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Sometimes something is so amazing and right in front of an investor's face, that they are too blind to see it. Jim Cramer is tearing out his hair at this obliviousness right now, as Fiat Chrysler is tearing up the market and no one knows it.
Yes that's right, Fiat Chrysler has been killing it in the auto world. It came public again in October of 2014, and has roared 55 percent higher since then.
"How has this car company silently become the best in the business, with hardly anyone seeming to notice? How can we treat Chrysler, one of the big three for heaven's sake, as though it doesn't even exist?" the "Mad Money" host asked.
Cramer thinks it hasn't garnered the attention it deserves, because of its complicated history. Chrysler was one of the hardest hit companies during the financial crisis and filed for bankruptcy in April of 2009. Most investors lost track at that point.
However during this time, Fiat began acquiring Chrysler little by little. Ultimately Chrysler went under and a deal was put in place that gave Fiat 20 percent ownership in the new Chrysler, and the united autoworkers union the majority of ownership, and the U.S. and Canadian government small portions of it.
Eventually in January of 2014, Fiat bought the entire company. It then reincorporated Fiat Chrysler as a Dutch company and the stock went public in October at $9 a share. Cramer worries that most investors don't even know this IPO happened.
"It's true: The new Fiat Chrysler is back and better than ever. It's not some punch line, and it's certainly not the loser that the old pre-financial crisis Chrysler used to be," Cramer said.
The new Fiat Chrysler still has the old American brands like Chrysler, Dodge, Jeep and Ram. But now it has sexier brands such as Ferrari, Maserati, Alfa Romeo and Abarth. They've got everything covered spanning from a downscale Dodge to upscale sports cars.
But the major reason why Fiat Chrysler's stock has been rallying while Ford and GM have not comes down to currency.
While most U.S. based multinational companies are getting killed by the strong dollar—making them less competitive overseas and taking a big chunk out of their international sales—the opposite is true for Fiat Chrysler.
This company gets two thirds of its sales from the U.S. but is based in Europe and reports in euros. That means that every dollar they make is worth a heck of a lot more overseas. And even though the dollar may have peaked, the reality is that the dollar is still strong and the euro is still weak.
Currency aside, the company is also very well managed and is doing fantastic in the U.S. as it has grown market share by 120 basis points, at a time when every other large automaker has been losing share.
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While recently it was announced that the Department of Transportation plans to hold a hearing in July on whether Fiat Chrysler failed to fix safety defects that led to 20 recalls, Cramer is not worried about that. If anything, the stock went higher on this news!
So while other automakers are getting killed by the strong dollar, why not go for the one that is actually benefiting as a Europe-based company?
"The stock has been on fire lately, but with everything this company's got going for it, I wouldn't be surprised if it's got more room to run," Cramer said.