GM's first acquisition was Buick, which Durant already owned, then Oldsmobile on November 12, 1908. Under Durant, GM went on to acquire Cadillac, Elmore, Welch, Cartercar, Oakland (predecessor of Pontiac), the Reliance Motor Truck Company of Owosso, Michigan, and the Rapid Motor Vehicle Company of Pontiac, Michigan (predecessors of GMC) in 1909.ĭurant, with the board's approval, also tried acquiring Ford Motor Company but needed an additional $2 million. Durant over- leveraged GM in making these acquisitions, and was removed by the board of directors in 1910 at the behest of the bankers who backed the loans to keep GM in business. The action of the bankers was partially influenced by the Panic of 1910–1911 that followed the earlier enforcement of the Sherman Antitrust Act of 1890. Leland, of Dayton Engineering Laboratories Company (DELCO), invented and patented the first electric starter in America. In November 1911, Durant co-founded Chevrolet with Swiss race car driver Louis Chevrolet, who left the company in 1915 after a disagreement with Durant.
General Motors Company share certificate issued Octo#Pro vehicle outlines 2018 torrent driver# GM was reincorporated in Detroit in 1916 as General Motors Corporation and became a public company via an initial public offering. By 1917, Chevrolet had become successful enough that Durant, with the backing of Samuel McLaughlin and Pierre S. du Pont, reacquired a controlling interest in GM. The same year, GM acquired Samson Tractor. Chevrolet Motor Company was consolidated into GM on May 2, 1918, and the same year GM acquired United Motors, a parts supplier founded by Durant and headed by Alfred P.
Sloan for $45 million, and the McLaughlin Motor Car Company, founded by R. McLaughlin, became General Motors of Canada Limited. In 1919, GM acquired Guardian Frigerator Company, part owned by Durant, which was renamed Frigidaire.
With this acquisition, the General Motors Acceptance Corporation (GMAC), which provides financing to automotive customers, was formed. In 1920, du Pont orchestrated the removal of Durant, once again, and replaced him with Alfred P.
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