Ransom Eli Olds (June 3, 1864 – August 26, 1950) was a pioneer of the American automotive industry, after whom the Oldsmobile and REO brands were named. He claimed to have built his first steam car as early as 1887 and his first gasoline-powered car in 1896.
The modern assembly line and its basic concept is credited to Olds. Olds was the first person to use a stationary assembly line in the automotive industry. Henry Ford came after him, and was the first to use a moving assembly line to manufacture cars.
The gasoline-powered Curved Dash Oldsmobile is credited as being the first mass-produced automobile, built on an assembly line using interchangeable parts. It was introduced in 1901 and produced through 1907 when General Motors assumed operations from Ransom E. Olds on November 12, 1908. GM introduced the Oldsmobile Model 20, which was the 1908 Buick Model 10 with a stretched wheelbase and minor exterior changes.
Ransom Olds founded the Olds Motor Vehicle Company in Lansing, Michigan, on August 21, 1897. to manufacture the Oldsmobiles marque. The company was bought by a copper and lumber magnate named Samuel L. Smith in 1899 and renamed Olds Motor Works. The new company was relocated from Lansing to Detroit. Smith became President while Olds became vice president and general manager. By 1901 Olds had built 11 prototype vehicles, including at least one of each power mode: steam, electricity and gasoline. The Olds Motor Works was bought by General Motors in 1908.
In 1904, Olds left the Olds Motor Works and formed the R.E. Olds Motor Car Company. Its name was quickly changed to REO Motor Car Company to avoid a lawsuit from the Olds Motor Works. The name REO came from the initials of his name but was pronounced as a word. Sometimes it was spelled Reo to emphasize this pronunciation. The REO Motor Car Company was based Lansing, Michigan and produced automobiles and trucks from 1905 to 1975.
In 1915, Olds relinquished the title of general manager to Richard H. Scott, and eight years later he ended his tenure as the company’s presidency as well, retaining the position of chairman of the board.
After 1915 Olds turned most of his attention from the automobile business to other activities, including the marketing of the world’s first gasoline-powered lawn mower, which he had invented, and land development in Florida. In 1916, Olds purchased 37,547 acres of land by the northern part of Tampa Bay in Florida to establish “R. E. Olds-on-the-Bay”.
He developed the area into what is now the city of Oldsmar. Oldsmar is located in Pinellas County, Florida, as of the 2010 census, the city had a population of 13,591. The name was later changed to Oldsmar, then to “Tampa Shores” in 1927, and finally back to Oldsmar in 1937.
He traded his land for the Fort Harrison Hotel in Clearwater, Florida in 1926. The hotel has 11 stories and features 220 rooms, three restaurants, a swimming pool and a ballroom. Today it is owned and operated by the Church of Scientology
The State Journal reported on August 27, 1950 of R.O. Olds passing after a brief illness. Ransom Eli Olds, 86, died at 3 o’clock Saturday, August 27, 1950 in Lansing Michigan. Death came from plications of old age after lapsing into a coma early that week. At his bedside were his two daughters.
R.E. Olds Foundation
Founded in 1914, the R.E. Olds Foundation is the oldest family/private foundation in the state of Michigan. It began as the Ransom Fidelity Company by R.E. Olds for his growing philanthropic endeavors in his home of Lansing, Michigan as well as globally. In 2004, it was renamed the R.E. Olds Foundation, by the fourth generation of family members. The foundation continues to reflect the philanthropic ideals of Ransom Eli Olds and maintain the family name for the tri-county region in Michigan. The R.E. Olds Foundation is committed to the Greater Lansing community through the support of community-based education programs, focusing on youth and families, animal welfare, and environment issues. www.reoldsfoundation.org