The negative news is piling up in the auto space despite AutoNation's (AN) - Get Report buyback announced earlier this week. 

Shares of General Motors (GM) - Get Report are down 5% on Wednesday after Morgan Stanley reiterated its underweight rating, while Ford (F) - Get Report shares are down a similar amount following a downgrade by Credit Suisse

On CNBC's "Mad Dash" segment, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, pointed out that shares of Avis Budget (CAR) - Get Report are down 22% following its earnings report. 

Avis Budget CAR data by YCharts

TheStreet Recommends

Image placeholder title

The latest quarter was actually pretty good, Cramer said. However, the guidance was "abysmal" and that's what's weighing on the stock. The company guided for full-year earnings per share of $2.70 to $3.30, below analysts' expectations of $3.43. 

"This report took my breath away...I'm baffled," Cramer said, adding that Hertz was "the good" company in the car rental industry. 

Co-host David Faber pointed out the company's free-cash flow yield is actually pretty attractive. Had the guidance not been so terrible, the stock would likely be up, Cramer added.  

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.