The long road back from the economic recession has reached another milestone for Chrysler, as the automaker has finally completely severed ties with the U.S. government.

Italian automaker Fiat struck a deal to purchase the U.S. treasury's remaining six percent of shares in Chrysler, officially ending the era of government involvement in American automakers. In May, Chrysler was able to organize a refinancing package that allowed the company to officially pay back its loans to the U.S. and Canadian government, allowing Fiat to up its stake in the automaker.

Fiat originally received shares in Chrysler during the bailout, when Chrysler sought Fiat's expertise in small cars for help moving forward. The tie-up between the two companies has grown into something greater, with Fiat CEO Sergio Marchionne revitalizing the company and slowly building its stake in the company.

Although the deal still needs regulatory approval, the final six percent of shares being sold to Fiat will give the Italian company 52 percent of Chrysler, giving it full control over the automaker's future.

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