The U.S. automakers were hit particularly hard, with a drop in car sales expected to reach 17 percent by the end of 2008, when compared to last year. The Big Three are projected to sell only 13.3 million units, down 2.9 million since 2007. The European companies faired only slightly better. According to the report, their auto sales are expected to decline to 15.4 million, down 8.2 percent from 16.9 million in 2007. All this contributes to a very bleak global picture as well, with worldwide auto sales in 2008 set to decrease by 6.3 percent to 66.5 million, compared to 71 million a year before.

So is there light at the end of the tunnel? Not for at least a year, says iSupply, noting that "following 2009, auto sales in the United States and Europe are expected to begin a slow recovery."