Auto Sales: A Miserable Time For Everyone

There's two pieces of news in the monthly auto sales report:

1) Everyone is having a miserable time, not just GM ;

2) The stocks are showing only modest reaction to poor sales. Bulls will cite this as evidence that even a GM (down 5 percent, modest compared to its awful report) may be bottoming; bears say the outlook is so cloudy this could get even worse for them.

--GM July vehicle sales fell 32.4 percent adjusted versus an expected decline of 25 percent;

--Ford total vehicle sales fell 21.5 percent adjusted which is slightly worse than expected, and like GM there was no areas of outperformance: truck sales down 28 percent, SUV sales down 58 percent, Volvo sales down 50 percent;

--Honda sales down 9.2 percent;

--even Toyota is having trouble selling cars. While Toyota continues to outsell Ford by a wide margin, total Toyota sales are down 18.7 percent compared to the same period last year, and even Toyota cars are down 8.3 percent.

Questions? Comments?