The accident happened at 53rd and Main streets outside Main Street Elementary School at about 2:30 p.m., just after school had let out for the day.
Eleven people were taken to local hospitals and are in stable condition, according to the fire department. Two adults and nine children were injured, including three 4-year-old boys and one 11-year-old boy.
Preston Carter, who says he turns 101 years old next month, says he went to get groceries at Food 4 Less and was backing out of a parking lot to go home at the time of the accident.
"I lost control of the car. The brakes failed, I think," he said. "I'm sorry."
The LAPD says no crime was committed, and that Carter would not be facing charges for the accident. Mechanics will be examining Carter's blue Cadillac. Carter's daughter said her father will no longer be driving.