Final answer:
Henry Ford formed his own automobile manufacturing company, the Ford Motor Company, after his application was rejected by ALAM. He revolutionized the industry by perfecting the assembly line, making cars like the Model T affordable to the masses.
Step-by-step explanation:
When Henry Ford's application was rejected by the Association of Licensed Automobile Manufacturers (ALAM), he did not give up on his dream of mass-producing affordable cars. Instead, Henry Ford decided to form his own automobile manufacturing company, which became known as the Ford Motor Company. By leveraging the mass production method and perfecting the assembly line technique, Ford was able to produce automobiles, such as the famous Model T, at a price that was affordable to the average American. This innovation allowed for the widespread accessibility of vehicles, transforming the automobile industry and eventually leading to an auto-mobile owning populace, which signified a shift in American society and economy.