New-vehicle sales momentum continued from the end of March and into April, before beginning to taper off. New-vehicle inventory declined further, by 7.4% from March, according to the Cox Automotive analysis of vAuto Live Market View data.

May opened with a total supply of new vehicles on dealer lots across the U.S. at 2.49 million units, down 7.4% from the 2.69 million units at the start of April and down 10.5% from a year ago. Seasonal patterns persist, as it is not unusual to see sales rise during the traditional “spring bounce.” Inventory, however, is not being replenished at the same rate. Some automakers are likely holding the line on deliveries and production, as everyone struggles with the uncertainty surrounding the administration’s tariff policies.

Cox Automotive’s vAuto Live Market View days’ supply is based on the estimated retail sales pace for the most recent 30-day period. New-vehicle days’ supply, at the start of May, was 66, down 16 days compared to last year and down six days from last month.