William “Billy” Durant wasn’t supposed to be a titan of industry. Born in Boston in 1861, he dropped out of high school and seemed destined for a life of ordinary means. But Durant possessed an extraordinary mix of salesman’s charisma and a gambler’s spirit, traits that would lead him to transform the automotive world.
From Carriages to Cars
Durant’s success story wasn’t an overnight miracle. After getting his start in his grandfather’s lumberyard, he moved to Flint, Michigan, and, with a business partner, created the Durant-Dort Carriage Company. Their company would become the world’s largest producer of horse-drawn vehicles.
But Durant didn’t hang onto his horse-drawn fortune for long. He saw the future in the noisy, smoke-belching horseless carriages. He took control of the struggling Buick Motor Company in 1904 and turned it into an automotive powerhouse.
The Birth of an Empire
Durant was a visionary, not a nuts-and-bolts engineer. In 1908, he incorporated General Motors. It wasn’t a car manufacturer, but a holding company. Durant’s dream was to assemble a vast collection of car companies under one umbrella—Oldsmobile, Cadillac, Oakland (later to become Pontiac) and more would eventually join. Each brand would target different markets and budgets, creating a giant with something to offer everyone.
Fall, Rise, and Fall Again
Durant’s ambition sometimes exceeded his grasp. He overextended GM by buying too many companies with borrowed money. In 1910, bankers panicked and pushed him out. But Durant was irrepressible. He teamed up with racer Louis Chevrolet to found the Chevrolet Motor Company in 1911. Chevrolet was so successful that Durant used its profits to buy up enough GM stock to regain control of his automotive empire by 1916.
Unfortunately, history repeated itself. Durant’s expansionary zeal again got him into financial trouble. The bankers came for him once more in 1920. This time, he was out for good.
The Durant Motors Fiasco and A Faded Legacy
In 1921, Durant tried to start a new empire with Durant Motors. However, the timing was terrible. Post-World War I economic troubles and competition from Ford doomed the venture to failure. He lost his fortune in the 1929 stock market crash and spent his last decades running a bowling alley in Flint.
William C. Durant died in 1947 at the age of 85. He was a flawed genius, a relentless innovator, and reckless gambler all rolled into one. His legacy is a testament to the transformative impact a single person can have on an industry, and the risks that come hand-in-hand with unchecked ambition.