The Henry Ford Company was Henry Ford's first attempt at a car manufacturing company and was established on November 3, 1901. This became the Cadillac Motor Company on August 22, 1902, after Ford left with the rights to his name.[19] The Ford Motor Company was launched in a converted factory in 1903 with $28,000 (equivalent to $950,000 in 2023) in cash from twelve investors, most notably John and Horace Dodge (who would later found their own car company). The first president was not Ford, but local banker John S. Gray, who was chosen in order to assuage investors' fears that Ford would leave the new company the way he had left its predecessor. During its early years, the company produced just a few cars a day at its factory on Mack Avenue and later at its factory on Piquette Avenue in Detroit, Michigan. Groups of two or three men worked on each car, assembling it from parts made mostly by supplier companies contracting for Ford. Within a decade the company led the world in the expansion and refinement of the assembly line concept, and Ford soon brought much of the part production in-house (vertical integration).