Trader Brian Kelly contended both GM and Ford would make good short plays. He also said used-car seller Carmax's stock could struggle ahead. It lost 2.9 percent Wednesday.
He added that Penske Automotive Group could be a safer play in the current environment.
Trader Guy Adami, meanwhile, touted electric automaker Tesla Motors as a possible trade. He said it could have low risk and high reward, if traded against $215 per share. Tesla closed at about $219.50 a share Wednesday.
Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
Karen is long BAC, C, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, WIFI long call spreads, M, MA, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, KORS puts, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International.
Brian Kelly is long Bitcoin, US Dollar; he is short Australian Dollar, Euro, Hong Kong Dollar, Yuan Short
Long AAPL, BAC, BMY, CSCO, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, MRK, PEP, PFE, SAVE, VIAB, ZIOP Long Calls: AAL, ABBV, AKS, AMJ, C, CSX, EGO, EWZ, GLW, GS, GSAT, HAL, HBAN, KGC, LLY, MDLZ, MSFT, MT, MU, NLNK, P, POT, SLV, SVU, TMUS, UAL, X, YHOO Long Puts: BID, FCX, NAV, SCTY, VLO