According to General Motors CEO Rick Wagoner, auto sales in September are running flat from August, although he did express hope for the effect of legislation pending in Congress including the proposed bank bailout, tax breaks to consumers, and federal auto loan packages.

In remarks to the press, Wagoner said, "The market this month seems kind of like last month. Last month, we also had tight credit, so I think there's no question that it's affecting automotive activity. I can't tell you honestly as we sit here today that it seems worse than last month, but certainly no better."

August marked the 10th consecutive month of downward trending auto sales, the largest decline, in fact, since the 2001 recession. Across the industry sales dropped 16 percent for an annualized rate of 13.7 units moved per month.

Analysts expect sales to remain flat through 2009 and are not predicting a return to the level of 16 million units per year until early in the next decade.

Wagoner expressed support of the $700-billion bailout of the banking industry currently being debated in Washington. "Anything they can do to loosen up that logjam for automotive credit is going to help from the standpoint of production, employment and demand for vehicles," he said.

Additionally, the House of Representatives has approved funding to back $25 billion in loans to the auto industry and the Senate is expected to follow suit shortly with a potential presidential signing of the package by October 1.