General Motors Company was started by William Durant in 1908. After the stock market panic of 1907, a lot of companies were in dire straits and Durant chose this opportunity to buy smaller car builders and companies that manufactured car parts. He combined these companies and created the General Motors Company. Due to mismanagement and over extending the companies in 1910 bankers were forced to step in to prevent the financial collapse of the Company. Durant was removed from the company he had founded.
Durant had managed to start another car manufacturing company, called Chevrolet. He used this company to once again take over the reins at General Motors in 1915. This time he was successful in developing a car company that was profitable. During this time the Cadillac was introduced and became luxury car icon. Durant position as head of the company only lasted until 1920 when he was again removed from the company. General Motors went on to become one of the leaders in the auto industry.
General Motors was founded in 1908 but didn’t really start to become a giant in the auto industry until the 1920’s. With a new leader at the helm, Alfred Sloan, auto sales reached the 4.5 million mark and the auto industry now had three giants which were, General Motors, Ford and Chrysler. General Motors were now interested in giving the public more stylish colors, features and comfort became the new motto of the company. General Motors also came up with the option of buying on credit. General Motors had five brands, including Pontiac, Cadillac, Buick, Oldsmobile, and Chevrolet.
There were some rough years for the company after the Wall Street Crash in 1929 but the company kept at it and by 1955 they were the first company to make more than a billion dollars in one year. At one time General Motors was the largest corporation in the US as well as the single largest employer in the world. Currently the company is facing financial woes and will hopefully once again make back to the top of the auto industry.
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