Ransom E. Olds - Oldsmobile

Oldsmobile

He founded the Olds Motor Vehicle Company in Lansing, Michigan, on August 21, 1897. The company was bought by a copper and lumber magnate named Samuel L. Smith in 1899 and renamed Olds Motor Works. The new company was relocated from Lansing to Detroit. Smith became President while Olds became vice president and general manager.

In 1901 Olds designed the Curved Dash Oldsmobile which sold for $650.00, equal to $18,158 today. It was this car, rather than Henry Ford's Model T, that was the first mass-produced, low-priced American motor vehicle. Although the factory was destroyed by fire that year, the company still sold over 600 models of the Curved Dash. In 1904 sales were up to 5000 units.

As Smith's son, Frederic L. Smith, came into the business, he and Olds clashed frequently until Fred Smith removed Olds from the position of vice president and general manager in 1904 and Olds left his company. He went on to form the R.E. Olds Motor Car Company. Its name was quickly changed to REO Motor Car Company to avoid a lawsuit from the Olds Motor Works. The name REO came from the initials of his name as an acronym. Olds served as president (until 1925) and later chairman of REO.

The Olds Motor Works was bought by General Motors in 1908. General Motors discontinued the Oldsmobile brand in 2004, after a production run of 96 years.