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GM and Ford post massive declines in October sales

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Detroit auto giants General Motors and Ford each posted their October sales numbers today and they aren't pretty. According to MarketWatch, GM posted a 45% decline in October sales, blamed mostly by the credit crisis. "If you adjust for population growth, this is probably the worst industry sales month in the post-WWII era", says Mark LaNeva, head of GM sales and marketing.

Ford posted a 30% decline in their U.S. auto sales as well, but Ford looks to the launch of their new F-Series pickups to turn things around. Toyota and Honda posted less significant losses but still declined more than 20% each.

It looks like October didn't spare any manufacturers from the decline.

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