Former U.S. automotive company first incorporated in 1925; now part of Daimler-Benz.
It was founded by Walter P. Chrysler (18751940), who built it into the country's second largest automobile manufacturer, noted for its Plymouth, Dodge, and Chrysler cars. In 1980 the corporation was rescued from the verge of bankruptcy by a government bailout organized by Lee Iacocca . In 1998 Chrysler Corp. merged with the German automaker Daimler-Benz to become Daimler Chrysler AG .