Jeep. It’s the original sport-utility vehicle, known around the world for its durability and rough off-road capabilities. From its rugged World War II military provenance to its 21st-century line of clothing, outdoor gear and other consumer goods, Jeep is one of the strongest American brands.

For the past two decades, the iconic brand has belonged to Chrysler LLC, but as the Auburn Hills automaker struggles amid sagging sales of its gas-guzzling trucks and vans, analysts and others are wondering if the time has come for the company to shed Jeep. Jeep, some contend, is Chrysler’s most valuable asset, perhaps worth more than the rest of the privately held company.

“At this point, it’s hard to say what positive value Chrysler has,” said Gerald Meyers, chairman of the former American Motors Corp., which owned Jeep until Chrysler snapped up AMC in the late 1980s. “But Jeep is worth a lot — it’s the sole clear-cut jewel in their crown . . . that can be isolated and sold as a unit, without being much concern if Chrysler survives or not.”

With Chrysler burning through cash at a rate that Wall Street says will have the automaker looking for additional funding in the next 12 months, the automaker might need to sell an asset like Jeep to stay afloat, but might not be able to survive without the brand.

Still, the brand’s value gives Chrysler owner Cerberus Capital Management LP a valuable asset to market to a potential partner or to auction off should the company decide to break apart the automaker.

“Jeep is the key to Chrysler getting married again,” Meyers said. “Whoever wants Jeep is going to have to buy Chrysler.”

But while Jeep’s sales remain stronger than other Chrysler nameplates, the famous brand is not without blemishes. Jeep has scored poorly on quality studies, and its trail-rated 4-by-4 image runs counter to the shift in consumer demand for fuel-efficient cars.

Chrysler executives insist Jeep is not for sale — for now.

Jeep represents nearly a quarter of Chrysler’s sales but generates a larger proportion of its income, turning as much as $10,000 in profit per vehicle, Meyers said.

While Chrysler’s truck-heavy lineup is being hammered by the consumer shift toward smaller cars, Jeep has proved more resilient.

Chrysler brand sales are down 29 percent this year. Jeep sales are down 18.5 percent. Overall, Chrysler sales are down 22 percent through June — the greatest slide among any of the top six automakers, according to Autodata Corp.

Jeep’s move to expand its line from three to six models, and particularly to smaller, more fuel-efficient 4-by-4s, has broadened the brand’s reach and helped retain consumers concerned about gas prices.

In 1997, the majority of Jeeps sold were the large Grand Cherokee SUVs.

Today, sales of smaller Jeeps, such as the Liberty, Compass and the hot-selling Patriot, helped to compensate for a sharp decline in Grand Cherokee sales.

“People still want vehicles they can trust to go anywhere and do anything,” said Deborah Meyer, Chrysler’s chief marketing officer. “The Patriot is performing well because it offers that capability in a fuel-efficient package.”

Jeep’s ability to singularly focus on the SUV segment allows it to maintain a clear, outdoorsy image. Other brands’ images become muddy as they try to sell everything from subcompact cars to hulking pickups .

“When people think four-wheel drive, they think Jeep,” said Todd Turner, president of California-based brand consultants Car Concepts Inc.

“That’s what makes it strong and it’s also a problem,” he said. “It’s not known for the fuel-efficient models that the market is moving toward, so for Jeep to survive, it’s got to be part of something else.”

The opportunity for any potential buyer is to ramp up overseas sales, something Chrysler has not fully been able to do, Turner said.

Analysts say Chrysler must improve Jeep’s quality, but some consumers overlook those issues.

They’re drawn to Jeep’s go-anywhere image and less sensitive to the finish of its interiors. “There are decades of positive history and exposure with Jeep that simply can’t be re-created quickly — it’s a symbol of victory in World War II,” said Aaron Bragman, automotive research analyst with Global Insight Inc. “It’s a brand name that people recognize on par with Coca-Cola and Kleenex.”

That universal recognition would make Jeep highly attractive to a buyer, particularly a Chinese or Indian company looking for both an established channel to sell through in the United States and as a popular brand to bring back home, Bragman said.

Jeep is well known in China because Beijing Jeep Corp. in 1983 became the first foreign automotive joint venture in that country.

An added benefit for the Jeep brand is that it extends beyond vehicles.

Some $500 million in Jeep-licensed apparel is sold annually, according to Chrysler. Products include camping equipment, bicycles and a line of baby strollers.

Separating Jeep from the rest of Chrysler may be easier said than done.

While the manufacturing and engineering of Jeeps and other Chrysler vehicles are not as intertwined as the brands of other automakers, three Jeep products share platforms with Dodge vehicles.

The sales network is almost completely integrated, with most Chrysler-brand dealerships also selling Jeeps.

James Mallak, an auto restructuring expert with Alvarez & Marsal in Detroit, said it would be difficult to separate Jeep. He said he thinks Cerberus would only sell it as a last-ditch effort to recoup its investment.

“Jeep is a major part of their business and represents the best chance for Chrysler to fulfill its goals of growing overseas,” he said.

Vice Chairman and President Tom LaSorda last month characterized speculation that Chrysler was close to breaking up the company or selling its brands as “hogwash.”

Chrysler’s Meyer said Jeep has tremendous value, especially to its owners.

“It’s an incredibly strong brand, which we cherish,” she said. “Jeep’s history and reputation for innovation is a part of our heritage and our company and it will remain so.”