The latest auto news, reviews, prices, product and vehicle releases. Sep
16th
Stay connected Subscribe to our RSS feed
By 1890, the Durant-Dort Carriage Company was a leading manufacturer of horse-drawn vehicles. William C. Durant, who conceived the modern system of automobile dealer franchises, went on to create General Motors on September 16th, 1908, and sought expansion by offering various brands under one big umbrella.
Durant took over Buick in 1904 (increasing annual production from 37 to 800 cars in just three years) and later sold stock in the newly founded GM to acquire Oldsmobile, Oakland (Pontiac), and Cadillac. He even tried to buy one of his two main rivals, Ford, in 1910, but the bankers turned him down.
In 1911, William C. Durant established Chevrolet in partnership with Louis Chevrolet, and GM bought out the start-up brand at the onset of WWI. In 1916, GM's share reached $1,000 at the New York Stock Exchange. However, internal politics reportedly led Durant to lose control of presidency at the start of the following decade.
World War II
In February 1942, GM joined other automakers and converted its car plants to help the U.S. defeat the Nazi regime. Some 854,000 military vehicles, 16,000 tanks, and millions of ammo were manufactured.
Nearly seven decades later, GM filed for Chapter 11 bankruptcy in June 2009, restructured its operations, and returned to using its traditional ticker symbol on the New York Stock Exchange in November 2010.
Anecdotes
In 1921, Durant founded a new company, Durant Motors. However, he was unable to duplicate his former success and doomed by the financial woes of the Wall Street Crash of 1929. Durant became broke and managed a bowling alley in Flint, Michigan, until his death in 1947.
GM manufactured Frigidaire appliances from 1918 to the late 1970s.
Source : Wikipedia.org
Durant took over Buick in 1904 (increasing annual production from 37 to 800 cars in just three years) and later sold stock in the newly founded GM to acquire Oldsmobile, Oakland (Pontiac), and Cadillac. He even tried to buy one of his two main rivals, Ford, in 1910, but the bankers turned him down.
In 1911, William C. Durant established Chevrolet in partnership with Louis Chevrolet, and GM bought out the start-up brand at the onset of WWI. In 1916, GM's share reached $1,000 at the New York Stock Exchange. However, internal politics reportedly led Durant to lose control of presidency at the start of the following decade.
World War II
In February 1942, GM joined other automakers and converted its car plants to help the U.S. defeat the Nazi regime. Some 854,000 military vehicles, 16,000 tanks, and millions of ammo were manufactured.
Nearly seven decades later, GM filed for Chapter 11 bankruptcy in June 2009, restructured its operations, and returned to using its traditional ticker symbol on the New York Stock Exchange in November 2010.
Anecdotes
In 1921, Durant founded a new company, Durant Motors. However, he was unable to duplicate his former success and doomed by the financial woes of the Wall Street Crash of 1929. Durant became broke and managed a bowling alley in Flint, Michigan, until his death in 1947.
GM manufactured Frigidaire appliances from 1918 to the late 1970s.
Source : Wikipedia.org
 |
| William Crapo Durant (Photo: Wikipedia) |