1940s: Automobile production was suspended during World War II and as a result, stocks are low. In 1945, there are 25 million registered vehicles in the United States, but over half of these are more than ten years old. But immediately after the war, there is a boom in production and by 1950, U.S. production of automobiles accounts for two-thirds of the world total.

1960s: Studebaker Packard introduces seat belts as standard equipment on all models, the first U.S. auto manufacturer to do so. Ford introduces the Mustang at a base price of $2,300. But the U.S. auto industry is losing ground to world competition. By 1965, the United States is producing only 45 percent of world output.

Today: Whereas in 1946 in America owning a car was a sign of success, today owning a car is considered a necessity. Today's automobiles are far superior in terms of...