The "Fast Money" traders debated whether it would be possible for the auto industry to break above their recent blockbuster levels.
The U.S. auto sales rate came in at 16.66 million vehicles for the month of June, below the May sales pace of 17.45 million.
"I know they're dogs, but they've been beat up so bad I wonder if guys start chasing yield here," Grasso said.
Trader Tim Seymour said he could "live with peak autos with this valuation with a company [like GM] that's not falling for the old tricks." Seymour said he likes that the company is focused on margins and "not giving away the house."
Trader David Seaburg disagreed and said that the "market is not lying to you in these names. Stay far and clear."
Trader Guy Adami said he isn't a fan of how Ford and GM have "gone sideways to lower for four or five years." He said he prefers the auto parts space and companies like Autozone.