In January 1923, Lucien Bollack (an engineer who had previously worked for Hispano-Suiza) and his financier, banker René Netter, founded B.N.C. Jacques Muller, commonly known as "Jack," was the technical director. Muller's previous J.M.K. cyclecar served as the foundation for their first car, the "DZ". B.N.C. was a successful cyclecar manufacturer, winning numerous rallies, but not selling many vehicles.
The company attempted to enter a higher market sector in the late 1920s, but demand for large passenger cars and ultra-light racing cars were both low, and Bollack and Netter were forced out of their company in 1928. The business was acquired by Charles de Ricou, a businessman who had a reputation for rescuing financially car manufacturers. He failed to anticipate the Great Depression however, B.N.C. launched the large 8-cylinder engined "Aigle" in October 1929, a few days before the stock market crashed, marking the beginning of a decade of major stagnation for the world economies.
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