Vertical Integration and Durant Motors
- Durant also assemled a creation of parts and components into a new entity called United Motors Company.
- United Motors was sold to GM for just over $44 million.
- In 1921, Durant established a new company called Durant Motors.
- As he had with GM, Durant Motors had a variety of companies whose cars were aimed at different markets.
- The Star, which was the cheapest, was aimed to the person who could otherwise buy the Model T, but the ultra-luxurious Locomobile was the top of the line.
- Unfortunately, due to the Wall Street Crash of 1929 and the Great Depression, the company failed in 1933.
- After the fall of Durant Motors, Durant and his second wife lived on a pension provided by McLaughlin.
- Durant suffered a stroke in 1942 and was left a semi-invalid.
Bibliography
Chevrolet Cont.
http://www.fampeople.com/cat-william-c-durant
Pictures from Bing images
- Because of the company's success, Durant was able to buy enough shares in GM to regain control, becoming its president in 1916.
- Durant bought the Chevrolet product line during his presdiency, as well as Fisher Body and Frigidaire.
- In 1920, he lost control of GM to the DuPont and McLaughlin shareholders.
- He was inducted into the Automotive Hall of Fame in 1968.
Chevrolet
- Durant became financially overextended, forcing him to withdraw from GMH management in 1910.
- But he immediately created another GM, starting with the "Little Car" named after William H. Little.
- He tried to compete with the Model T, but was dissatisfied, so he went into partnership with Louis Chevrolet in 1911.
- Durant wanted Chevrolet in Canada and with Samuel McLaughlin, Durant was back at his old job.
- General Motors Corporation was started in 1918
Short Biography
- William Durant, or Billy, was a business leader who founded General Motors.
- He was born December 8, 1861 and died away March 18, 1947 at the age of 85.
- His mother was the daughter of Michigan governor, Henry H. Crapo.
- He dropped out of high school to work in his grandfather's lumberyard, but by 1885 he and a friend created the Coldwater Road Cart Company.
- He eventually became the general manager of Buick in 1904, and in 1908, General Motors was founded.
General Motors
- Durant realized his vision for building the car industry in 1904, when he was owner of DurantDort Carriage Company--the largest carriage manufacturer in the US.
- In 1908, Durant founded General Motors Holding Company with $500,000 in Buick stock.
- Within the next year, Durant would buy Cadillac and Oakland (later called Pontiac) and merged them with GM.
- In October 1909, GMH acquired the Cartercar Company, but by 1915, the GM board decided to discontinue the Cartercar due to the lack of sales.
- Instead, the GM board decided to use the factory for the production of the Oakland.
- In an effort to buy Ford, Durant offered an $8 million deal, but bankers turned him down.
William C. Durant (1861-1947)