I purchased my M5 out of dealer stock at Shelly BMW in Buena Park.
Very nice to deal with. As of this morning, cars.com is listing 136 new M5 cars in dealer stock within 75 miles of me (Orange County, CA). That is 25% of the 650 new M5 cars in inventory throughout the US. With this level of inventory out there, my belief is that dealers should want to move these cars. This means you will have to find one that closely matches the color & options you prefer. There are a lot of white, black & gray cars out there. I wanted Imperial Blue. There were only 2 in California. This lead me to Shelly. Of the past 6 BMW's I've owned, I had never dealt with this dealer before. I have to say, I have been very impressed in how I have been treated so far.
It takes a fair amount of effort on line to sort through the inventory, but in the end, I am happy with the price I received. It came up to about the same as ED pricing. I have picked up 2 cars at the Velt and would HIGHLY recommend this to anyone thinking about ED. I'm just glad to have the acquisition process behind me and be behind the wheel of my new M5.