Volkswagen, shortened to VW, is a German automaker founded on May 28, 1937 by the German Labour Front and headquartered in Wolfsburg. It is the flagship marque of the Volkswagen Group and is the largest automaker worldwide. Volkswagen means "people's car" in English, and the company's current international advertising slogan is just "Volkswagen". American English pronunciation is approximately "volks wagon". Volkswagen was originally established in 1937 by the German Labour Front (Deutsche Arbeitsfront). In the early 1930s, the German auto industry was still largely composed of luxury models, and the average German could rarely afford anything more than a motorcycle. As a result, only one German out of 50 owned a car. Seeking a potential new market, some car makers began independent "people's car" projects – the Mercedes 170H, Adler AutoBahn, Steyr 55, and Hanomag 1.3L, among others.