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Correction: 1979: ( Leadership that worked ):

If you can find a better car ? buy it!" This was the challenge that became Chrysler's battle cry in its recovery fight, as Lee Iacocca began appearing in Chrysler's advertising during July 1980 touting the company's new line of K-cars. Developed on a limited budget, the Dodge Aries and the Plymouth Reliant, code-named the "K-cars", were designed to compete with imports and enjoyed early sales success, which Chrysler rode to profitability in 1982. Chrysler had cut its inventories by $1 billion, reduced white-collar staff by 50 percent, and cut its break-even point by 50 percent in drastic efforts to manage its finances.

The company began to turn around, and for the first time since 1973 it was profitable over four consecutive quarters, and recorded its first annual profit in five years (see Exhibit 3). In August 1983, Chrysler paid off its federal loan guarantees seven years early, at a profit of $350 million to the U.S. government.