87-397: Dodge Ram was a nameplate used for light trucks and vans marketed by Chrysler under its Dodge brand, before Ram Trucks was spun off as a separate brand for the 2011 model year . Pickup trucks : Vans : Chrysler FCA US, LLC , doing business as Stellantis North America and known historically as Chrysler ( / ˈ k r aɪ s l ər / KRY -slər ), is one of
174-582: A 60 Minutes interview with Steve Kroft , Sergio Marchionne responded "just to rectify the record I paid back the loans at 19.7% Interest. I don't think I committed to do to a commercial on top of that" and characterized the Republican reaction as "unnecessary and out of place". In 2014, Chrysler started using a new slogan, "America's Import" in ads introducing their all-new 2015 Chrysler 200 , targeting foreign automakers from Germany to Japan with such ads (German performance and Japanese quality), and at
261-562: A $ 1 billion buyout offer for Remington Outdoor Company and thereafter was unable to find a satisfactory buyer. Cerberus continued to have ownership in Remington Outdoor Company, and CalSTRS announced its divestment from Cerberus' gun holdings in June 2015. In March 2018, Freedom Group, now known as Remington Outdoor Company , sought chapter 11 bankruptcy protection. Acquired a group of seven television stations using
348-401: A $ 50 million stock offering. $ 180 million was to come from concessions from dealers and suppliers. Also in 1978, Iacocca offloaded the ailing European operation to PSA Peugeot Citroën for a nominal $ 1, taking with it the group's substantial losses and debts which had been dragging the rest of the business down. After a period of plant closures and salary cuts agreed to by both management and
435-465: A 19.9% stake. The economic collapse during the Financial crisis of 2007–2008 pushed the company to the brink. On April 30, 2009, the automaker filed for Chapter 11 bankruptcy protection to be able to operate as a going concern, while renegotiating its debt structure and other obligations, which resulted in the corporation defaulting on over $ 4 billion in secured debts. The U.S. government described
522-574: A Dunstable, England-based provider of information technology systems for the retail, fuel and convenience stores and pub markets in the United Kingdom and Continental Europe that was acquired in June 2007, to MICROS Systems, Inc. In January 2013, it announced a deal to acquire 877 stores in the Albertson's, Acme, Shaw's and Star Market chains from SuperValu for $ 100 million and acquisition of $ 3.2 billion on SuperValu debt. In February 2014, it
609-590: A March 27 mediation to try to settle the lawsuit over the clothing company's use of "Imported from Detroit" slogan. Pure Detroit stated that Chrysler has made false claims about the origins of three vehicles - Chrysler 200, Chrysler 300 and Chrysler Town & Country - none of which are built in Detroit. Pure Detroit also said that Chrysler's Imported From Detroit merchandise is not being made in Detroit. In 2012 Chrysler and Pure Detroit came to an undisclosed settlement. Chrysler's Jefferson North Assembly , which makes
696-609: A bailout from the U.S. government through the Troubled Asset Relief Program . On June 10, 2009, Chrysler emerged from the bankruptcy proceedings with the United Auto Workers pension fund, Fiat S.p.A. , and the U.S. and Canadian governments as principal owners. The bankruptcy resulted in Chrysler defaulting on over $ 4 billion in debts. In May 2011, Chrysler finished repaying its obligations to
783-681: A condition of the lender becoming a bank-holding company, when the bulk of GM's existing ownership stake in GMAC was placed into a trust, overseen by a trustee appointed by the Treasury, to be gradually dispersed. Cerberus distributed the majority of its stake in GMAC to its investors. The Federal Deposit Insurance Corporation (FDIC) gave GMAC access to the Temporary Liquidity Guarantee Program that allows companies to borrow money at lower interest rates. The initiative
870-564: A holding company known as Four Points Media Group , from CBS Corporation in 2007. On September 8, 2011, Cerberus announced the sale of these same seven stations to the Sinclair Broadcast Group for $ 200 million; this sale was completed on January 1, 2012. In 2007, Cerberus sold a holding in Formica, Inc. In the summer of 2007, Cerberus agreed to buy United Rentals , the world's largest equipment rental company that
957-650: A manufacturer of large-caliber tactical rifles, in August 2007. Cerberus also acquired DPMS Panther Arms on December 14, 2007. Remington Arms acquired Marlin Firearms in January 2008. In October 2009, Remington Military products acquired silencer manufacturer Advanced Armament Corporation. These companies were combined into the Remington Outdoor Company . Cerberus made plans to sell its share in
SECTION 10
