Often maligned as being unable to compete with Japaneses automakers when it comes to small cars, GM and Ford say they have caught up. According to the Detroit Free Press, both companies are enjoying positive reviews on their latest compact cars – something which has translated into better sales.

In particular, the Ford Fiesta has enjoyed a solid few months. Most recently, it saw a 58 percent jump in July. However, the Fiesta was not alone as the Chevrolet Cruze also experienced a bump and was the top-selling compact car in July.

"I think we've entered a new era in the U.S. where there is more equity in the brands and the products are really competing on equal ground," Ford executive Jim Farley told reporters recently.

Conversely to the success Ford and Chevy are seeing, Japanese manufacturers Honda and Toyota are suffering in the wake of the earthquake and tsunami that hit earlier this year.

Consumers looking to get behind the wheel of a used Ford or Chevy may want to check out New Jersey Auto Auction, which offers plenty of options at affordable prices.