U.S. car and truck sales dropped 7% in July, the seventh straight decline and the worst year-on-year change since August 2010. The benchmark SAAR was 1% below analysts’ expectations at 16.7 million vehicles. Exporters from overseas don’t appear to be getting the message. Imports in the past three months increased 29% on a year earlier, led by Asia-ex Japan manufacturers (principally South Korea). Shipments from Europe fell 1%, though producers in Germany have an upbeat outlook for exports. The risk of inventory overbuild, and subsequent discounting, seems high.