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1960 saw the introduction of the first Schwinn road bikes, the Varsity and
the Continental. This was an important moment for the cycling world, but
its significance was slow to be realized.
Frank W. Schwinn died on April 19, 1963 at the age of 69 from prostate
cancer. The third president of Arnold, Schwinn & Company was Frank Schwinn,
Jr., or Frankie V. This was also the year that Schwinn introduced the
incomparable Sting-Ray. West coast kids were putting "Texas longhorn
handlebars" on old bikes in the style of the chopper motorcycle. Schwinn
gave it smooth tires and a banana seat with a sissy bar. It was a grotesque
distortion of the typical ride, even for a kids' bike. It was an immediate
and unqualified success. When sales of 10,000 of a particular model was a
big year, Schwinn sold 45,000 Sting-Rays by the end of 1963. They couldn't
keep up with demand.
The Sting-Ray's smooth tires were perfect for skid outs. The smaller rims
made wheelies easier. And the durable Schwinns could still take a curb or
even a homemade jump. Copycats caught on quickly and "high-rise" bicycles
accounted for more than half of all bicycle sales during the mid 60s.
In 1968, Schwinn sold 1 million bikes in a single year. Things looked good.
Things looked amazing. But they weren't. Schwinn had lost part of their
antitrust suit against the Department of Justice in 1967. The Supreme Court
had ruled that Schwinn could not sell product to a distributor and then
determine to whom the distributor could resell the product. Schwinn
sidestepped the ruling. Within the week Schwinn was its own distributor and
they kept right on going.
It was around this time that Frankie V. dropped the Arnold from the
company's name. He cut back on research and development and gave the spoils
to sales and marketing. The new distribution warehouses were taking up
resources as well. While the numbers looked better than ever, Schwinn was
no longer investing in the future.
Schwinn's "lightweight" road bikes finally began to make headway as the 60s
became the 70s, lead by the Varsity and the Continental (both started life
as 8-speeds). The original "ten-speed", the Varsity was targeted at 12-14
year olds and it was Schwinn's first derailleur bike that sold in
significant numbers. Like the Sting-Ray before it and the balloon tire
before that, the Varsity ushered in a new era in cycling. Rather, it marked
a return to cycling as real transportation. The ten-speed's narrow wheels,
drop handlebars, and hand brakes were designed for speed and distance.
Adults, once again, had practical two-wheeled transportation, and the
industry shifted again.
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