In the spring of 1987, coming off a year in which the company lost $91 million, Iacocca set his sights on American Motors. The AMC acquisition offered several benefits, including a profitable Renault assembly plant in Canada and nearly 1,500 dealerships spread across North America. While the move also saddled Chrysler with the company behind such notorious subcompact punch lines as the AMC Gremlin and Pacer, the real impetus for the $1.1 billion deal was Iacocca's desire to own the ascendant Jeep brand. The popular Grand Cherokee model remains a Chrysler staple today.
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