The three letters AMG hold a special fascination: they stand for a multifaceted success story that began in 1967. It was then that Hans Werner Aufrecht and Erhard Melcher founded their engineering office. It was already known for Mercedes-Benz employees to privately build racing cars based on their employer's standard-production automobiles – and this was initially also the core business of the new company. Soon, customer vehicles, too, would be optimised for sportiness. This led to the development of an extensive range of racing vehicles and high-performance standard-production automobiles. From 1990 onwards, Mercedes-Benz and AMG engaged in direct cooperation. In 1999, the Stuttgart brand then acquired a majority stake in AMG. Since 2005, Mercedes-AMG has been a wholly owned subsidiary of Daimler.