On rumour I heard from ex-Lotus employees was that before he formed the company, he sent a car to auction and it came back with a sticker on it Lot U/S, standing for lot unsold.
He thought that a good name for his new company.
Another rumour was that once you tasted the fruit of the lotus flower, you would not want to taste anything else.
Quote:-
"I was driven thence by foul winds for a space of 9 days upon the sea, but on the tenth day we reached the land of the Lotus-eaters, who live on a food that comes from a kind of flower. Here we landed to take in fresh water, and our crews got their mid-day meal on the shore near the ships. When they had eaten and drunk I sent two of my company to see what manner of men the people of the place might be, and they had a third man under them. They started at once, and went about among the Lotus-eaters, who did them no hurt, but gave them to eat of the lotus, which was so delicious that those who ate of it left off caring about home, and did not even want to go back and say what had happened to them, but were for staying and munching lotus with the Lotus-eaters without thinking further of their return; nevertheless, though they wept bitterly I forced them back to the ships and made them fast under the benches. Then I told the rest to go on board at once, lest any of them should taste of the lotus and leave off wanting to get home, so they took their places and smote the grey sea with their oars."
Chunky thought that once you had driven a Lotus, you would not want to drive any other car.