PARIS. Action de F5000. purple, olive. #560000. No 274881. In 1886 René Panhard & Emile Levassor started a machinery factory, and obtained the licence for Daimler patents in France. The first car was built in 1891, and appears now to be one of the milestones in French automobile history. This company was formedin 1897. Panhard adapted the Daimler systems to its own needs, and produced a range of models. Panhard cars made their name on the race-tracks, and often came in first. Panhard set standards that other French manufacturers had to match. In the 1920s the company turned to developing the Knight-engine, and produced models of up to 6.3 litres capacity. Streamlined bodywork and use of aluminium were company innovations. After World War II, it concentrated on smaller cars, using the new technology of air-cooled engines and front-wheel-drive. However, it was up against strong competition, and results in the 1950s were not good. In 1955 Citroën took a share in the company, and took it over completely 10 years later. The Panhard Dyna 24CT was the lastcar to carry the Panhard name, and in 1967 marked the end for the very famous French marque. Very little scripophily of this company has ever been seen.