The Cougar Ace sent a distress call on Sunday night about 400 kilometres south of the Aleutian Islands, after leaving Japan on Saturday on its way to Vancouver, Canada.
The ship was listing 80 degrees, taking on water and leaking fuel when it was spotted by the US Coast Guard.
"There's a two mile (3.2 kilometer) sheen behind" the vessel, said Coast Guard spokesman Thomas McKenzie.
"Aside from one crewmember with a broken leg who will be taken to Anchorage (Alaska) for medical attention, there were no reported injuries," the Coast Guard said in a statement.
Spectacular photographs shot from helicopters show the Cougar Ace lying on its port (left) side, with its propeller sticking out of the water.
The 200-meter ship was carrying a load of 4,800 cars when it sent its SOS call.
A Coast Guard HH-60 Jayhawk rescue helicopter and two Air National Guard Pave Hawk helicopters took part in the rescue operation, which lasted a little over an hour.
Two merchant vessels were also standing by in the area in case more assistance was needed. It remained unclear what caused the ship to list.
Built in 1993, the vessel is owned by Mitsui OSK Lines, with a crew of 13 Filipinos, eight Burmese and two from Singapore. The company has hired a team to salvage the boat in the next week.