Tariffs go up. Vehicle prices go up. Then the refunds come. Ford Motor Company, General Motors, Mercedes-Benz AG, and Stellantis are reportedly expecting roughly $2.3B in tariff refunds, with Ford alone looking at about $1.3B. That raises the real question for dealers: If any of those costs made their way into vehicle pricing, does any of the refund make its way back down? There may not be a simple answer. But it points to a bigger issue: affordability is shaped by more than rates, incentives, and inventory. It is shaped by every cost that moves through the system, and by how much visibility dealers and consumers actually have into it. When costs move downstream, everyone feels it. When money moves back upstream, the industry should be willing to talk about that too. Watch the full episode at the link in our bio.