Several people asked, so I asked my mechanic. It was called Heavy Duty Rubberized Undercoating by Permatex. It dries in a greyish black color, and I'd certainly recommend it to anyone looking to try and prevent any rust.
http://www.permatex.com/products/automotive/specialized_maintenance_repair/body_interior_trim/auto_Permatex_Heavy_Duty_Rubberized_Undercoating.htm
Cheers, Paul
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