#17327804983591044-914: A net gain of $ 1.8bn. The company acquired MeadWestvaco's paper business for $ 2.3B in 2005 and renamed it NewPage . Cerberus also purchased, from Georgia Pacific Corporation , its Distribution Division/Building Products and all of its associated real estate. It renamed this new company BlueLinx Holdings , based in Atlanta . The Portuguese company TAP Portugal was bought by a consortium that included David Neeleman (Founder of Azul Linhas Aéreas Brasileiras, JetBlue Airways and WestJet) and Humberto Pedrosa. Cerberus owns IAP Worldwide Services, which bought Johnson Controls' World Services division in February 2005. Previously owned Multimax (purchased predecessor company in 2000 and Multimax in 2006; sold entire holding in 2007 to Harris Corporation). Cerberus owns Tier 1 Group ,
1131-406: A new FCA logo were announced. The most challenging launch for this new company came immediately in January 2014 with a completely redesigned Chrysler 200 . The vehicle's creation is from the completely integrated company, FCA, executing from a global compact-wide platform. On December 16, 2014, Chrysler Group LLC announced a name change to FCA US LLC. On January 12, 2017, FCA shares traded at
1218-466: A nominal $ 1. The company struggled to adapt to changing markets, increased U.S. import competition, and safety and environmental regulation in the 1970s. It began an engineering partnership with Mitsubishi Motors , and began selling Mitsubishi vehicles branded as Dodge and Plymouth in North America. On the verge of bankruptcy in the late 1970s, it was saved by $ 1.5 billion in loan guarantees from
1305-561: A portfolio of single family rental homes to be managed by its affiliated company, FirstKey Homes, LLC; there are currently more than 6,000 homes in the portfolio. Cerberus purchased 655 of the 2,500 Albertson's, Inc. , grocery stores, forming Albertsons LLC of Boise, Idaho , in June 2006. It also had an ownership stake in the now-bankrupt Mervyn's department stores, which was acquired from Target Corp . In May 2012, Cerberus sold its holdings in Torex Retail Holdings, Ltd.,
1392-545: A private company that provides military training. Through investment affiliate Cerberus Real Estate, the company has been making direct equity, mezzanine, first mortgage, distressed and special situation investments in all asset types. Cerberus also has a minority stake in Miami Beach -based LNR Property, a large real estate development and investment firm through subsidiary Riley Property. In October 2015 Cerberus completed an acquisition from Building and Land Technology of
1479-401: A strong likelihood of winning its case. Therefore, Pure Detroit's owner, Detroit retailer Moda Group LLC, can continue selling its "Imported from Detroit" products. Tarnow also noted that Chrysler does not have a trademark on "Imported from Detroit" and rejected the automaker's argument that trademark law is not applicable to the case. In March 2012, Chrysler Group LLC and Pure Detroit agreed to
1566-595: A subsidiary of Stellantis , the company formed from the 2021 merger of FCA and PSA Group (Peugeot Société Anonyme). After founding the company, Walter Chrysler used the General Motors brand diversification and hierarchy strategy that he had become familiar with when he worked in the Buick division at General Motors. He then acquired Fargo Trucks and the Dodge Brothers Company , and created
1653-697: Is active in private equity investment, lending, specialty finance, real estate investment, and securities trading. The firm's current investment portfolio includes more than 40 companies around the world with an average hold time of more than five years. Cerberus maintains the Cerberus Operations & Advisory Company LLC (COAC), which consists of senior operating executives supporting the firm's due diligence and assisting its portfolio companies. Cerberus utilizes an operations team of over 100 professionals to help source, analyze and monitor portfolio investments. Activities performed by members of COAC in
1740-497: Is available on several current and was available on several discontinued Chrysler models including the current Dodge Dart , Chrysler 300 , Aspen , Sebring , Town and Country , Dodge Avenger , Caliber , Grand Caravan , Challenger , Charger , Journey , Nitro , and Ram . Cerberus Capital Management Cerberus Capital Management, L.P. is an American global alternative investment firm with assets across credit , private equity , and real estate strategies. The firm
1827-743: Is based in New York City, and run by Steve Feinberg , who co-founded Cerberus in 1992, with William L. Richter, who serves as a senior managing director. The firm has affiliate and advisory offices in the United States, Europe and Asia. Cerberus has around US$ 60 billion under management in funds and accounts. The company is a U.S. Securities and Exchange Commission Registered Investment Adviser. Investors include government and private sector pension and retirement funds , charitable foundations , university endowments, insurance companies , family savings and sovereign wealth funds. Cerberus
SECTION 20
#17327804983591914-459: Is named after the mythological three-headed dog that guarded the gates of Tartarus. Feinberg has stated that while the Cerberus name seemed like a good idea at the time, he later regretted naming the company after the mythological dog. Dan Quayle , former Vice President of the United States 1989–1993, who served under President George H. W. Bush , joined Cerberus in 1999 and is chairman of
