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The headquarters of the American company Chrysler is located in Michigan, in Auburn Hills. The company specializes in the production of passenger cars such as Dodge, Chrysler, Jeep. The company was founded by the famous engineer and part-time successful businessman Walter Chrysler in 1924. Immediately, the first car of the start-up company Chrysler 70 was released. The model was very popular and brought the creator the long-awaited fame. Since 1998 the company has been part of the Daimler-Chrysler concern. However, in 2007, the two companies parted ways, and 80.1% of all Chrysler Group shares were bought by the American fund Cerberus Capital Management.