The journey starts from the Titanic

"By the way, Morgan's firm appreciates your idea of ​​buying General Motors on installments. It thinks it can improve the company's performance. It's a genius idea."

Pierre Dupont praised.

"Isn't Morgan firm dislike to do this kind of small business? The idea is a good idea, but the risk is so great that banks are unwilling to provide credit support, so that we have to set up an auto finance company by ourselves.

Sloan shrugged and said disgustingly.

In order to implement the installment payment business, I broke my leg and found all the major banks in New York. All bank managers were unwilling to undertake this high-risk business, so that General Motors had to set up an auto finance company by itself and let auto finance. The company provides loans to customers.

This caused Sloan to bear a lot of criticism inside and outside the company, and almost broke his face with Rascob. Fortunately, Pierre Dupont supported Sloan's move.

At that time, Sloan persuaded Pierre DuPont, “Lincoln and Cadillac cars of almost the same quality, if General Motors provides financial support to help consumers reduce economic pressure, then consumers are more inclined to buy Cadillac because of him. You don’t have to pay the full amount, you only need to pay a portion of the money to drive your favorite car home."

After a difficult initial stage, the consumption method of installment payment is accepted by Americans, and auto loans are becoming more and more common. General Motors has tasted the sweetness of this policy and unexpectedly increased car sales by 150,000 in the first quarter. !

Later, more and more, it has to be said that the radical sales strategy became their magic weapon for surpassing Ford Chrysler, so that Ford and Chrysler had to follow the trend to implement the installment sales method, and also set up their own auto finance companies.

Nowadays, most of the cars sold by General Motors are sold through instalment. The three major auto giants have succeeded in instalment sales. Of course, they have attracted the attention of Wall Street banks and have come to ask for cooperation.

"Even if the Morgan firm is a big business, who would dislike the auto finance business of hundreds of millions of dollars?"

Pierre Dupont smiled triumphantly.

"That's true, now GM Finance's business has exceeded 100 million US dollars!"

Sloan laughed, very proud.

If the auto finance business is mortgaged to the bank, General Motors can easily raise over US$100 million.

And this is a fast-growing market. Sloan does not want GM's auto finance company to be infiltrated by Wall Street's wealthy wolves, so he is wary of Pierre Dupont's mention of Morgan's interest in auto finance.

Although the Morgan consortium is also one of the shareholders of General Motors.

Sloan did not object to cooperating with Morgan Firm. He added: "It is expected that the US auto market will be further enlarged in the future. We have previously planned to build a new car assembly line on the East Coast. The conditions are now ripe. I am planning to build a new Buick car in Buffalo. The factory is expected to be put into production in half a year, which will increase the company's production capacity by 10,000 vehicles, which will greatly help us compete for the New York State automotive market."

"Well, rich Yankees prefer luxury and beautiful Buick cars. I believe you will succeed." Pierre Dupont nodded in agreement and encouraged.

I also understand that if it were not for investing in a new car factory, Sloan would not be so strongly opposed to Rascob’s building plan.

Now that the U.S. economy is booming, auto giants can easily raise funds successfully in the financial market. Sloan and Pierre DuPont discussed the issuance of new shares of General Motors and reached a consensus.

When leaving Pierre Dupont’s office of the chairman, Sloan smiled and walked lightly.

Now that the problem has been solved, General Motors has obtained more financial support from Morgan Firm through Pierre Dupont, Sloan and Laskobe each got what they want, and Pierre Dupont has also achieved its goal. In the process of issuing new shares, the DuPont consortium will absorb A considerable part of the new shares further increase the shareholding ratio of General Motors.

After Sloan left, Pierre DuPont also quickly left New York to return to Wilmington, Delaware, the home of the DuPont family, and negotiated with the main members of the DuPont family to raise funds to buy new shares of General Motors.

Although DuPont Chemical Company is also making money, it is not as fast as General Motors.The family members agreed with Pierre DuPont's ideas. They are also optimistic about the auto market and look forward to developing DuPont's financial business through auto finance.

Finance has always been the fault of the DuPont consortium. Because there is no large core bank, the DuPont consortium has to rely on the Morgan consortium to provide financial support, which makes Pierre DuPont unhappy.

However, the new financial business of auto finance gave him an opportunity for the DuPont family to enter the financial industry. Imagine that by issuing loans to countless car consumers through car installment payments, the DuPont consortium can instantly become a part of the personal financial market. For large plots of land, if the business scope is expanded in the future to provide services such as insurance bonds and stocks, can it also——

In his imagination, this is a beautiful prospect. He wants to see the rise of DuPont's financial business and become a decisive force on Wall Street.