2001-415: Is non-transferable. After Chrysler's restructuring, the warranty program was replaced by five-year/100,000 mile transferable warranty for 2010 or later vehicles. In 2008, as a response to customer feedback citing the prospect of rising gas prices as a top concern, Chrysler launched the "Let's Refuel America" incentive campaign, which guaranteed new-car buyers a gasoline price of $ 2.99 for three years. With
2088-500: Is the smallest of the "Big Three" U.S. automakers (Stellantis North America, Ford Motor Company , and General Motors ). In 2020, FCA US sold just over 1.8 million vehicles. Chrysler was the world's 11th largest vehicle manufacturer as ranked by OICA in 2012. Total Chrysler vehicle production was about 2.37 million that year. The company has since become a wholly-owned subsidiary and no longer reports global sales. In 2007, Chrysler began to offer vehicle lifetime powertrain warranty for
2175-528: The Chrysler Voyager in Austria for European markets in 1992. In 1998, Chrysler and its subsidiaries entered into a partnership dubbed a "merger of equals" with German-based Daimler-Benz AG, creating the combined entity DaimlerChrysler AG . To the surprise of many stockholders, Daimler acquired Chrysler in a stock swap before Chrysler CEO Bob Eaton retired. Under DaimlerChrysler, the company
2262-583: The Jeep/Eagle division as a "specialty" arm to market products distinctly different from the K-car-based products with the Eagle cars targeting import buyers. Former AMC dealers sold Jeep vehicles and various new Eagle models, as well as Chrysler products, strengthening the automaker's retail distribution system. Eurostar , a joint venture between Chrysler and Steyr-Daimler-Puch , began producing
2349-492: The Plymouth and DeSoto brands in 1928. Facing postwar declines in market share, productivity, and profitability, as GM and Ford were growing, Chrysler borrowed $ 250 million in 1954 from Prudential Insurance to pay for expansion and updated car designs. Chrysler expanded into Europe by taking control of French, British, and Spanish auto companies in the 1960s; Chrysler Europe was sold in 1978 to PSA Peugeot Citroën for
2436-513: The Super Bowl . Its two-minute February 5, 2012 Super Bowl XLVI advertisement was titled "Halftime in America". The ad drew criticism from several leading U.S. conservatives , who suggested that its messaging implied that President Barack Obama deserved a second term and, as such, was political payback for Obama's support for the federal bailout of the company. Asked about the criticism in
2523-733: The " Big Three " automobile manufacturers in the United States, headquartered in Auburn Hills, Michigan . It is the American subsidiary of the multinational automotive company Stellantis . Stellantis North America sells vehicles worldwide under the Chrysler , Dodge , Jeep , and Ram Trucks nameplates. It also includes Mopar , its automotive parts and accessories division, and SRT , its performance automobile division. The division also distributes Alfa Romeo , Fiat , and Maserati vehicles in North America. The original Chrysler Corporation
2610-779: The 47% ownership of AMC that was held by Renault . The remaining outstanding shares of AMC were bought on the NYSE by August 5, 1987, making the deal valued somewhere between US$ 1.7 billion and US$ 2 billion, depending on how costs were counted. Chrysler CEO Lee Iacocca wanted the Jeep brand, particularly the Jeep Grand Cherokee (ZJ) that was under development, the new world-class manufacturing plant in Bramalea, Ontario , and AMC's engineering and management talent that became critical for Chrysler's future success. Chrysler established
2697-581: The Big 3 US automakers, Chrysler lacked the financial resources to meet all of these challenges. In 1976, with the demise of the reliable Dart/Valiant, quality control declined. Their replacements, the Dodge Aspen and Plymouth Volare , were comfortable and had good roadability, but owners soon experienced major reliability problems which crept into other models as well. Engines failed and/or did not run well, and premature rust plagued bodies. In 1978, Lee Iacocca
List of vehicles named Dodge Ram - Misplaced Pages Continue
2784-578: The Chalmers automobile was ended. In January 1924, Walter Chrysler launched the well-received Chrysler automobile. The Chrysler Six was designed to provide customers with an advanced, well-engineered car, at an affordable price. Elements of this car are traceable to a prototype which had been under development at Willys during Chrysler's tenure The original 1924 Chrysler included a carburetor air filter, high compression engine, full pressure lubrication, and an oil filter, features absent from most autos at
2871-692: The Chrysler Corporation began dividing its vehicle offerings by price class and function. The Plymouth brand was introduced at the low-priced end of the market (created essentially by once again reworking and rebadging the Chrysler Series 50 four-cylinder model). At the same time, the DeSoto brand was introduced in the medium-price field. Also in 1928, Chrysler bought the Dodge Brothers automobile and truck company and continued
