Packard of the mid 1950s was a rather different company than it was back in the heady pre-war classic era. Sales were slowing in the face of competition by the might of GM and Ford, and a merger with Studebaker was in the works by 1954 in attempt to boost Packard's market share and balance the books of both firms. Despite the looming trouble, Packard's new boss swept in from GE and immediately began to emulate what Cadillac was doing across town. For 1953, Packard tossed their hat into the ring with an ultra-luxurious "personal car"; the new Caribbean was a direct answer to the Cadillac Eldorado as well as a halo model intended to restore shine to the tarnished Packard brand.