On February 21, 1937, Waldo Waterman’s Aerobile became either the first flying car to fly, or the the first roadable plane to drive. Or both. Waterman's creation was fueled by a Studebaker engine and rear-mounted propeller, and it reached 56 mph on the ground and 112 mph in flight.
Originally called the Arrowbile, Waterman's Aerobile now rests in the Smithsonian, as pictured above.
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