The company is one of the oldest car companies and was founded in 1902. By the 1950s and 1960s, it had become famous for making high-quality and luxurious cars, often setting the standard for automotive styling. Cadillac had largely declined by the 1980s and lost much of its market to other companies. Since the early 2000s, Cadillac has regained some of its lost reputation. However, it is not the same company it once was. Cadillac is based in Detroit, Michigan. Many of its cars are available as a V-model, which is a sports package.