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China's largest dealer body pushes back against foreign automakers over huge inventories

Do not think for a second that automakers forcing inventory on dealers in order to pad the numbers is a ruse known only in the US. Stories of individual brands have hinted at the trouble Chinese dealerships are having trying to move units as the country's economic growth remains hot but comes off the boil, like the one revealing that 95 percent of Toyota-FAW showrooms are losing money. Yet Toyota isn't the only culprit, and the issue has become so dire that the China Automobile Dealers Association (CADA), the largest dealer body in the country, has written to the government to complain. Chinese car sales are expected to close out the year with an annualized growth of six-percent, down from last year's 14 percent when targets were set, while in the background the pace of overall economic expansion is the slowest its been since the early nineties. Automakers, shipping cars on schedule to make their earlier targets, have blown up inventories such that they are an average of 1.8 times monthly sales, when the preferred multiplier is from 0.9 to 1.2. According to the CADA, the price wars and necessary incentives mean that only 30 percent of dealers are operating in the black. That number is down a whopping forty percent since 2010. In response, Toyota has already said it will not make its 2014 target of 1.1 million cars sold. We're a long way from 2012, when Toyota planned on selling 1.8 million cars in China in 2015, a target that's now as realistic as a manticore. BMW, Honda and Nissan have erased numbers on their spreadsheets, too; BMW growth dropped from 20 percent to 8 percent midyear after it began "reducing wholesale supplies," and Honda has been reworking its plans as sales have decreased each of the past six months. It's a big deal for Chinese dealers to begin protesting publicly, the CADA saying, "In the past, dealers were angry, but dared not speak out. But now, they have to shout because the situation is getting so unbearable." With six-percent growth forecast for next year and dealers unwilling to remain underwater, The Year of the Sheep coming in 2015 could portend meaning beyond the zodiac. News Source: ReutersImage Credit: AP Photo/Andy Wong BMW Honda Nissan Toyota Car Buying Car Dealers

Honda recalls Accord to replace airbag control unit

The Basics: Honda will recall 341,444 examples of the 2008-2010 Accord sedan in the US. The Problem: Moisture can enter the supplemental restraint system electronic control unit and cause corrosion. Over time, this could cause the part to fail, which might prevent the airbags from deploying in a crash. Injuries/Deaths: Honda confirms two injuries from this problem. The Fix: Dealers will replace the supplemental restraint system electronic control unit. If You Own One: Honda won't begin the recall until fall 2016 because of the large number of vehicles that will need the repair. The company will inform owners about the problem by mail in mid-March and will notify them again when the parts are available. However, if owners see the supplemental restraint system warning light illuminate before the recall begins, they can visit a dealer for a diagnostic check. If technicians find the problem, then they can replace electronic control unit immediately from Honda's limited supply of replacement parts. Related Video: Statement by American Honda Regarding SRS Electronic Control Unit Recall: 2008-2010 Honda Accord Sedan Feb 3, 2016 - TORRANCE, Calif. Approximately 341,000 Accord Sedans affected in the United States The SRS electronic control unit will be replaced, free of charge Two injuries have been confirmed related to this issue American Honda will voluntarily recall approximately 341,000 Honda Accord Sedans from the 2008-2010 model years in the U.S. to replace the Supplemental Restraint System (SRS) electronic control unit. Manufacturing process issues may allow moisture to enter the circuitry within the SRS electronic control unit, which, over time, can cause corrosion and eventual malfunction of the unit. If the SRS control unit fails from this scenario, the SRS indicator will illuminate on the vehicle's dashboard, and, in the event of a vehicle crash, the airbags may not deploy, increasing the risk of injury. Honda has confirmed two injuries related to this issue. A new SRS control unit will be installed in affected vehicles, free of charge. However, due to the large volume of new parts needed to repair affected units, the necessary parts will not be available until fall 2016. As a result, owners of affected vehicles will be informed of the recall in an initial mailed notification letter in mid-March 2016. A second notification letter will be sent to inform owners when parts become available.

Honda Fit EV lease drops to $199 a month, but there's a catch

The Honda Fit EV just became a much better deal. When it first launched, Honda offered the car (in California and Oregon only) in 2012, the monthly price was $399. In 2013, the official lease price dropped to $259. Today, Honda announced that the fun little runabout will cost you just $199. The catch? For new customers, this price is only good on used Fit EVs. You can also take advantage of this deal If you're a current Fit EV lessee by extending your time with your car by two years for the new, lower $199-a-month price. The other limitations of the Fit EV lease – the fact that there's no purchase option at the end of the lease and that the car itself is still only available in "designated market regions" – remain, which means that getting this particular electric car is a better deal than it used to be, but it's still not a good Fit for everyone. Related Video: Honda Introduces New Lease Options for Existing and Prospective Fit EV Lessees Mar 23, 2015 - TORRANCE, Calif. Two-year Fit EV lease extension offered to existing lessees New, two-year used Fit EV lease offered to prospective customers Price reduced to $199 a month; no down payment and unlimited mileage, routine maintenance and collision coverage included Honda is extending the reach of its efficient and fun-to-drive all-electric Fit EV (http://automobiles.honda.com/fit-ev/) through new lease programs for both existing and prospective Fit EV customers. For current, eligible Fit EV customers, Honda is offering a two-year lease extension that includes a lower $199 monthly payment1 (previously $259) and extends the unlimited mileage, routine maintenance and collision coverage1 that were included in the original lease. The reduced lease price and matching two-year terms1 will also be available to new customers interested in driving a used Honda Fit EV. Honda shared the news to a group of Fit EV drivers at an event hosted at the Honda Smart Home US (http://www.hondasmarthome.com/) in Davis, CA on Saturday, March 21. "Most Fit EV drivers tell us they love their vehicles, and many have requested lease extensions and this extended lease program is intended to meet their needs," said Steve Center, vice president of the Environmental Business Development Office, American Honda Motor Co., Inc.