What is this rubber coating stuff on my car (Pictures)?

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matthew

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I bought this car a few thousand miles ago, and I just noticed this rubber coating stuff in the wheel well and some on the underside of the car in some areas. I have some rust on my pinch welds that is close to my wheel wells. It it something to prevent rust?

http://imageshack.us/a/img195/6680/20120917184043.jpg
http://imageshack.us/a/img577/650/20120917183847.jpg
 
Looks a lot like rubberized undercoat sprayed from a can to seal off rusty or bare metal exposed to the air. Someone obviously is trying to hide something or attempted to stop rust in its tracks.
 
looks like the person before you sprayed rubberized undercoating on the inner fenders to help prevent rust or to cover up the rust !
 
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