Regarding the European car market, the news has been bleak all year. Auto sales on the continent have fallen by 7.3 percent in 2012, but for October the drop wasn't as bad, at 4.8 percent according to Automotive News Europe.
The bad economy looks to be getting deeper over in Europe. The latest evidence is German carmakers' desperate efforts to prop up badly-lagging sales. Last month, European discounts on German brands averaged 12.2 percent. And now, Mercedes-Benz is offering a 3000-euro ($3,900) trade-in incentive to customers.