Risk Reversal's Dan Nathan said that it was important to separate the recent headlines from the company's outlook. GM, he noted, was expected to increase earnings 17 percent this year and 32 percent next year.
"What is different today than at least 10 days ago, when we knew this stuff was coming down the pike?" asked Tim Seymour of EmergingMoney.com.
Seymour also pointed out that auto stocks had recently pulled back from multiyear highs.
"They all pulled back on economic data that was questioning whether there was real industrial growth globally," he said. "They're all a buy."
Stuart Frankel's Steve Grasso thought upside was more likely in Ford.
"Ford is definitely where people are going, maybe not to buy their cars but to buy their stock," he said.
Disclosure: Tim Seymour is long GM, F; Dan Nathan is GM long May call spread, Steve Grasso's firm is long GM; Pete Najarian is long calls GM.