On the day when Sloan and Lascob quarreled on the board, Pierre Dupont stood in front of the window for a long time. After thinking a lot, he decided to kick Rascob away and support Sloan, not only to control General Motors, but also a considerable part of it. The reason is because of Sloan's ability in auto finance.

...

After receiving the promise from Pierre DuPont, Laskobe was finally relieved, and soon submitted his resignation to General Motors, and at the same time sold his shares in General Motors to raise funds to build high-rise buildings.

He began to collect land conditions in Manhattan, contacted Wall Street bankers, and promoted his building plans.

After the construction of the Chrysler Building started, New York's wealthy people were ready to compete and wanted to compete with Walter Chrysler. Many people were very interested in Laskobe's building plan and expressed their willingness to invest.

Everyone has a comparison mentality, and the nouveau riche especially want to let people know that they are bullshit. The 1920s is a prosperous era. The more economically prosperous nouveau riche, the more they have a comparison mentality.

Before GM's funds were in place, Rascob had already received ten million dollars of intended funding.

This has a lot to do with his reputation. After all, he is a partner of the DuPont consortium and a cfo and shareholder of General Motors. Although he has resigned, in the eyes of many people, his skyscraper plan is actually GM and Chrysler's two car empires compete!

In an interview with the New York Times, Raskob said triumphantly: "Yes, I just want to build an Empire State Building, a super building higher than the Chrysler Building!"

As soon as this remark came out, public opinion suddenly became a sensation, causing another wave of waves.The New York newspapers even beaten up their blood and decisively found Walter Chrysler and asked him what he thought of Rascob's remarks.

What is his opinion?

This is the most kind and implicit expression. In fact, the reporter's tone is absolutely full of provocative irony and provocative dissension.

In fact, there is no need for reporters to provoke. Walter Chrysler has long looked at Rascob as unpleasant. When Rascob was at GM, the two were rivals.

"The Empire State Building in Rascob? Why didn't I see it, all I saw was the air, where is his building? On the contrary, the Chrysler Building will stand in Manhattan in a year and become a world-renowned existence!"

Walter Chrysler sarcastically said that he hadn't forgotten to use the fact that Rascob was kicked out of General Motors to ridicule him. "Mr. Rascob was abandoned by General Motors. He was a failure. He tried to use the guise of building a building to attract the public. Attention, I understand him very well and sympathize with his experience, but he deliberately wanted to build a building to surpass the Chrysler Building. This is unrealistic. I hope he will recognize the reality soon."

After Walter Chrysler's words were processed by the editor of the newspaper, the firepower was upgraded to a higher level, almost portraying Rascob as a clown who is overwhelming, trying to show off himself to get public attention and heal the pain he was dumped by General Motors. .

When Raskob saw the news, his lungs exploded with anger!

He was indeed kicked out of General Motors, and he has no chance to compete with Walter Chrysler in the auto industry, but in high-rise buildings, he must surpass Chrysler!

Soon he found a well-known architect, William Lam, and when he met, he asked: "How high can a building be built?"

Ram replied after pondering for a moment: "15 feet (32 meters)."

"What about the Chrysler Building?"

"Not very clear, but it will not exceed 1 foot too much. No matter how high it is, the financial and technical problems will be even greater." William Ram replied.

He envied the designer of the Chrysler Building very much, and also looked forward to having the opportunity to play a big one. Now the famous upstart in New York, Las Cobb, would he come here?

Although it is not clear how high the Chrysler Building is, before it is completed, even if the other party says in the newspaper how high and high it is, it may be a smoke bomb.

Rascob was very dissatisfied with the architect's answer, clamoring to surpass the Chrysler Building anyway.

Chapter 212 The Era of Free Competition

William Ram patiently persuaded.

Nowadays, the annual output value of the construction industry exceeds tens of billions of dollars, which is equivalent to the automobile and electrical industry, and is the three pillars of the US economic prosperity.

Thanks to these upstarts, American architects have a very good life. Don't let the millionaire in front of you go this time!

Rascob thought for a while, and felt that it made sense, so he suppressed his anger and snorted coldly, "Let the villain Chrysler be proud for a few days!"

In fact, the real reason is that the construction of the Chrysler Building has already started, and the Empire State Building is just a concept. It will not be able to complete the design draft for a while, raise funds, purchase the land, contact the builders, etc., such a huge project is not a mess today. Construction can start tomorrow, and it will take a year or a half at the earliest. By then, the Chrysler Building is almost complete.

In the design of the building, in addition to being taller than the Chrysler Building, Rascob also had his own unique creativity, requiring the designer to design an airship mooring tower on the roof.