Term used to refer to any pure breed sports car that was designed to race straight from the factory dealer. Usage implies that the person saying it has little respect for economy cars (and/or those that drive them) from the car manufacturer Honda that have had after-factory parts installed to make them fast enough to race.
Can also mean an economy car from a "rival" riceburner car manufacturer such as Mitsubishi or Subaru that has after-factory parts as well and can outperform their Honda counterpatrs.
Hearing what sounded like a go-cart having a heart-attack, Millie look out the passenger window to see a Honda Civic pull up to the light next to him. As it reved it's engine, he thought to himself "I teach you to mess with a Honda Killer like my Corvette Stingray here".
Andrew pulled up to the car meet in his Mitsubishi Eclipse, fresh from the paint shop with the words "HONDA KILLER" artistically branded into the hood.