2958-480: The Chrysler Corporation. The company was headquartered in the Detroit enclave of Highland Park , where it remained until completing the move to its present Auburn Hills location in 1996. Chrysler had arrived at the ailing Maxwell- Chalmers company in the early 1920s, hired to overhaul the company's troubled operations (after a similar rescue job at the Willys -Overland car company). In late 1923, production of
3045-507: The Chrysler as a condition of the US Treasury Department's bailout deal, but would retain its stake in Chrysler's financing arm, Chrysler Financial. Cerberus agreed to provide $ 2 billion to backstop a $ 4 billion December 2008 US Treasury Department loan given to Chrysler. In exchange for obtaining that loan, it promised many concessions including surrendering equity, foregoing profits, and giving up board seats. US Treasury and
3132-491: The Chrysler brand as an upscale brand. In October 2009, Dodge's car and truck lines were separated, with the name "Dodge" being used for cars, minivans, and crossovers and "Ram" for light- and medium-duty trucks and other commercial-use vehicles. In 2011, Chrysler unveiled their "Imported From Detroit" campaign with ads featuring Detroit rapper Eminem , one of which aired during the Super Bowl. The campaign highlighted
3219-476: The French Simca , British Rootes , and Spanish Barreiros companies, merging them into Chrysler Europe in 1967. In the 1970s, an engineering partnership was established with Mitsubishi Motors , and Chrysler began selling Mitsubishi vehicles branded as Dodge and Plymouth in North America. Chrysler struggled to adapt to the changing environment of the 1970s. When consumer tastes shifted to smaller cars in
3306-599: The Jeep Grand Cherokee and Dodge Durango, is the only car manufacturing plant of any company remaining entirely in Detroit (General Motors operates a plant that is partly in Detroit and partly in Hamtramck). In 2011, Eminem settled a lawsuit against Audi alleging the defendant had ripped off the Chrysler 300 Super Bowl commercial in the Audi A6 Avant ad. Again in 2012, Chrysler advertised during
3393-652: The Marshall Mathers Foundation. In March 2011, Chrysler Group LLC filed a lawsuit against Moda Group LLC (owner of Pure Detroit clothing retailer) for copying and selling merchandise with the "Imported from Detroit" slogan. Chrysler claimed it had notified defendant of its pending trademark application February 14, but the defendant argued Chrysler had not secured a trademark for the "Imported From Detroit" phrase. On June 18, 2011, U.S. District Judge Arthur Tarnow ruled that Chrysler's request did not show that it would suffer irreparable harm or that it had
3480-575: The New York Stock Exchange lost value after the EPA accused FCA US of using emissions cheating software to evade diesel-emissions tests, however the company countered the accusations, and the chairman and CEO Sergio Marchionne sternly rejected them. The following day, shares rose as investors played down the effect of the accusations. Analysts gave estimates of potential fines from several hundred million dollars to $ 4 billion, although
3567-546: The Obama administration recognized the "sacrifices by key stakeholders" in an effort to give Chrysler the "opportunity to thrive as a long-term viable 21st century company". Chrysler Financial, once the exclusive lending arm of the automaker, remained owned by Cerberus until April 2011. Chrysler Financial initially refused to take $ 750 million in Troubled Asset Relief Program (TARP) government bailout aid because executives didn't want to abide by executive-pay limits, and because
List of vehicles named Dodge Ram - Misplaced Pages Continue
3654-685: The Rambler ran fine in warm weather, but suffered hard starting in cooler temperatures and AMC decided not to use this EFI system on its 1957 Rambler Rebel production cars that were sold to the public. Chrysler also used the Bendix "Electrojector" fuel injection system and only around 35 vehicles were built with this option, on its 1958 production-built car models. Owners of EFI Chryslers were so dissatisfied that all but one were retrofitted with carburetors (while that one has been completely restored, with original EFI electronic problems resolved). The Valiant
3741-626: The Remington Outdoor Company on December 18, 2012, after the Bushmaster AR-15 was used in the Sandy Hook Elementary School shooting . This decision was made due to a threat by the board of the California state teachers' pension plan , which owns a stake in the company, to dispose of stakes it holds in any firearms manufacturer that makes weapons banned by California state law. In March 2014, Cerberus rejected
3828-462: The U.S. Treasury that it would contribute its equity in Chrysler automotive to labor and creditors as currency to facilitate the accommodations necessary to affect the restructuring." On April 30, 2009, Chrysler declared bankruptcy protection and announced that GMAC would become the financing source for new wholesale and retail Chrysler cars. On March 30, 2009, Cerberus Capital Management announced that it would voluntarily give up its equity stake in
3915-491: The U.S. government five years early, although the cost to the American taxpayer was $ 1.3 billion. Over the next few years, Fiat S.p.A. gradually acquired the other parties' shares. In January 2014, Fiat acquired the rest of Chrysler from the United Auto Workers retiree health trust, making Chrysler Group a subsidiary of Fiat S.p.A. In May 2014, Fiat Chrysler Automobiles was established by merging Fiat S.p.A. into
