The world economy’s taking a real toll on car makers and customers alike. And autoshows are caught right in the middle of the crunch.

With sales declining and calls to cut costs increasing, Honda has decided to cancel its appearance at september’s Frankfurt auto show. “Due to the unprecedented market downturn, Honda has come to a conclusion that the company will have to skip its participation to the Frankfurt motor show this year,” the company said in a statement.

Honda has also resorted to dropping out of the F1 circuit as it tries to handle the tough economic conditions of today. I hope the cost cutting’s going to be temporary.