Fifty years ago today, on January 20, 1975 (December 9, 1974), America's largest automakers cut prices on their cars. On January 20, 1975, the three largest American automakers sold their cars at a discount to stimulate sales of new cars. Chrysler Motor Company first sold new cars at discounts of $200-600. Ford Motor Company and General Motors followed suit. GM cut prices on some models by as much as $500. This was the worst depression in the auto industry since World War II. Until then, the three major auto companies had been opposed to price cuts, but the increase in their inventory of unsold cars forced them to sell at a reduced price. Because of unsold cars, 200,000 auto workers have lost their jobs. The reason for the slow sales is that companies overestimated the demand for mini and subcompact cars caused by last winter's gasoline shortage.