Few sights more dramatically mirrored the alarming slump in the nation's most important industry in recent months than the seemingly endless rows of spanking new unsold Chrysler cars cramming Detroit's huge Michigan State Fairgrounds. Then, two weeks ago, in a desperate move to boost sales, Chrysler began temporarily offering cash rebates to buyers of its new models—and set the stage for what amounts to one of Detroit's rare full-dress fire sales. Within a week, Ford rolled out a rebate plan of its own, and now the industry's giant, General Motors, and its pygmy, American Motors, have joined the price-cutting...
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