an ecosystem.
By the time wartime production arrived, Toledo already had:
Machinists trained on precision metalwork
Factories designed for repeatable assembly
Suppliers accustomed to tolerances and interchangeability
Logistics through rail and the Great Lakes
Why This Still Matters
The most impressive part of the Jeep story isn’t peak wartime output. It’s what came next.
When the war ended, Toledo didn’t collapse. Production pivoted smoothly into civilian Jeeps, with more than 200,000 CJ-series vehicles built by 1949. That transition, from emergency scale to sustainable manufacturing, is rare.
It tells us something important.
Before Toledo built cars, it built motion.
Before it built motion at scale, it built precision.
And once you master that, industries come and go; but capability stays.
Own Toledo History
If you want your own piece of Toledo History, we found a 1947 Willy’s CJ2A for sale. Tell the folks at the Classic Auto Mall we sent you. And, do us all a favor and bring it downtown for next years Jeep Fest 💪
💵 Money Snacks
Here are a few headlines we are snacking on
Inflation headlines looked friendly this week, with new government data showing prices rose just 2.7% in November and core inflation (excluding food and energy) falling to 2.6%, the lowest level since early 2021. If that feels disconnected from your grocery receipt, you’re not imagining things. The report comes with a sizable grain of salt thanks to the recent government shutdown, which canceled October’s data entirely and delayed November’s release. Prices were collected late in the month, meaning holiday discounts likely pulled numbers down, and economists raised eyebrows at housing costs, which make up roughly 35% of inflation, appearing almost flat, something that doesn’t match reality. One former Fed economist summed it up best: “Put this one to the side.” While inflation is probably cooling in a general sense, the Fed will likely wait for cleaner, less distorted data before cutting interest rates again. Translation: prices may not be rising as fast, but borrowing money still won’t get cheaper just yet.
The Economics of Christmas 🎄 Christmas isn’t just festive, it’s one of the biggest economic engines of the year.
Global online holiday sales top $1.1 TRILLION, fueled by mobile shopping, AI recommendations, and mega-platforms like Amazon, Walmart, and Alibaba.
The holiday season accounts for 10–15% of annual retail revenue in major economies.
In the U.S. alone, Christmas spending exceeds $900 billion, supporting millions of jobs across retail, logistics, and hospitality.
Bottom line: Christmas isn’t just about gifts — it’s a quarterly earnings report for the global economy.
Gold and silver just flashed a throwback signal 📈. Prices hit record highs as geopolitical tensions and growing bets on U.S. interest rate cuts sent investors rushing into hard assets. The move is so strong that precious metals are on pace for their biggest jump since 1979—when inflation and uncertainty ruled the economy.
Shape your 2026 Reading
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📬 Forward Thinking
We’re not just building a newsletter—we’re building a clubhouse for ambitious professionals who care about Toledo’s economic future (and their own place in it).
If you know a colleague, peer, or friend who should be part of this circle, pass this along. The more sharp minds we bring to the table, the stronger our region grows.





