Honda Motor Co. has a rude surprise for drivers of its leased cars: No more turning in your vehicles to other dealers.
The carmaker said Thursday it will require the drivers with expiring leases to return their vehicles to authorized Honda and Acura dealers and refuse to accept buyouts from unaffiliated dealers or others. Honda cited tight supplies of cars and trucks as a result of shortfalls in critical components and congestion at ports as the economy recovers.
The Japanese company is the latest automaker to take more control over leases -- and boost inventories -- by limiting vehicle returns to its own dealer network. The industry has struggled to meet consumer demand in recent months due to a global shortage of semiconductors, which has curtailed production and lifted prices for used cars.