Honda is one of the leading automakers in the US market, offering a wide range of vehicles that appeal to different customers. In November 2023, Honda posted robust sales results that showed strong demand for its products and high residual value for its brand.
Honda's Sales Performance in November 2023
According to the official press release, American Honda sold 121,114 vehicles in November, a 9.2% increase compared to the same month last year. Honda Division accounted for 109,899 units, up 9.8%, while Acura Division sold 11,215 units, up 3.6%.
Some of the best-selling models for Honda in November were the Honda Civic, the Honda CR-V, the Honda Accord, and the Honda Pilot. The Civic sedan and hatchback sold 26,068 units, up 16.4%, while the CR-V crossover sold 25,571 units, up 7.6%. The Honda Accord sedan sold 19,801 units, up 8.8%, and the Pilot SUV sold 10,610 units, up 13.2%.
Honda also saw strong sales for its electrified vehicles, which include hybrids, plug-in hybrids, and battery-electric vehicles. Honda sold 9,507 electrified vehicles in November, up 29.5%, representing 8.8% of its total sales. Some popular electrified models were the Honda Insight hybrid sedan, the Honda Clarity plug-in hybrid sedan, and the new Honda Civic hybrid sedan.
Acura, Honda's luxury brand, also performed well in November, with the MDX SUV and the Acura TLX sedan leading the sales. The MDX sold 4,903 units, up 6.8%, while the TLX sold 2,635 units, up 4.9%. Acura also sold 1,003 units of the NSX supercar, up 33.3%.
Honda's Market Share and Growth in the US
Honda's impressive sales results in November reflect its ability to meet the needs and preferences of US customers, who are looking for reliable, efficient, and versatile vehicles. Honda also benefits from its reputation for high quality and durability, which translates into high residual value for its vehicles.
According to the data from GoodCarBadCar, Honda had a market share of 8.4% in the US in November, up from 8.1% in October and 7.9% in September. Honda ranked fourth among the automakers in the US, behind General Motors, Toyota, and Ford. Honda also had a year-to-date market share of 8.2%, up from 8.1% in 2022.
Honda's growth rate in November was 9.2%, higher than the industry average of 7.8%. Honda also outperformed some of its main competitors, such as Toyota (8.4%), Hyundai (8.1%), and Nissan (7.7%). Honda's year-to-date growth rate was 7.5%, also higher than the industry average of 6.8%.
Honda's Residual Value and Customer Satisfaction in the US
Residual value is the amount of money a vehicle is expected to be worth at the end of a lease or loan term. It is an important factor for consumers who want to get the most value out of their vehicles and for automakers who want to attract more customers with competitive lease and finance offers.
According to the JD Power 2023 ALG Residual Value Awards, Honda was named the No. 1 mainstream brand in residual values for the third year, beating other brands such as Toyota, Subaru, and Hyundai. Honda also had four models that won the awards in their respective segments: the Civic, the Passport, the HR-V, and the Odyssey.
The ALG Residual Value Awards are based on the analysis of various factors, such as vehicle performance, brand outlook, and product competitiveness. The awards recognize the vehicles projected to retain the highest percentage of their original price after three years of ownership.
Honda's high residual value means that its vehicles have a lower depreciation rate than the average vehicles in the market. This means that Honda customers can enjoy lower monthly payments, higher trade-in values, and more equity when they sell or trade their vehicles. It also means that Honda vehicles are more desirable and in demand in the used car market.
Honda's high residual value also reflects its high customer satisfaction in the US. According to the data from Statista, Honda recorded an ACSI index score of 81 in 2023, which was an increase of five percent compared to the customer satisfaction recorded in the previous year. In contrast, the manufacturer's luxury nameplate, Acura, recorded a drop in customer satisfaction, down to an index score of 79 in 2023.
The ACSI index score is based on the evaluation of various aspects of the customer experience, such as vehicle quality, reliability, performance, safety, comfort, design, and service. The higher the score, the more satisfied the customers are with the brand and its products.
Honda's Strength and Leadership in the US Automotive Industry
Honda's November sales and residual value awards demonstrate its strength and leadership in the US automotive industry. Honda has a loyal and satisfied customer base that trusts its products and services. Honda also has a diverse and innovative product portfolio that caters to various segments and niches. Honda is committed to delivering value, quality, and excellence to its customers and stakeholders. @via JD Power.
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