Anyone hear of an oil treatment called steed?

Answer 1

It was a pyramid scheme back in the mid-70's that involved selling distributorships that marketed a brand of automotive fluids called "Steed'. The object was not to sell the product to consumers but to recruit others to sell it for you, and they in turn would sell it to another distributor, and so on. The point was not to be the sucker who wound up with a garage full of unsaleable cases of worthless oil additives.

I went to a couple of their presentations which were usually held in Holiday Inns with a dance band and a lot of guys in fancy suits and expensive watches. I didn't fall for it, luckily.

-- My husband did go for it, and we were one of the ones with a bunch of leftover product when the company folded. My husband was a mechanic and had sold encyclopedias and he believed in the product. 3/6/11.

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Steed Oil was founded by Bob Gianini. He got his start as a Fuller Brush salesman in the 60s. He was quite adept and actually a super-salesman. He left Fuller as a manager and moved on to successful careers in Amway and then got bitten by the pyramading market bug when he was successful with Holiday Magic Cosmetics. He left there and hired the chief chemist of Amway to found the company Steed Oil.

His demise came when he would not refund an $5000 investment to a mobster's son and he and some of his partners were shot dead after leaving an 'opportunity meeting' at Arlington Racetrack, IL.