In 1934, the Bureau of Air Commerce recognized the Waterman Arrowplane as one of two award-winning designs for its flivver, (i.e. light, easy-to-fly, and affordable) aircraft competition. The Waterman Aerobile #6 is the improved version of the design. The Arrowplane was initially designed in response to U. S. Bureau of Air Commerce Chief Eugene Vidal's initiative AB-205 for "everyman's safe, low-cost, airplane." The target price of $700 for a flivver aircraft was widely ridiculed as too low, even at depression prices, because of practical engine and manufacturing costs, but Vidal found significant general interest in the concept.

Waldo Waterman flew the first test flight of the Arrowbile on February 21, 1937, and found the aircraft easy to fly and virtually spin and stall proof. However, its price of $3,000 was nowhere near the $700 airplane envisioned by Vidal. The craft was registered as a motorcycle in California. The Studebaker Company, looking to advertise its engines (used to power the Arrowbile), bought the company and ordered the first five aircraft. Numbers 1, 2, and 3 were completed and given restricted certificates for flight from Santa Monica to Cleveland, Ohio, in September 1937 to attend the National Air Races. Although No. 1 was severely damaged during a forced landing in Arizona, No. 2 and No. 3 performed impressive daily demonstrations.

So where's my goram flying car at!?!?!