is this material ok?

probably not. Just buy some insulation, it's probably going to be a lot cheaper. I can't imagine sound material from automobiles would be very dense or thick.
 
Dynamat and similar is VERY expensive, and is geared more towards isolation than acoustic treatment. That stuff is made to block out road noise, to make the interior of your car quieter. It goes a long way in better SQ in your car, but it does it by lowering the noise floor - not by helping the acoustics.
 
Bass Traps = MINIMUM 4" thick, 24" wide rigid fiberglass panels(or other mineral fiber), 3lb density, straddled across as many corners as you can, min width 24"(preferably floor to ceiling at wall to wall corners). Fill behind with R-30 or if you can afford it, stack diagonals of same rigid fiberglass. Do search on "Superchunks". Cover with any fabric you can blow through easily, or make fabric covered frames.

Forget auto insulation for bass traps.

rigid fiberglass panel= Owens Corning 703, Knauf or other (be sure it's 3lb density)
 
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