4002-529: The U.S. government. Five days earlier, the Federal Reserve granted GMAC bank holding company status, so it could get access to the bailout money. On December 29, 2008, the U.S. Treasury gave GMAC $ 5 billion from its $ 700 billion Troubled Asset Relief Program (TARP). (On May 21, 2009, the US Treasury department announced it would invest an additional $ 7.5 billion in GMAC, and on December 30, 2009,
4089-550: The U.S. government. New CEO Lee Iacocca was credited with returning the company to profitability in the 1980s. In 1985, Diamond-Star Motors was created, further expanding the Chrysler-Mitsubishi relationship. In 1987, Chrysler acquired American Motors Corporation (AMC), which brought the profitable Jeep , as well as the newly formed Eagle , brands under the Chrysler umbrella. In 1998, Chrysler merged with German automaker Daimler-Benz to form DaimlerChrysler AG ;
4176-486: The U.S. purchase of eligible Chrysler, Jeep, and Dodge vehicles, customers could enroll in the program and receive a gas card that immediately lowers their gas price to $ 2.99 a gallon, and keeps it there for the three years. Chrysler plans for Lancia to codevelop products, with some vehicles being shared. Olivier Francois, Lancia's CEO, was appointed to the Chrysler division in October 2009. Francois plans to reestablish
4263-408: The US Treasury department said that they would invest another $ 3.8 billion in GMAC because the company had been unable to raise additional funds in the private sector. This raised the total government investment in GMAC to $ 16.3 billion.) Cerberus's investments in Chrysler and GMAC totaled about 7% of its assets under management. At the end of May 2009, Cerberus scaled back their ownership of GMAC as
4350-448: The United States and Canadian governments. The US Treasury, through the Troubled Asset Relief Program (TARP), invested $ 12.5 billion in Chrysler and recovered $ 11.2 billion when the company shares were sold in May 2011, resulting in a $ 1.3 billion loss. On July 21, 2011, Fiat bought the Chrysler shares held by the US Treasury. The purchase made Chrysler foreign-owned again, this time as
4437-431: The area of control private equity investments, include due diligence, acquisition planning, board membership, special project staffing and, where appropriate, occupying interim or full-time open positions. In December 2004, the company announced the acquisition of Bayer 's plasma products business and renamed it Talecris Biotherapeutics. It purchased Talecris for $ 83m, and sold the bulk of its shares in October 2009, for
SECTION 50
#17327804983594524-416: The auto and home lender seeking federal aid, hasn't obtained enough capital to become a bank holding company and may abandon the effort, casting new doubt on the firm's ability to survive. A $ 38 billion debt exchange by GMAC and its Residential Capital LLC mortgage unit to reduce the company's outstanding debt and raise capital hasn't attracted enough participation.” GMAC's exposure to the gap in residual values
4611-563: The auto maker's performance by operating as an independent company. In 2008, the plan collapsed due to an unprecedented slowdown in the U.S. auto industry and a lack of capital. In response to questioning at a hearing before the House committee on December 5, 2008 by Rep. Ginny Brown-Waite, Chrysler President and CEO Robert Nardelli said that Cerberus' fiduciary obligations to its other investors and investments prohibited it from injecting capital. "In order to achieve that goal Cerberus has advised
4698-699: The auto unions, the loans were repaid with interest in 1983. In November 1983, the Dodge Caravan/Plymouth Voyager was introduced, establishing the minivan as a major category, and initiating Chrysler's return to stability. In 1985, Diamond-Star Motors was created, further expanding the Chrysler-Mitsubishi relationship. In 1985, Chrysler entered an agreement with American Motors Corporation to produce Chrysler M platform rear-drive, as well as Dodge Omnis front wheel drive cars, in AMC's Kenosha, Wisconsin , plant. In 1987, Chrysler acquired
4785-419: The clear language contained in the deal agreement that capped its liability for not completing the transaction at $ 100 million. After a two-day trial, Delaware Chancellor William B. Chandler, III, ruled in favor of Cerberus, writing in his ruling that "URI knew or should have known what Cerberus' understanding of the merger agreement was." In a statement, Cerberus said it was "gratified" by the court's ruling and
4872-665: The company's Global Investments Division. Cerberus has grown to include 11 offices in nine countries. Cerberus's largest locations include New York City , Chicago , and Boise , Idaho . The company has been an acquirer of businesses over the past several years and now has investments in financial services, healthcare, consumer & retail, government services, manufacturing & distribution, technology & telecommunications, building products, energy & natural resources, apparel, paper, packaging & printing, transportation, commercial services, industrial & automotive, real estate, travel & leisure, and weaponry. The firm
