We’re all familiar with spaghetti westerns, spaghetti straps, and spaghetti Alfredo. Today, this designation may be ready to be applied to the rumored head of an American automobile manufacturer: Spaghetti Chrysler.

Chrysler is truly an international traveler, having its ownership moved from the United States, to Germany with Daimler-Benz (NYSE DAI), back to America, and now on to Italy, via Fiat. (OTC FIATY)

The business world is touting the appointment of Sergio Marchionne, the current maestro of Fiat, to head up the troubled U.S. car maker. Only time will tell.

While the possible bankruptcy of General Motors (NYSE GM) seems inevitable, little is reported on the fiasco over at Chrysler. Chrysler has had a rough time of late. Its best seller is a gas guzzling line of trucks. Their car lineup has little to attract attention to the dealer showrooms except for an occasional niche model.

Initially touted as an opportunity to merge German precision with American marketing, the Daimler-Benz partnership turned out to be a bust . At a time when the U.S. auto buyer was looking for improved durability, greater gas mileage, and greener technology, the best Chrysler could come up with was the same old models with the caveat of implied German technology. A business model that never caught the imagination of America.

The demise of the German/American partnership brought ownership of Chrysler back to the good old U.S. of A., but under the management of an investment company with no ties to the auto industry. Chrysler became a rudderless ship and remains one till this day.

Enter Fiat! An Italian auto maker with a long history of car design. Fiat has become the king of Italian automakers, owning such marquees as Ferrari, Alfa Romeo, and of course- Fiat. With a list of automobiles ranging in price from more than a quarter of a million dollars down to under $15,000, Fiat has expertise in a very broad range of auto technology and marketing.

What’s in it for Fiat? Well, you need look no further than one of the high cost of establishing a network of dealers to sell and service their cars. This can prove to be a deal breaker because of costs and logistics.

The main focus of Fiat is the international expansion of its current market share. Fiat has expanded its market throughout Europe and into Asia but has, until now, been locked out of North America. By joining forces with an American based company like Chrysler, a door opens for Fiat to access a dealer network through Chrysler that is up and running. It also allows Fiat to import both its prestigious but high priced Alfa Romeo line of cars as well as its more economic Fiat lineup. In return, Chrysler gains the immediate addition of the line-up of Fiat’s, which includes several models that are in-step with the current trends among U.S. car buyers.

What’s the downside, you ask? Well, those of us who have strong roots in the American love affair with the automobile, best be prepared for the demise of many of the Chrysler marquees. Imperial, Plymouth, and DeSoto left the list of favorites decades ago. All that’s left is: Jeep, Chrysler, and Dodge. When the showrooms begin to fill with Fiat and Alfa’s, will there be any room for our traditional favorites? Once again, only time will tell.