General Motors was hemorrhaging cash and couldn’t get any more loans to pay its debts. Finally, after a plea from the head of its Cadillac division, the company was thrown a financial lifeline, under the condition that it be controlled by a group of trustees.
It was 1910. Eighteen other carmakers collapsed that year. But G.M., then a consortium of 25 brands, survived on the strength of its size and persuasive leadership. [Read more…] about In the Rearview Mirror ‘The Life of the Automobile,’ by Steven Parissien