The Elgin automobile was manufactured by Elgin Motor Car Corporation in Argo, Illinois, from 1916 to 1923, and by Elgin Motors, Inc., in Indianapolis from 1923 to 1924.
Indianapolis, often shortened to Indy, is the state capital and most populous city of the U.S. state of Indiana and the seat of Marion County. According to 2018 estimates from the U.S. Census Bureau, the consolidated population of Indianapolis and Marion County was 876,862. The "balance" population, which excludes semi-autonomous municipalities in Marion County, was 867,125. It is the 17th most populous city in the U.S. The Indianapolis metropolitan area is the 34th most populous metropolitan statistical area in the U.S., with 2,048,703 residents. Its combined statistical area ranks 28th, with a population of 2,431,361. Indianapolis covers 368 square miles (950 km2), making it the 16th largest city by land area in the U.S.
Elgin Motor Car Corporation was formed in 1916 by several executives from the Elgin Watch Company. The company was based on the former New Era Motor Car Company of Joliet. Upon being taken over, the erstwhile company was moved in its entirety to Elgin, where the new company had a 210,000 square foot factory waiting on 13 acres. [1] This would allow room for future expansion.
Joliet is a city in Will and Kendall counties in the U.S. state of Illinois, 30 miles (48 km) southwest of Chicago. It is the county seat of Will County and a major part of the southwest Chicago metropolitan area. At the 2010 census, the city was the fourth largest in Illinois, with a population of 147,433. A population estimate in 2018 put Joliet's population at 150,495, which would make it the 3rd largest city in Illinois if accurate.
The Elgin achieved success in the Midwest endurance races in which it was entered. Advertising slogans included "The Car of the Hour" and "Built Like A Watch", alluding to the roots of the founders. [2]
Endurance racing is a form of motorsport racing which is meant to test the durability of equipment and endurance of participants. Teams of multiple drivers attempt to cover a large distance in a single event, with participants given a break with the ability to change during the race. Endurance races can be run either to cover a set distance in laps as quickly as possible, or to cover as much distance as possible over a preset amount of time.
Dividends of 10% paid in stock in July 1916 and cash dividends of 5% in July 1920 proved so popular with stockholders that stockholder meetings had to be held in a tent. [2] Sales of over $7 million in 1920 made that year the company's best ever. The recession of the early 1920s damaged the company, as it did so many other U.S. auto firms of the time. The company issued $500,000 in bonds to pay off loans and for working capital. [2] Elgin Motors, Inc., was formed by stockholders in June 1923. J.H. McDuffee, formerly of Willys-Overland and Cole, was chosen as president and general manager. It was at this time that the firm was relocated to Indianapolis. The company moved into the former home of Federal Motor Works. By June of the next year, the company was already bankrupt, ending the marque as a whole.
The Depression of 1920–21 was a sharp deflationary recession in the United States and other countries, beginning 14 months after the end of World War I. It lasted from January 1920 to July 1921. The extent of the deflation was not only large, but large relative to the accompanying decline in real product.
The Cole Motor Car Company was an early automobile maker based in Indianapolis, Indiana. Cole automobiles were built from 1908 until 1925. They were quality-built luxury cars. The make is a pioneer of the V-8 engine.
