Pierce-Arrow History: George N. Pierce founded the George N. Pierce Motor Company in 1901 and built the first Pierce-Arrow Automobile in 1903. The 1903 Pierce-Arrow was a large, powerful and luxurious vehicle that became the car of presidents and a status symbol to the wealthy. It was known as one of the "Three P's" that included the other luxury cars at the time, the Peerless and Packard. Pierce changed the company name to The Pierce-Arrow Motor Car Company in 1908 and in 1928 Studebaker acquired a controlling interest to compete with Packard. However Pierce-Arrow was the only luxury car maker that refused to lower its prices during the Great Depression and by 1938 they were bankrupt. A group of investors from Switzerland bought the Pierce-Arrow name in 2006 with the ideal of resurrecting the classic car but as of 2012 there was no sign of it.