Seasonally adjusted sales surged 7.3% m/m to 1.98 mn (SAAR) in March before pulling back to 1.92 mn (SAAR) in April as demand was likely pulled forward with consumers potentially front-running any US-Canada tariff effects. While new vehicle sales may be elevated in the near term, the sales rate will likely slow in the coming months after front-running effects and risk possibly declining further should the impact of tariffs start to strengthen such as through distortions to supply from changes to production plans, higher prices as tariff costs get passed through to consumers, or weighing on economic activity and ... (full story)