Car sales are now at a 27-year low, reports the AP and Bloomberg News via the Cincy Enquirer:
Cars and light trucks sold at a 9.1 million annual pace last month, a drop from 15.4 million a year earlier, according to Autodata Corp. Total deliveries tumbled 41 percent to 688,909, the Woodcliff Lake, N.J.-based company said.
General Motors' sales tumbled 53 percent from a year earlier, while Ford's U.S. sales fell 48 percent and Chrysler's 44 percent.
The major Japanese automakers fared only slightly better. Sales at Toyota, which has its North American manufacturing headquarters in Erlanger, fell 40 percent.
While tumbling sales have been used as a justification by GM and Chrysler for the big auto bailout(s), Michael C. Moynihan showed that in fact those companies (and Ford, too) had trouble making money long before the current recession. Watch below to see why.