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- Durant had a plan B. He knew Oldsmobile was having a difficult time. He took a night train to Lansing, Michigan, roused the Olds officials from bed, and proposed creating a holding company called General Motors that would include Buick and Oldsmobile. They agreed, and General Motors was incorporated on September 16, 1908.
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By age 24, Durant was already a successful businessman in the old lumber town of Flint, Michigan. Durant, who went on to become a partner in a thriving insurance agency, decided to get into the vehicle business in 1886. He bought a small horse cart company with borrowed money.
Nov 13, 2009 · He started a new car company with the Chevrolet brothers and was able to buy enough GM stock to regain control of the corporation in 1916, but his profligate ways got the better of him and he...
- The Cart
- Expanding Markets
- Then Came The Car
- A Question of Focus
The destiny of William Durant, however, would not be in cigars or even lumber but in carriages. It all started by accident. In 1886, young Durant, age 24, hitched a ride to the local waterworks from his friend John Alger. Durant had never ridden in a cart like Alger’s before—small and durable, two four-feet wheels, two seats wide, and very smooth o...
From his first day in business, Durant looked for ways to market his cart beyond Flint and even beyond Michigan. When his supplies arrived from Coldwater, he took one of the two finished carts and entered it in the Tri-State Fair in Madison, Wisconsin. “I did not have to do much talking,” Durant said modestly. The smooth-riding cart had strong appe...
Durant would need help from all his family and friends when he spearheaded the transition in America from carriages to cars. During the 1890s, several mechanics had tinkered with steam, electric, and gas-powered vehicles. None had made a competitive product, however, and most carriage-makers saw no threat to their industry. Durant didn’t either for...
As long as Durant focused on building the best cars for the lowest prices, General Motors grew and prospered. What he lacked in administrative and organizational skills, he made up for with his “intuitive flashes of brilliance” and his salesmanship. For many years, his work habits and integrity were legendary. He displayed the talent, perseverance,...
Jun 10, 2021 · While these capitalists, through politics sought to rid themselves of small-business competition, the story of Durant can be seen as one that triumphs over this idea. Durant’s career began as a small-business owner and salesman that rapidly grew his business into a virtual empire.
- Jesse Roberts
Nov 9, 2022 · Overthrown but unfazed, Durant invested in a new car called the Chevrolet, named for a popular race car driver of the day. He had the car redesigned for the low-price field and built up Chevrolet’s sales organization, making the company the darling of Wall Street.
- Pat Foster
Jan 12, 2013 · Still determined to start this new auto company, Durant, at Satterlee’s suggestion, dropped the proposed name “International Motor Car Company” and settled on “General Motors” as the new name for his company. On September 16, 1908, Durant incorporated General Motors of New Jersey (GM) with a capital investment of $2,000.
Inducted 1968. Founded General Motors in 1908, transforming the nearly bankrupt Buick Motor Company and several small auto companies into an automotive empire. Established a business prototype still used by many successful motor vehicle companies. William Durant knew what he wanted and wasted no time getting it…even when he couldn’t afford it!
