When Ford took over Ford Motor in 1945, the company was losing $9.5 million per month. Ford implemented an audit system for the company, while automating company plants. As a result of Fordís leadership, the Ford Motor Company boasted net profits of $265 million in 1950. Three years later, Ford Motor overtook Chrysler and claimed second place in industry sales. Ford Motor also became an industry innovator, introducing new models such as the Falcon, which sold more than 417,000 units in 1959, an all-time first year record.