4959-787: The company's action as a "prepackaged surgical bankruptcy". On June 10, 2009, substantially all of Chrysler's assets were sold to "New Chrysler", organized as Chrysler Group LLC. The federal government provided support for the deal with US$ 8 billion in financing at nearly 21%. Under CEO Sergio Marchionne , "World Class Manufacturing" or WCM, a system of thorough manufacturing quality, was introduced and several products were re-launched with quality and luxury. The Ram, Jeep, Dodge, SRT, and Chrysler divisions were separated to focus on their own identity and brand, and 11 major model refreshes occurred in 21 months. The PT Cruiser , Nitro , Liberty and Caliber models (created during DCX) were discontinued. On May 24, 2011, Chrysler repaid its $ 7.6 billion loans to
5046-539: The company's traditional four-make lineup to five (in order of price from bottom to top): Plymouth, Dodge, DeSoto, Chrysler, and the now-separate Imperial. In 1954, Chrysler was the exclusive provider of its Hemi engine in the Facel Vega , a Paris coachbuilder that offered their own line of hand-built luxury performance cars, with the PowerFlite and TorqueFlite transmissions offered. The Facel Vega Excellence
5133-615: The company. Chrysler Group LLC remained a subsidiary until December 15, 2014, when it was renamed FCA US LLC, to reflect the Fiat-Chrysler merger. As a result of the merger between FCA and PSA , on 17 January 2021 it became a subsidiary of the Stellantis Group . The Chrysler company was founded by Walter Chrysler on June 6, 1925, when the Maxwell Motor Company (est. 1904) was re-organized into
5220-463: The early 1970s, particularly after the 1973 oil crisis , Chrysler could not meet the demand, although their compact models on the "A" body platform, the Dodge Dart and Plymouth Valiant , had proven economy and reliability and sold very well. Additional burdens came from increased US import competition, and tougher government regulation of car safety, fuel economy, and emissions. As the smallest of
5307-460: The ending of selected ads, the advertisement will say, "We Built This", indicating being built in America, instead of overseas. First introduced as MyGig, Chrysler Uconnect is a system that brings interactive ability to the in-car radio and telemetric-like controls to car settings. As of mid-2015, it was installed in hundreds of thousands of Fiat Chrysler vehicles. It connects to the Internet via
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#17327804983595394-528: The fall of 1955 at its Sandusky Ohio plant. On September 28, 1957, Chrysler announced the first production electronic fuel injection (EFI), as an option on some of its new 1958 car models (Chrysler 300D, Dodge D500, DeSoto Adventurer, Plymouth Fury). The first attempt to use this system was by American Motors on the 1957 Rambler Rebel . Bendix Corporation 's Electrojector used a transistor computer brain modulator box, but teething problems on pre-production cars meant very few cars were made. The EFI system in
5481-1406: The firm doesn't necessarily need the money. In January 2009, Chrysler Financial was the recipient of $ 1.5 billion from the Troubled Asset Relief Program. The company said that it used the money to fund 85,000 loans to purchase Chrysler automobiles. Chrysler Financial repaid all of the TARP loan in July 2009 by raising funds from an asset-backed securitization through the Term Asset-Backed Securities Loan Facility program. In December 2010, Cerberus agreed to sell certain assets of Chrysler Financial to TD Bank Group for $ 6.3 billion in cash, retaining approximately $ 1 billion in Chrysler Financial assets. This transaction, which closed in April 2011, allowed Cerberus to recover virtually all of its investment in Chrysler. Advantage Hire Thinking (formerly known as Radia International). Cerberus acquired 51% of GMAC, General Motors ' finance arm, in 2006 for $ 7.4 billion. It appointed Ezra Merkin as nonexecutive Chairman. On December 10, 2008, GMAC said, "GMAC LLC,
5568-481: The first registered owner or retail lessee. The deal covered owner or lessee in U.S., Puerto Rico, and the Virgin Islands, for 2009 model year vehicles, and 2006, 2007, and 2008 model year vehicles purchased on or after July 26, 2007. Covered vehicles excluded SRT models, Diesel vehicles, Sprinter models, Ram Chassis Cab, Hybrid System components (including transmission), and certain fleet vehicles. The warranty
5655-623: The likelihood of a hefty fine was low. Senior United States Senator Bill Nelson urged the FTC to look into possible deceptive marketing of the company's diesel-powered SUVs. Shares dropped 2.2% after the announcement. FCA US would in 2022, plead guilty to a criminal charge of conspiring to defraud the US, to wire fraud, and to violate the Clean Air Act. On July 21, 2018, Sergio Marchionne stepped down as chairman and CEO for health reasons, and
5742-482: The luxury division. The Chrysler 300 was badged Lancia Thema in some European markets (with additional engine options), giving Lancia a much-needed replacement for its flagship. On January 21, 2014, Fiat bought the remaining shares of Chrysler owned by the VEBA worth $ 3.65 billion. Several days later, the intended reorganization of Fiat and Chrysler under a new holding company, Fiat Chrysler Automobiles , together with
