William C. Durant - Biography

Biography

Born in Boston, Massachusetts, Durant was the grandson of Michigan governor Henry H. Crapo. William dropped out of high school to work in his grandfather's lumberyard, but by 1885 he had partnered with Josiah Dort to create the Coldwater Road Cart Company. He started out as a cigar salesman in Flint, Michigan, and eventually moved to selling carriages. He founded the Flint Road Cart Company in 1886, eventually transforming $2,000 in start-up capital into a $2 million business with sales around the world. By 1890 the Durant-Dort Carriage Company, based in Flint, Michigan, had become a leading manufacturer of horse-drawn vehicles, which ultimately became number one in the world. Durant also conceived the modern system of automobile dealer franchises. When approached to become general manager of Buick in 1904, he made a similar success and was soon president of this horseless-vehicle company. In 1908 he arranged the incorporation by proxies of General Motors and quickly thereafter sold stock, and with the proceeds acquired Oldsmobile. The acquisitions of Oakland, Cadillac, and parts companies followed in short order.

Originally, Durant was highly skeptical of cars, thinking that they were stinky, loud, and dangerous, to a point where he would not let his daughter ride in one. By 1900, there was significant public outcry for government regulation of gas-powered horseless carriages. Durant heard this outcry, and rather than relying on government regulations to improve their safety, saw an opportunity to build a successful company by improving on the safety of these new machines. In order to accomplish this, he sought out the purchase of Buick, a local car company with few sales and large debts.