Despite a surge in incentives in Q1, GM US auto sales rose just 0.6% (drastically lower than 6.0% rise expectations) and Ford rose 7.8% (missing expectations of a 9.4% surge). As J.D.Power notes "there are worrisome trends below the surface" of auto sales and with inventories at levels only seen once in the last 24 years (and tumbling used car prices), the automakers have a major problem if this is anything but 'transitory'.

It wasn't just GM and Ford though:

*FIAT CHRYSLER MARCH U.S. AUTO SALES RISE 8.1%, EST. UP 14%

*FIAT CHRYSLER HALTED IN MILAN, LIMIT DOWN AFTER FALLING 4.9%

*HONDA MARCH U.S. AUTO SALES UP 9.4%, EST. UP 16%

*VOLKSWAGEN OF AMERICA MARCH AUTO SALES DOWN 10.4%

*TOYOTA MARCH U.S. AUTO SALES DOWN 2.7%, EST. UP 5.6%