Ransom Eli Olds (June 3, 1864 - August 26, 1950) was a pioneer of the American automotive industry, for whom both the Oldsmobile and REO brands were named. He claimed to have built his first steam car as early as 1894, and his first gasoline-powered car in 1896. The modern assembly line and its basic concept is credited to Olds, who used it to build the first mass-produced automobile, the Oldsmobile Curved Dash, beginning in 1901. He founded the Olds Motor Vehicle Company in 1897. 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. In 1904 Olds left his company and went on to form 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 as an acronym. Olds served as president (until 1925) and later chairman of REO. He died in 1950 at the age of 80. The Olds Motor Works was bought by General Motors in 1908. General Motors discontinued the Oldsmobile brand in 2004, after a production run of 96 years.