5829-445: The merger proved contentious with investors. As a result, Chrysler was sold to Cerberus Capital Management and renamed Chrysler LLC in 2007. Like the other Big Three automobile manufacturers, Chrysler was impacted by the automotive industry crisis of 2008–2010 . The company remained in business through a combination of negotiations with creditors, filing for Chapter 11 bankruptcy reorganization on April 30, 2009, and participating in
5916-408: The mobile network of AT&T , providing the car with its own IP address. Internet connectivity using any Chrysler, Dodge, Jeep or Ram vehicle, via a Wi-Fi "hot-spot", is also available via Uconnect Web . According to Chrysler LLC, the hotspot range extends approximately 100 feet (30 m) from the vehicle in all directions, and combines both Wi-Fi and Sprint's 3G cellular connectivity. Uconnect
6003-636: The rejuvenation of the entire product lineup, which included the new, redesigned, and repackaged 2011 model year 200 sedans and 200 convertibles, the Chrysler 300 sedan, and the Chrysler Town & Country minivan. As part of the campaign, Chrysler sold a line of clothing items featuring the Monument to Joe Louis , with proceeds being funneled to Detroit-area charities, including the Boys and Girls Clubs of Southeast Michigan, Habitat for Humanity Detroit and
6090-497: The successful Dodge line of automobiles and Fargo range of trucks. By the mid-1930s, the DeSoto and Dodge divisions would trade places in the corporate hierarchy. The Imperial name had been used since 1926 but was never a separate make, just the top-of-the-line Chrysler. However, in 1955, the company decided to offer it as its own make/brand and division to better compete with its rivals, Lincoln and Cadillac . This addition changed
6177-403: The time. Among the innovations in its early years were the first practical mass-produced four-wheel hydraulic brakes, a system nearly completely engineered by Chrysler with patents assigned to Lockheed , and rubber engine mounts, called " Floating Power " to reduce vibration. Chrysler also developed a wheel with a ridged rim , designed to keep a deflated tire from flying off the wheel. This wheel
6264-492: Was a four-door hardtop with rear-hinged coach doors that listed for US$ 12,800 ($ 135,175 in 2023 dollars ). On April 28, 1955, Chrysler and Philco announced the development and production of the World's First All-Transistor car radio. The all-transistor car radio, Mopar model 914HR, developed and produced by Chrysler and Philco, was a $ 150 option on the 1956 Imperial automobile models. Philco began manufacturing this radio in
6351-624: Was again fined for the 2017 model year for not meeting the minimum domestic passenger car standard. FCA described the $ 79 million civil penalty as "not expected to have a material impact on its business." As part of a January 2019 settlement, Fiat Chrysler was to recall and repair approximately 100,000 automobiles equipped with a 3.0-liter V6 EcoDiesel engine having a prohibited defeat device , pay $ 311 million in total civil penalties to US regulators and CARB , pay $ 72.5 million for state civil penalties, implement corporate governance reforms, and pay $ 33.5 million to mitigate excess pollution. The company
6438-526: Was also introduced for the 1960 model year as a distinct brand. In the U.S. market, Valiant was made a model in the Plymouth line for 1961 and the DeSoto make was discontinued in 1961. With those exceptions per applicable year and market, Chrysler's range from lowest to highest price from the 1940s through the 1970s was Valiant, Plymouth, Dodge, DeSoto, Chrysler, and Imperial. From 1963 through 1969, Chrysler increased its existing stakes to take full control of
6525-555: Was also to pay affected consumers up to $ 280 million and offer extended warranties on such vehicles worth $ 105 million. The total value of the settlement was about $ 800 million, though FCA did not admit liability, and it did not resolve an ongoing criminal investigation. In February 2024, Chrysler unveiled a concept for its first electric vehicle, the Chrysler Halcyon , a battery-electric sedan. As of 2022 , management positions of Stellantis North America include: Chrysler
6612-404: Was around $ 3.5 billion. In December 2008, Cerberus subsequently informed GMAC's bondholders that the financial services company may have to file for bankruptcy if a bond-exchange plan is not approved. The company had previously said it may fail in its quest to become a bank holding company because it lacks adequate capital. In January 2009, Merkin resigned from his chairmanship as a condition by
6699-590: Was brought in to turn the company around, and in 1979 Iacocca sought US government help. Congress later passed the Loan Guarantee Act providing $ 1.5 billion in loan guarantees. The Loan Guarantee Act required that Chrysler also obtain $ 2 billion in concessions or aid from sources outside the federal government, which included interest rate reductions for $ 650 million of the savings, asset sales of $ 300 million, local and state tax concessions of $ 250 million, and wage reductions of about $ 590 million along with
