Chrysler Corp. acquires the Dodge Brothers for $170 million on July 31, 1928, growing fivefold overnight and becoming the third of Detroit's Big 3 automakers, after General Motors and Ford.
Brothers John and Horace Dodge, machinists by trade, rose from humble beginnings to become major players in America's budding auto industry.
After several years of building bicycles and auto parts in the early 1900s, they founded a machine shop in Detroit and started building transmissions for Olds Motor Works. They later agreed to build engines for Henry Ford, suspended work for Olds and accepted Henry Ford's offer for 10 percent of the stock in his company.
The Dodge brothers produced all of the mechanical parts for Ford's early cars and they quickly became the biggest supplier of auto parts in the world. But they tussled with Ford over finances and the relationship between the two parties ended after 12 years.
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In 1914, John and Horace Dodge formed a new company, Dodge Brothers, capitalized with $5 million in common stock. And they soon launched their first vehicle that also became the world's first mass-produced, all-steel touring car. In 1915, the company produced and sold more than 45,000 Dodge cars -- a first-year record for a new car at the time.