Cramer: Auto industry going through 'amazing renaissance'

CNBC's Jim Cramer said that despite headwinds of rising interest rates, the auto industry is back and going through an "amazing renaissance," where Ford Motor is set to lead the pack.

"I've been worried that rates going up would eventually impact some of the deals that the auto companies can do - clearly not," Cramer said Wednesday, adding that there are promising innovations to come in the auto market, such those by Westport Innovations, which looks to put LNG engines in Ford trucks.

(Watch: Ford August U.S. sales up 12.2%)

"This is really an amazing renaissance," he said. However, Cramer said that since Ford has a large European operation, its stock has been weighed down by relatively weak sales on the continent. "But I do believe that Ford, which is owned by my charitable trust, is breaking out of the pack."

Cramer said that Ford has positioned itself well with high-margin trucks and a "one car" strategy that allows the company to generate better global efficiency and higher profits per car.

"The country is back," Cramer said.

Ford said Wednesday that U.S. auto sales grew 12.2 percent, with the strongest growth in its truck segment, which grew 18.4 percent. In addition, the company said it would be raising fourth quarter production by 7 percent to 785,000 vehicles, the highest level since 2006.

(Read more: Vroom! Vroom! Auto sales jump in August)

Toyota Motor also reported August U.S. sales that beat expectations, growing 22.8 percent versus the 15.6 percent street expectation.

In addition, General Motors was another major car maker to report better-than-expected U.S. sales, with 14.7 percent growth versus an 11 percent street expectation. GM VP of Sales Kurt McNeil told "Squawk on the Street"Wednesday that monthly U.S. auto sales will "definitely" come in "well over 16 million, absolutely."

— By CNBC's Paul Toscano. Follow him on Twitter @ToscanoPaul and get the latest stories from "Squawk on the Street"