American Honda Finance Corporation announced today that it is directing its customers to return all leased vehicles to authorized Honda and Acura dealerships only.
The company will no longer accept buyouts from unaffiliated dealers, it said in a statement. Honda cited “global parts supply issues and congestion at various ports” for the decision.
“In this unusual market environment, our goal is to make sure our dealers have access to quality pre-owned Honda and Acura vehicles to satisfy the needs of new and returning customers,” said Petar Vucurevic, vice president of AHFC. “Customers continue to have the option to purchase their leased vehicle as indicated on their lease agreement.”
American Honda Finance Corporation said that it would reassess the policy at the end of the calendar year.
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A global shortage of semiconductor chips has affected automotive production around the world. As customers in the U.S. have exited lockdown, sales have increased, but supply has lagged behind, with many automakers pausing production as a result of the supply issues.
BMW recently announced that it believed supply shortages would continue through the second half of the year, indicating that it does not believe its troubles were over. Today’s announcement would suggest that Honda is also preparing itself for supply problems to persist.
The semiconductor crisis has led the values of used vehicles to rise sharply. American dealers have even turned to the Canadian market to buy used vehicles. Moreover, some lightly used, high-demand vehicles have even been selling for more than they did new.
