It’s amazing what a difference five years can make. Five years ago, the domestic auto industry was a mess. General Motors and Chrysler were spiraling toward insolvency, resulting in the need for eventual assistance from the government. Ford, the other member of the ‘Big Three’ had recently mortgaged all company assets to secure credit in an effort to turnaround and stay afloat.
Things hit bottom in 2009 when GM and Chrysler did take bailouts. By this point, Ford had started to show signs of turning around, but their stuck was still mired in the low single digits. Across the board, the auto industry was in shambles.