How GM was Formed

William C. Durant had doubts about relying on a single manufacturer with a single line, and decided that a consortium of automobile makers would be able to support one another, and if parts suppliers were acquired, then the consortium would be self-supporting: this seems to have worked well for Henry Ford's company which manufactured its own steel thus enabling them to carry on assembly when other rival companies had to lay-off workers because of shortages, strikes, etc. Thus, Durant went on a buying spree. Durant attended a meeting of The Big Four, with Benjamin Briscoe of Maxwell-Briscoe who called the meeting, Henry Ford, and Ransom Olds, now the head of REO Motor Car Company.

The idea collapsed, but Durant proceeded nevertheless and formed the General Motors Company in New Jersey on 16 September 1908 with an exchange of Buick and General Motors stock, after Durant had obtained an option to buy 75% of Olds Motor Works stock [which he then exercised] and six weeks after General Motors was formed, Durant exchanged his Olds stock for General Motors stock. In 1910, the entire Buick organisation, which included the Jackson, Church and Wilcox Company in Saginaw, Michigan, became part of the General Motors Company of Michigan and the Jackson, Church and Wilcox Company became known as the Jacox Company instead. General Motors Company was incorporated on September 16 1908 in Hudson County , New Jersey , U.S.A. as a holding company for Buick, then controlled by William C. Durant, and acquired Oldsmobile later that year. The next year, Durant brought in Cadillac, Elmore, and Oakland.