The auto industry is a scary place for investors these days, but buying auto-industry stocks does not necessarily mean buying the stocks of big carmakers.
Itay Michaeli is auto and auto-parts analyst for Citi, and he has some ideas for putting wheels on investment dollars.
Michaeli's first pick is Borg Warner.
"Borg Warner is our favorite stock," he told CNBC. "Fuel economy and emissions is the one clear trend in the auto industry, not only globally but here in the U.S...Borg Warner is very levered to that trend with turbochargers and transmission systems. We think it can grow at double digits both top- and bottom-line."
He also likes American Axle , which has just concluded what he describes as "a very robust labor-savings deal."
He sees the company as well-positioned to survive the industry's current challenges, including the precipitous drop in pickup and SUV sales.
The third company on his list is Goodyear Tire.
"Number one or number two position in every single market, very cheap multiple, oligopoly with great pricing power," was his succinct description of the company. "We think tires can play a role in improving fuel economy going forward, both for the OEMs [original equipment manufacturers] and the aftermarket."