The decline in the global auto market is affecting auto parts companies looking to sell themselves.

Private equity heavyweights Bain Capital and Carlyle Group in September bid roughly $1.5 billion for TI Automotive, but now it appears TI will cancel the process to sell itself, a source close to the situation said.

The moves follows by a month Cooper Standard Automotive’s decision to end its auction, believing it could better enhance shareholder value without a sale.

“When these processes started, the outlook on automotive production was still bullish,” an auto investment banker said, “but analysts have steadily cut their outlook throughout the year.”