The automaker's stock rose 0.7 percent on the day as it beat U.S. sales expectations with a 5 percent increase from the year earlier. Ford truck sales—which climbed 5.7 percent—could drive growth if oil prices continue to fall, said trader Tim Seymour.
He contended that, at around $15 per share, it has the best risk-reward of automotive stocks. Trader Guy Adami added that he would rather buy Ford shares than those of General Motors.
GM sales rose more than 6 percent, but Adami called the stock "dead money" as it has fallen more than 9 percent this year. Trader Dan Nathan added that it looks like a possible short trade.
Adami noted that he likes shares of auto retailer AutoNation, which have climbed slightly this year, going more than 1 percent higher.
Tim Seymour is long AAPL, T, BAC, DIS, F, GE, GM, GOOGL, INTC, JPM, TSL, SUNE, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.
Long AMAT, AAPL, BAC, BMY, CSX, DISCA, DKS, FOXA, GE, KKR, KO, LLY, MRK, PEP, PFE, he is long calls AAPL, ABX, AGNC, AMKR, AXP, BAC, BMY, CRM, CSX, CY, DAL, DVN, ETFC, FB, LC, LM, LULU, MU, P, PG, PNR, RF, SYY, TWTR, UAL, UPS, USG, WYNN, VZ, XLF, ZIOP, he is long puts AUY, RIG.
Dan is long QQQ sept put, JOY sept calls, TWTR, TWTR sept call spreads, SO, BA sept put spread, COST aug put spread, TJX aug put, SLB aug 28th put spread, MSFT aug / nov put spread.
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.