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Honda $605 Million Settlement

September 5, 2017 0 Comments

The latest update in the Takata airbag recall saga involves a very large automaker settlement.

According to Reuters, Honda Motor Co. has agreed to a $605 million “economic loss settlement” as part of the Takata airbag recall. The settlement covers some 16.5 million vehicles. Per the report, the settlement is meant to cover “claims that vehicles were inaccurately represented to be safe, and that buyers had overpaid for cars with defective or substandard air bags.” The more than half-billion dollar settlement also covers so-called “out-of-pocket” costs consumers may have faced, such as “lost wages and child care costs.”

Other automakers, including Nissan, Subaru, BMW, Toyota, and Mazda, have reached similar settlements. The recall was the largest in U.S. history, ultimately leading to the Takata Corporation filing for bankruptcy.

According to consumer reports, the Takata airbag recall will affect around 42 million vehicles in the U.S alone. What impact did Takata airbag recalls have on the service side of your store or group?

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