Look at the stock action in Ford (F), says Guy Adami. With Ford near $8 I think you’re late to the trade. It seems to me the news is already baked into auto stocks, says Steve Grasso. With Ford (F) up so much already, I’d be a seller. I’m still a believer in Ford, says Brian Stutland.

And put BorgWarner (BWA) on your radar, but it’s not a buy at current levels, Adami adds.

I sold short Toyota (TM), adds Joe Terranova. If the yen gets stronger against the dollar, that’s not good for Toyota.

Seymour reminded the panel that auto recovery extends beyond the U.S. to the rest of the globe. For example, he said Volkswagen is selling an "enormous" number of cars in Brazil and China.

No, I think investors are too exuberant about Ford (F), counters Jim Iurio. I’m a seller of Ford and a buyer of Honda (HMC).