Rivals Cadillac and Lincoln benefited from the huge support structure of GM and Ford. Packard could not match the two new automotive giants for resources, however the 1920s had proven extremely profitable for the company and it had assets of approximately $20 million in 1932 ($ in dollars ) while many luxury car manufacturers were almost broke. Peerless ceased production in 1932, changing the Cleveland manufacturing plant from producing cars to brewing beer for Carling Black Label Beer. By 1938, Franklin, Marmon, Ruxton, Stearns-Knight, Stutz, Duesenberg, and Pierce-Arrow had all closed.