Former carriage-maker William Crapo "Billy" Durant founded General Motors (GM) with a capital of $2,000 and was the man responsible for the beginning of the huge auto manufacturing company. It was formed by incorporating the Buick Motor Company. Oldsmobile becomes the second company to join General Motors when Olds Motor Works was sold to GM on Nov. 12, 1908. Subsequently General Motors purchased Cadillac for $5.5 million on July 29, 1909. Henry M. Leland and his son, Wilfred, were invited to continue operating Cadillac. They did so until 1917, when they left to form Lincoln Motor Co.