The Chrysler company was founded by Walter P. Chrysler and started producing automobiles in 1925 but had been working since 1914 under the Dodge brand name. In 1998 Daimler-Benz purchased Chrysler, forming DaimlerChrysler AG and the Chrysler Corporation then was legally renamed DaimlerChrysler Motors Company LLC, while its total operations began doing business as Chrysler Group. In 2007 DaimlerChrysler AG announced that it would sell 80.1% of its stake in the Chrysler Group to Cerberus Capital Management and it would officially become Chrysler LLC.