larger view

REO Speedwagon

In Real Estate these days, you keep hearing about REOs, every time you turn around. You can’t swing a dead cat without hitting an REO. What are they?

REO can stand for several things:

Acronym Definition

REO Radar Electro-Optical

REO Radiated Emissions Test

REO Radio Electronics Officer

REO Ransom Eli Olds (truck manufacturer of Speedwagon model; origin for band REO Speedwagon)

REO Rare Earth Oxide

REO Readiness Engineering Office/Officer

REO Real Estate Owned

REO Receiver Eye Opening (ANSI)

REO Regional Economic Organisation

REO Regional Ecosystem Office

REO Regional Environmental Office

REO Reseau Educatif de l'Ontario (French)

REO Resident Evil: Outbreak (video game)

REO Residual Efficient Organization

REO Resource Optimizer

In Real Estate, REO stands for Real Estate Owned. Which is just another way of saying that the Real Estate is Owned by a bank or lender. Of course, in a way, the banks own most real estate, but in this case, it is a property that has gone through foreclosure.

But what about REO Speedwagon? Is there a connection? Well, there isn’t really a connection, but there was a band named that.

REO Speedwagon is an American rock band which grew in popularity in the Midwestern United States during the 1970s and peaked in the early 1980s. REO Speedwagon hits include "Keep On Loving You" and "Can't Fight This Feeling." Both songs are power ballads that topped U.S. charts, the former being prototypical of the genre and appearing on the group's most commercially successful album, Hi Infidelity, which also included the hit "Take It On The Run," a song that peaked at number five on the U.S. charts. Earlier REO songs "Ridin' The Storm Out," "Golden Country," "Roll With The Changes," and "Time For Me To Fly" enjoy continuous rotation on classic rock radio stations.

REO Speedwagon was formed in the fall of 1967 by Doughty and dorm-mate drummer Alan Gratzer to play cover songs in campus bars. Numerous early personnel changes eventually resulted in Gary Richrath's joining the band. Richrath was a Peoria, Illinois-based guitar player and prolific songwriter who brought original material to the band. With Richrath on board, the regional popularity of the band grew tremendously. The Midwestern United States remains an REO Speedwagon fan stronghold, and has its roots in this period of the band's history.

The band signed to Epic Records in 1971. Paul Leka, an East Coast record producer, brought the band to a recording studio, where it recorded original material for its first album. The lineup on the first album consisted of Doughty on keyboards, Gratzer on drums, Richrath on guitar, Gregg Philbin on bass, and singer Terry Luttrell.

Currently, they are - Kevin Cronin (lead vocals, guitar). Bruce Hall (bass), Neal Doughty (keyboards), Dave Amato (lead guitar) and Bryan Hitt (drums) - are ready to roll into 2007 full throttle with their brand new album FIND YOUR WAY HOME, their first studio collection of new material in more than a decade.

REO Speedwagon took its name from the REO Speed Wagon, a truck manufactured by the REO Motor Car Company (the predecessor to today's Nucor). ("R.E.O." are initials of the company's founder, Ransom Eli Olds, who also founded the Oldsmobile division of General Motors.) The name was suggested to fellow bandmates by keyboard player Neal Doughty, who learned about the truck at the University of Illinois at Urbana-Champaign, in a class about the history of transportation.

In Lansing, on August 21, 1897, Ransom E. Olds (1864 - 1950) founded the Olds Motor Vehicle Company, the precursor to Oldsmobile. He produced four vehicles that year. In 1899, Olds relocated to Detroit, opening the Olds Motor Works on West Jefferson Avenue near the MacArthur Bridge. In 1901, he built 425 gasoline-powered Curved Dash Oldsmobile Runabouts, driving them on Belle Isle prior to sale. Mounds of dirt excavated during canal construction on the island provided perfect "hills" for the drivers who tested the mettle of early automobiles. Runabouts were the first cars to carry the Oldsmobile name.

So, there you have it. Next time someone asks you about REOs, you can dazzle them with all of this irrelevant REO Speedwagon trivia. The Oldsmobile connection is interesting. I remember an ex-girlfriend purchased an Oldsmobile from her father, which is funny, because for a while their slogan was “It’s not your Father’s Oldsmobile.” Fans of irony should appreciate.

The picture is of an REO Speedwagon Firetruck located at the Jack Daniel’s distillery in Lynchburg, Tennessee. Info and photo courtesy of Wikipedia.