Leland created the Cadillac automobile, later bought out by General Motors. In 1902, William Murphy and his partners at the Henry Ford Company hired Leland to appraise the company's factory and tooling prior to liquidation. Leland completed the appraisal, but he advised Murphy and his partners that they were making a mistake to liquidate, and suggested they instead reorganize, building a new car powered by a single-cylinder engine Leland had originally developed for Oldsmobile. The directors lost no time in renaming the company Cadillac. At Cadillac, Leland applied many modern manufacturing principles to the fledgling automotive industry, including the use of interchangeable parts. Alfred P. Sloan, longtime president and chair of General Motors, considered Leland to be "one of those mainly responsible for bringing the technique of interchangeable parts into automobile manufacturing."