WHAS11 coverage

(WHAS11) - The top executives of General Motors, Ford and Chrysler are meeting with house speaker Nancy Pelosi about their struggle.

The head of the united auto workers union is there as well and they’re discussing options and possible access to the feds $700 billion dollar bailout funding.

Auto sales here in the United States slumped in October to the lowest level since 1983.

Ford reported a 30% plunge in profits just last month alone.

Its third quarter earnings come out Friday.

Detroit-based GM has posted almost $70 billion in losses since the end of 2004.

President-elect Barack Obama said last week he plans to work with the industry to make it more competitive.

For local auto dealerships this news is particularly hard to swallow.

How can they manage to stay afloat while their industry is asking for federal help?     

Not only the big three car makers in the U.S. hurting but Toyota is felling it too and reducing production on its Camry.

It also comes down to consumer confidence and that’s in short supply.

 In Corydon, Indiana the pace is slower and that’s why people like it, unless you’re a car dealer. At heritage Ford their TV spots are on the air—trying to counter the gloom and doom that hovers over the industry.

Talk to the owner and he’ll tell you that where they used to sell 20 cars a week, it’s closer to 10 a week now and even Congressional billions in help to automakers won’t erase the real reason people aren’t buying.

And it’s not just the smaller dealerships.  At the huge Swope Auto Center they’re now offering financing at special rates. Shopping fear is something they’re trying to counter too.

Another possible sign of woes is at a most unlikely of places; the Salvation Army, where you can donate your old car and take the tax break.  Donations are way down.

Some of that is due she says to a change in law that now values donated cars at wholesale value rather than book value—yielding a smaller tax deduction.

But it also indicates some are holding on to their vehicles a little longer rather than trade in for a new car.

Dealers WHAS11 News talked to say they hope to see an improvement—but when?

The estimates range from 6 months to 18 months.