As the threat of higher prices due to tariffs loomed, car buyers flooded dealerships in March, driving up sales for major automakers. Ford reported a 10% increase in sales in March, with retail sales surging 19%. The Trump administration’s plan to impose tariffs on all cars imported from foreign countries, including Canada and Mexico, led to a rush of buyers trying to beat potential price hikes. Cox Automotive reported a 30% increase in online traffic on car shopping sites following the tariff announcement.
Despite not mentioning tariffs in their sales release, Ford saw strong sales for vehicles produced outside the U.S., such as the Maverick small pickup truck and the Ford Mustang Mach-E electric SUV. Other automakers, including Toyota, Honda, and Hyundai, also reported significant sales increases in March after a slow start to the year.
The sales surge comes amid a larger push for tariffs by the Trump administration, with plans to impose reciprocal tariffs being unveiled soon. The threat of higher prices for all cars in the near term due to tariffs has driven consumers to make purchases now, before potential increases take effect. Industry experts warn that the supply of vehicles could be squeezed, leading to higher prices across the board.
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