Automakers still hurting

The U.S. auto industry is taking a serious beating, and figures released Tuesday show just how bad it is.

January sales at General Motors fell 49 percent, and  Ford's were off 40 percent. Even Toyota - which traditionally has fared much better than its American competitors - posted a sales decline of 32 percent.

These are not the kinds of numbers these companies are used to reporting. And they speak volumes about a growing reluctance on the part of consumers to spend money. Some of them may have lost their home or their job, so this is the kind of market the car makers are facing.

Hyundai Motor Co. was one of the only automakers to report a positive result - 14 percent. But the South Korean firm attributes much of that gain up to its offer that covers a new vehicle's depreciation for customers who want to return a car because they lost their job!

That's a little scary ...