According to S&P Global Mobility Retail Advertised Inventory data from April 2025, advertised US auto inventory volume fell 195,947 units to 2.7 million units—a decrease of 6.8% month-over-month (MoM) and 2.0% compared to April 2024. This marks the largest MoM decline since 2022 and reflects strong retail sales in April. This shift is a noteworthy shift in automotive industry trends, highlighting how economic pressures are influencing buyer behavior.

One potential explanation for this sharp decline is that many consumers accelerated their vehicle purchases in anticipation of expected tariffs. As buyers rushed to secure vehicles to avoid any potential price increases, this demand surge led to a depletion of available inventory.

Notable brand shifts by inventory volume

Some of the larger MoM declines came from the brands listed below:

  • BMW: -18.5%
  • Subaru: -15.6%
  • Volkswagen: -11.1% 
  • Nissan: -9.8%
  • Chevrolet: -8.1%
  • Toyota: -7.7%
  • Lexus: -7.5% 

A few brands experienced an increase in advertised inventory volume. These include:

  • Acura: +5.3%
  • Ram: +2.2%
  • Audi: +2.2% 

The arrival of the new Acura ADX, a subcompact plus luxury utility that is incremental to the Acura lineup, resulted in more inventory available at Acura dealerships. Model year (MY) changeovers also accounted for some inventory increases. At the Ram brand, MY25 vehicles accounted for a 12% increase. Similarly, MY25 Audi vehicles accounted for a 4.5% volume increase.

Tariff-exposed vehicles see sharper inventory declines

Some vehicles built in Mexico or Canada with a higher risk of tariff exposure saw larger declines in inventory volume. For example, the Mexican-built Ford Maverick saw a 22% decrease. The Nissan Sentra experienced a similar decline, also down 22%.  

Northeast and Midwest experience greatest inventory reductions

While US auto inventory fell nearly 7% compared to March, the impact varied by region. The Western region saw a relatively modest inventory reduction, while the Northeast and Midwest regions recorded more significant declines. The Cleveland, Minneapolis and Philadelphia Designated Market Areas all experienced inventory drops greater than 10%. 

MoM Change in Retail Advertised Inventory by Region

  • Northeast: -9.3%

  • Midwest: -8.3%

  • South: -5.4%

  • West: -3.7%

  • Overall: -6.8%

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EV inventory bucks trend with growth

In contrast to the overall inventory decline, electric vehicle (EV) inventory rose 6.0% MoM. This growth was driven by model year changeovers from MY24 to MY25 and a significant ramp up of available MY25 vehicles.

  • Ford F-150 Lightning: +85%

  • Volkswagen ID4: +44%

  • Hyundai Ioniq 5: +29% 

  • Chevrolet Equinox EV: +28%

  • Ford Mustang Mach-E: +24%

MSRP increases could affect future buyer behavior

As OEMs anticipate the looming tariffs, MSRPs rose 1.4% in April, an increase of $706. This increase was partially offset by the average list price discount, which increased by $101 to $3,362. Meanwhile, the percentage of vehicles listed below MSRP declined 0.6 percentage points to 47.0%.

What shrinking auto inventory levels signal for the future

The automotive inventory landscape in April 2025 shows a sharp decline in inventory levels, particularly among brands at risk of tariff exposure, underscoring the impact of potential economic shifts on overall market dynamics. However, the growth of EV inventory highlights the industry’s response to increasing demand for more sustainable options. Moving forward, the rise in MSRPs suggests that consumers may face higher costs, which could further influence purchasing decisions in the coming months. These developments serve as a critical lens for forward-looking automotive industry analysis—helping OEMs, dealers and marketers prepare for what’s next.

S&P Global Mobility offers detailed US auto inventory data for over 19,000 dealer sites. Data is available at the national, state, DMA and dealer levels. 

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This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.

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Automotive Industry Forecast & Analysis