"As we approach the eve of the Uber IPO, keep in mind that the auto industry just isn't a bedrock part of this economy anywhere around the globe anymore," CNBC's Jim Cramer says.
"I think it's actually a cyclical decline on top of a secular decline, meaning the whole sector's being gutted by longer-term issues that just aren't going away," the "Mad Money" host says. "Uber is sign that we've entered the twilight of car ownership, and perhaps even the idea of ownership in general," he says.
Uber is going public soon and few companies are prepared for the onslaught that ride-hailing services will have on the autos and autos-related sectors.
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