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When Reo went out of the car business in 1936, Olds resigned from the board and sold his remaining stock. Ransom Olds resigned as general manager of Reo in 1915, but he retained his seat on the board of directors. By 1907 he had built Reo into one of the automotive industry's leaders, but after declining to participate in the formation of GM in 1908, the company steadily lost ground to its competitors. The name Reo came from his initials (R.E.O.) used as an acronym. Olds Motor Car Company which was quickly changed to Reo Motor Company to avoid a lawsuit f! rom the Olds Motor Works. After leaving Olds Motor works, Ransom went on to form the R.E. The Oldsmobile brand, after a successful production run of 99 years, was discontinued by GM in 2004, but it is still fondly remembered with a well-deserved reputation for high quality cars noted for their leadership in technology and design. The Olds Motor Works was purchased, as part of the formation of GM, by William Crapo Durant in 1908 and formed the basis of the Oldsmobile Motor Division of GM. Olds then left the company he had founded.
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Ransom and Smith clashed frequently until Smith removed Ransom from the position of Vice President and General Manager in 1904. Although the factory was destroyed by fire that year, they still sold over 600 models of the Curved Dash. In 1901 Ransom designed the legendary Curved Dash Oldsmobile which was the first commercially successful car mass-produced on an assembly line in the U.S., which sold for $650. Smith became President while Ransom became Vice President and General Manager. The company was relocated from Lansing to Detroit and renamed Olds Motor Works. Olds sold his company to copper and lumber magnate Samuel L.
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He founded the Olds Motor Vehicle Company in Lansing, Michigan on August 21, 1897. In 1886, he received his first patent for a gasoline-powered car, and started considering opening his own business to manufacture it. However, on the way to India, the ship delivering the car sank, and so the customer never received the purchase. This was the first car to be sold abroad in the United States. Olds and Son sold a 4-wheeled steam car to a firm in India. By 1887, he had built his first car, a 3-wheeled, steam-powered vehicle that could travel up to 18 miles on level ground. In 1886, Ransom began experimenting with a steam-powered engine. His older brother Wallace was half owner of the family business until Ransom bought him out for $1000.00. For the first 22 years of Ransom's life, the family remained in Geneva, Ohio, then moved to Lansing, Michigan, where his father opened a forge and store 'P.F. His father was a blacksmith and later became a store owner. He was born Ransom Eli Olds on June 3, 1864, in Geneva, Ohio, the younger of two sons of Pliny Fisk Olds and Sarah Whipple Olds. View Source American inventor and automotive pioneer, best known as the founder of the car company that became Oldsmobile Motor Division of General Motors Corporation (GM).Murat Shriners bio/ Information about Ransom Eli Olds from the Murat Shrinersīirth Geneva, Ashtabula County, Ohio, USA Death (aged 86) Lansing, Ingham County, Michigan, USA Burial Mount Hope Cemetery Lansing, Ingham County, Michigan, USA Show Map Memorial ID 778 [ IdeaFinder article/ Information about Ransom Eli Olds at IdeaFinder Wikipedia article/ Information about Ransom Eli Olds from Wikipediaįind A Grave memorial/ Information about Ransom Eli Olds from īritannica Online article/ Information about Ransom Eli Olds from Britanica Online The modern assembly line and its basic concept is credited to Olds, who used it to build the first mass-produced automobile, the Oldsmobile Curved Dash, beginning in 1901. He claimed to have built his first steam car as early as 1894, and his first gasoline–powered car in 1896. Ransom Eli Olds (J– August 26, 1950) was a pioneer of the American automotive industry, for whom both the Oldsmobile and REO brands were named.