My City July 2021

MYHISTORY

Company namedWalter P.Chrysler to be Buick’s work manager.Chrysler would go on to become a major player at GM and across the world as founder of the Chrysler Corporation. (In fact, many think that if Nash had never brought Chrysler into GM, the big three may have been GM, Ford and Maxwell-Briscoe.) With a keen eye on the bottom line,Nash ran Buick and turned it into GM’s best division.Mean while,Durant continued to acquire more and more businesses without regard for fit or potential. In 1912,GMwas deeply in debt with the possibility of bankruptcy on the horizon.Bankers took GM fromDurant and handed the keys to Nash. As president, Nash ran the company – which was tight on inventory and cash – and made changes to each plant’s operations to increase efficiency and cut expenses. In a stroke of genius, he acquired a ruling interest inWeston-Mott to be able to manufacture axles at cost.With all of his changes, Nash was able to quadruple GM’s profits in four years.

When Durant fought back in 1916 and wres tled control from the bankers, he offered Nash the exorbitant annual salary of $1 million to stay on with GM as president. Nash, being unable to work with Durant’s free-wheeling ways, declined the offer stating that the salary was “more than one man’s worth.”He resigned on June 1. Nash was done with GM but not with the automobile industry. Just before resigning, he acquired a small automobile company in Keno sha,WI – theThomas B.Gentry Company.He quickly changed the company name to Nash Motors and the next year, produced the Nash Model 671.He envisioned a vehicle that was “the embodiment of honest worth at a price afford able by the majority.”He succeeded immediately and sales of the 671 grew each year. From the late 1920s on, the Nash Motors slogan was “give the customer more than he has paid for” and the cars were known for durability, as well as style. Nash Motors introduced the straight-eight engine with overhead valves, twin spark plugs and nine crankshaft bearings. In 1937,Nash retired from the business and moved to California.After his retirement, his company continued its success under chosen successor,GeorgeW.Mason. In 1954,Mason engineered the acquisition of Hudson Mo tor Company.The merger of the two formed American Motors Corporation (AMC), pro ducer of notable models such as the Gremlin,

Pacer and Hornet. In 1987,AMC was purchased by the Chrysler Corporation. Charles W. Nash died in 1948 in Bev erly Hills, CA, leaving behind an estate valued at $50 million dollars (today’s value $538,573,407). His was a rare, true American Dream. Nash started as a waif working for food and ended as a king of industry. His commit ment to efficiency and frugality saved a floun dering General Motors, opening the door for those who would build the City of Flint. x

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