Auto industry executive Lee Iacocca has died at the age of 94.

The iconic business man was best known for his work developing the Ford (F) - Get Report Mustang in the 1960s, creating the mini-van and later rescuing Chrysler from going under.

His death was reported by the Washington Post, which cited his daughter.

Iacocca became a national household name through a series of ads for Chrysler in the 1980s with the catchphrase "If you can find a better car, buy it.

Fiat Chrysler Automobiles (FCAU) - Get Report issued a statement late Tuesday saying the company "is saddened by the news of Lee Iacocca's passing. He played a historic role in steering Chrysler through crisis and making it a true competitive force. He was one of the great leaders of our company and the auto industry as a whole."