(October 20, 2010) Been anxious to get a first-hand look and perhaps a test drive in the small sub-compact Fiat 500, the first Fiat product to be sold in North America since the merger of Chrysler and Fiat last year?

Your wait will soon be over. Early versions of the basic model will arrive in showrooms sometime in December and dealers will build stock until the market launch.

In the meantime, Chrysler has begun awarding its first round of Fiat dealer franchises, according to Automotive News.

Notification letters were scheduled to be delivered to dealers today. The company has been reviewing proposals from about 600 applicants for the last several weeks.

The Fiat 500 — to be built in Mexico — will be the first model sold by the dealers, marking Fiat's return to the U.S. market.

Chrysler invited about 600 of its dealers to an Aug. 30 meeting to hear its vision for Fiat. Chrysler chose the dealers from 119 markets it identified for having strong growth potential for small cars over the next five years.

The automaker also said today that it has received Fiat franchise applications from non-Chrysler dealers.

“Dealers from outside the Chrysler Group dealer network also have shown great interest in securing the Fiat franchise,” Chrysler said in a statement. “The company is now looking at their proposals as well.”

A selection team has been reviewing proposals from Chrysler dealers. In their applications, the dealers had to provide information on their plans to develop their facilities, marketing, sales and service.

The full market launch is planned for March, and Chrysler expects the dealers to be ready by Feb. 28.

Chrysler plans four versions of the 500 — a convertible and a sporty Abarth version in 2011, followed by an electric variant in 2012 and a high-roof, four-door model in 2013.