When The Honky Tonk Man turned heel, Hart became his manager. In this position, Hart was nicknamed "The Colonel" in a reference to Colonel Tom Parker, the manager of Elvis Presley. With Hart in his corner, the Honky Tonk Man captured the Intercontinental Heavyweight Title from Ricky "The Dragon" Steamboat on June 2, 1987 and held it until August 1988. During that time, the Honky Tonk Man feuded with Randy Savage and his manager Miss Elizabeth. "The Colonel" moniker stuck with him for years, even after the Honky Tonk Man departed the company in early 1991.