Olds OLDIE' The term 'Olds OLDIE' is a combination of two crossword solutions, REO (3 letters) and OLDIE (5 letters). REO stands for Ransom Eli Olds, an American automobile pioneer who founded the Oldsmobile car company in 1897. OLDIE is a slang term used to describe something that is old or out of date. Together, the two terms form the phrase 'Olds OLDIE, ' which is used to refer to an old-fashioned car made by the Oldsmobile company.