William C. Durant

The company that Leland took over was end up called Cadillac.

And it was the only auto company that Billy Durant in building General Motors had to pay cash for four and a half million dollars in 1911.

The reason why that's important, Henry Leland would go back again and build a quality car, build a second company.

That motor car company was called Lincoln, and he was building high-scale, upscale cars.

He was wiped out.

William C. Durant, founder of General Motors, lost more than $40 million in the stock market and wound up a virtual pauper.

GM itself stayed in the black throughout the Depression under the cost-cutting leadership of Alfred Peace Sloan.

Phase 2.

Boy, you're cl-pretty close, John.

It's the same day William Durant acquired Buick-

Mm.

For General Motors.

You buy a bunch of little companies to make a great big company.

Billy Durant did it to build GM.

We talked about that.

Private equity today loves this move.

Uh, he took us over to the, the GMAC boardroom, and he told us that, uh, we couldn't come out till we made a deal.

And by the way, when I walked into that boardroom, there was a big picture of Willie Durant.

Willie Durant was a founder of General Motors-

Mm

... and that's a story in itself also.

I would argue it is true with Mexico, but you look at the history.

I mean, you ever want to know how close the Canadian and US auto industries were? It was a Canadian that helped William Durant found General Motors in 1908, I think it was, and a decade later helped him get back control of it.

with money sent down from Canada for him to take it over after the board had kicked him out.

It is a fully integrated industry between Canada and the US.

Nope.

1908, William Durant creates GM, General Motors, and really what, for 60, 70 years, they were basically America's engine, no pun intended, along with Ford.

What was good for GM is good for America.

That was the old slogan.