What is a market adjustment or ADM on a car?

A market adjustment, sometimes called additional dealer markup (ADM), is an extra amount a dealer adds above MSRP, usually on vehicles in high demand or short supply. It is set by the dealer, not the manufacturer, and is fully negotiable in principle, though dealers with scarce inventory may hold firm. If you see one, you can ask for it to be removed, look for other dealers without one, or wait until supply improves. It should be listed separately on the window addendum or quote.