For the month of February the top six automakers in the United States saw a sales drop of 37 percent making the monthly total the third lowest reported since 1975.

In a report on the automotive crisis, Efraim Levy, an analyst for Standard and Poor's write, "We are in an automotive depression amid 'The Great Recession. Shellshocked consumers fearful for their jobs, the value of their homes and stock market assets are wary of making the sizable discretionary purchases of new vehicles."

General Motors saw the largest decline in February even with the assistance of government loans. Its sales were down 53.1 percent from one year ago with Ford down 49.5 percent and Chrysler down 44 percent. Toyota's sales fell 39.8 percent. Honda and Nissan saw a dip of roughly 37 percent each.

The final totals for February exceeded the worst of the analysts' forecasts with the industry total standing at 689,794, up slightly from the January figure of 656,881.

Other automakers are feeling the pinch as well. Volkswagen saw a 19.9 percent decline for its VW and Audi brands with Daimler AG down 20.4 percent and Hyundai down 0.7 percent. Subaru alone saw an increase in sales, moving 5,978 Foresters, double the 2007 sales figure for the crossover.