That's a LOT of cars sitting and depreciating...
The car industry didn't adapted to the markets, and they keep up pumping out cars.
What we have here is a glut of cars, and people not willing to buy cars because they are too expensive.
What does a salesperson do when he have overstock? Lower the price to get rid of old stock!
But, yes, the car industry'll be in a nice, deep hole... and bailouts from guavamints won't work (or help here), instead bailouts will only exacerbate the issue and postpone the inevitable.
Will be interesting to see what happens next.