Have you opened it? If not, take the crap back. No offense but of course it sounds like good stuff on the can.... They're trying to sale it. LOL.
It's glorified paint is all it is. Goes on way too thin, peels, fades, cracks etc. Rocks will chip it off just like paint. Just poor quality stuff all the way around.
Go to Auto Zone, Walmart, maybe HF and get 'Herculiner'. It's more expensive but lasts. It goes on much thicker and won't peel or flake off. I have it in my bed, bed rails, part of the wheel wells, and the bottom quarter of my truck all the way around. The stuff holds up great. I give it the same abuse that the guys with the 'professional jobs' give their trucks and mine is holding up well.
Remember with either product final finish is 75% prep. The surface must be clean and rough. I used an abrasive disk on an angle grinder.