6786-951: Was closing one of their mortgage companies, Aegis Mortgage. It owned half of a 9.9% share (5%) with the Gabriel Group in Bank Leumi, purchased in 2005, but as of April 19, 2009, it was decided to sell in order to boost capital. Cerberus also has a controlling interest in Japanese bank Aozora. In Australia, Cerberus purchased Bluestone Mortgages (specialist mortgage lending and servicing) in 2018, Angle Finance (equipment finance) in 2019 and Westpac Group's Strategic Alliances (Vendor Finance) in 2020. Cerberus acquired Bushmaster Firearms International , from Windham, Maine native Dick Dyke for an undisclosed sum in April 2006, and purchased Remington Arms in April 2007. Under Cerberus's direction, Bushmaster Firearms acquired Cobb Manufacturing,
6873-675: Was completed in July 2005. AerCap completed its IPO in 2006. Cerberus also acquired North American Bus Industries , Optima Bus Corporation , and Blue Bird Corp. in the bus manufacturing sector. (Cerberus sold its commercial bus manufacturing assets to New Flyer Industries in 2013 but retained the Blue Bird school bus production line.) Peguform (acquired by Cerberus in 2004 and sold it to Polytec four years later), GDX Automotive (owned by Cerberus until 2011), and Chrysler . In 2007, Cerberus and about 100 other investors purchased an 80% stake in Chrysler for $ 7.4 billion seeking to bolster
6960-517: Was created in October 2008 to help banks borrow money by promising to repay investors if the banks defaulted. The U.S. Government also waived a rule that would restrict the amount of loans that GMAC could make to Chrysler's customers and dealers because both firms are owned in part by Cerberus Capital Management. In December 2006, Cerberus acquired the Austrian bank BAWAG P.S.K. for a reported EUR3.2 billion. In August 2007, Cerberus announced that it
7047-423: Was eventually adopted by the auto industry worldwide. The Maxwell brand was dropped after the 1925 model year, with the new, lower-priced four-cylinder Chryslers introduced for the 1926 year being badge-engineered Maxwells. The advanced engineering and testing that went into Chrysler Corporation cars helped to push the company to the second-place position in U.S. sales by 1936, which it held until 1949. In 1928,
7134-426: Was founded in 1925 by Walter Chrysler from the remains of the Maxwell Motor Company . In 1998, it merged with Daimler-Benz , which renamed itself DaimlerChrysler but in 2007 sold off its Chrysler stake. The company operated as Chrysler LLC through 2009, then as Chrysler Group LLC. In 2014, it was acquired by Fiat S.p.A. ; it subsequently operated as a subsidiary of the new Fiat Chrysler Automobiles ("FCA"), then as
7221-502: Was named DaimlerChrysler Motors Company LLC, with its U.S. operations generally called "DCX". The Eagle brand was retired soon after Chrysler's merger with Daimler-Benz in 1998 Jeep became a stand-alone division, and efforts were made to merge the Chrysler and Jeep brands as one sales unit. In 2001, the Plymouth brand was also discontinued. Eurostar also built the Chrysler PT Cruiser in 2001 and 2002. The Austrian venture
7308-541: Was replaced by John Elkann and Michael Manley, respectively. As a result of ending domestic production of more fuel-efficient passenger automobiles such as the Dodge Dart and Chrysler 200 sedans, FCA US elected to pay $ 77 million in fines for violating the anti-backsliding provision of fuel economy standards set under the Energy Independence and Security Act of 2007 for its model year 2016 fleet. It
7395-802: Was reported that Safeway Inc was in advanced talks with private equity firm Cerberus Capital Management LP over a leveraged buyout deal. After integrating the Safeway purchase, on October 14, 2022 Kroger announced it would be acquiring Albertsons for $ 25 billion, combining the largest and second-largest supermarket chains in North America. Acquired bankrupt ANC Rental, then owner of the National and Alamo car rental chains, for $ 230 million in October 2003, and subsequently sold to Enterprise Rent-a-Car in 2007. Purchased DaimlerChrysler 's 45% share of debis AirFinance, an aircraft leasing business, in May 2005. Acquisition of debis AirFinance (later renamed AerCap)
7482-487: Was sold to Magna International in 2002 and became Magna Steyr . The Voyager continued in production until 2007, whereas the Chrysler 300C , Jeep Grand Cherokee , and Jeep Commander were also built at the plant from 2005 until 2010. On May 14, 2007, DaimlerChrysler announced the sale of 80.1% of Chrysler Group to American private equity firm Cerberus Capital Management , L.P., thereafter known as Chrysler LLC, although Daimler (renamed as Daimler AG ) continued to hold
7569-526: Was traded on the NYSE. After the credit markets began to tighten in August, Cerberus decided not to make the acquisition, agreeing to pay United Rentals a $ 100 million "reverse termination fee" that the parties had negotiated and included in their agreement. United Rentals sued in the Delaware Court of Chancery for specific performance (i.e., a court mandate that Cerberus complete the deal). Cerberus cited
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