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Honda exec says US market near capacity, could hurt subprime buyers

Is there a point in the US auto industry where companies should start considering the welfare of their customers ahead of selling more cars? American Honda Executive Vice President of Sales John Mendel thinks that level exists, and we may be getting very close to it.
According to Automotive News, Mendel believes that finding more customers in the market could require pursuing subprime buyers and offering longer-term loans. However, he refuses to use those tactics. While selling models this way can improve things briefly, the strategies hurt resale prices and lower vehicle profits over time. The company won't do "stupid things in the short-term that damage the person who bought yesterday," he said to Automotive News. "It's a very, very short-term tactic especially in the subprime area."
American Honda, which combines the Acura and Honda brands, has seen market share decline from 9.7 percent to 9.1 percent through July 2014, according to Automotive News, and Autoblog's By the Numbers stats showed it posted falling sales in five of the seven months with data this year. Though, Mendel claims that was partially because the company focused on retail sales over fleets. The delays of the launches for the Honda Fit and Acura TLX likely didn't help either.

2015 Acura TLX

Immediately after landing at Washington's Dulles airport, an Acura representative handed me the keys to a 2014 TSX with fewer than 180 miles on its clock. The four-cylinder engine started and I pointed its signature beak towards a destination in Middleburg, VA. It was a curious move by the Japanese automaker, especially considering that I had flown no less than 2,300 miles to drive the discontinued vehicle's ostensible successor, the all-new 2015 Acura TLX.
Yet spending a solid 40 minutes with a sparkling-new version of the outgoing model that still smelled showroom fresh, allowed me an opportunity to scrutinize the dropped sedan and remind myself why it had never really blown me away - it was good at doing many things, but truly great at doing none.
Time with the TSX also started me thinking about the Acura TL, the second model that the TLX will effectively replace. I have better memories of the slightly larger sedan, especially the SH-AWD 6MT trim - it's a solid driver's car - but it, too, fell short in areas where competitors, including the Audi A4, BMW 3 Series, Cadillac ATS, Lexus IS and Mercedes-Benz C-Class, excelled.

Hurricane Sandy cost automakers 15,000 vehicles, may have ruined up to 200k

Hurricane Sandy was the largest Atlantic storm in US history, and its total economic impact is just now coming into view. According to Automotive News, Toyota, Chrysler, Nissan and Honda are set to scrap around 15,000 new vehicles ruined by the storm. Nissan alone accounts for about 40 percent of those, with 6,000 Nissan and Infiniti models deeded "un-saleable" due to damage. The company saw 56 dealerships shuttered due to the storm, but 51 of those have since reopened.
Toyota, meanwhile, had some 4,000 vehicles at its Newark port facility, and of those, 3,000 may be scrapped. An additional 825 were dealer inventory when they were ruined. Honda and Acura dealers are reportedly sending 3,440 vehicles to the salvage yard. By comparison, Chrysler weathered the storm fairly well with 825 units destroyed, while Hyundai suffered only 400 lost units and Kia scrapped around 200.
As you may recall, Fisker also suffered some losses, and Automotive News reports the manufacturer saw 320 Karma models damaged beyond repair. Ford and General Motors have yet to come up with estimates, and no automaker has commented on the full cost of replacing the vehicles.