Want proof of just how bleak things are for the economy and automakers?
The July sales rate dropped to it's lowest level since April of '92. Last month, the sales pace was 12.55 million. More than a million units slower than June.
And unlike June nearly every automaker was down in July. When you adjust for two extra sales days, here's how much sales dropped:
Chrysler: down 34.2%
GM down 32.4%
Ford down 21.5%
Toyota down 18.7%
Honda down 9.2%