 By the mid-1920s, General Motors was rapidly rising as the leading American automobile manufacturer.GM president Alfred Sloan established the company's "price ladder" whereby GM would offer an automobile for "every purse and purpose" in contrast to Ford's lack of interest in anything outside the low end market.Although Henry Ford was against replacing the Model T, now 16 years old, Chevrolet was mounting a bold new challenge as the make had been established under Sloan's price ladder as GM's entry-level division.