Introduced in 1929, the Cord L-29 was the first American production car to feature front-wheel drive, narrowly beating Archie Andrew's "Ruxton" to that distinction. This allowed the car to be much lower than other cars of the era. 
Errett Lobban Cord, also known as E.L. Cord, was a leader in United States transport during the early to middle 20th century. Cord founded the Cord Corporation in 1929 as a holding company for over 150 companies he controlled, mostly in the field of transportation. Some of the companies controlled by the corporation were the Auburn Automobile Company, which built both the Auburn Automobile and the Cord Automobile, Lycoming Motors, Duesenberg Incorporated, New York Shipbuilding, Checker Cab, Stinson Aircraft Company and American Airways (later American Airlines) among other holdings.
This L-29 is only one of 1,819 built in the production year. Cord Cabriolets and Phaetons sold for $3295 while Sedans and Broughams went for $3095. The cars were very well received and they won awards in multiple classes but 1929 saw the Depression hit home and the market for cars like the L-29 came to an end. Production was phased out in 1932. 

Born in Warrensburg, Missouri, Cord had been a racecar driver and mechanic prior to entering business. In 1937 he sold the Cord Corporation to the Aviation Corporation and retired to Los Angeles to earn even more millions in real estate. He later moved to Nevada. Cord owned several of the first radio and television stations in Nevada.

1929 Cord Cabriolet