The other shoe finally dropped, as fallout from the mortgage industry and the ensuing credit crisis hit the U.S. auto industry with gusto in February. The market stubbornly held to seasonally adjusted annual rates (SAAR) of more than 16 million units through second-half 2007, despite the nation’s growing economic turmoil. But with January light-vehicle sales falling to a 15.2 million-unit SAAR and February’s annualized sales coming in at just under 15.3 million units, the industry ...

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