Cerberus agreed on May 14 to buy Chrysler for $7.4 billion in a deal that's expected to close later this summer. Feinberg, the publicity-shy deal-maker behind Cerberus, had an upbeat message.

"Failure is not an option," he told the dealers, according to John Schenden, owner of Pro Chrysler Jeep in Denver and a member of the dealer council.

The frank discussion covered a variety of issues facing Chrysler and its dealers, from the size of the dealer body to the role of Chrysler Financial, the automaker's lending arm. "We talked about the business, we talked about everything," Schenden said. "It was maybe the best meeting I have had in 44 years in this business."

He was particularly impressed with Feinberg, whom he called "one of the most intelligent men I have ever met."