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Terms in this set (51)
Actual Cash Value
The amount of money invested in the purchase and repairs of a used vehicle. Also known as ACV, this represents the amount of out of pocket expense a dealer or broker is "into" a car.
American Automobile Labeling Act (AALA)
Regulations requiring vehicle manufacturers to include content information on vehicle labels for cars and trucks for sale in the U.S. after October 1, 1994.
National Institute for Automotive Service Excellence
A sale of used vehicles operated by independent auction houses or vehicle manufacturers. Generally, auctions are not open to the public and may be limited to dealers in a specific type of vehicle. Auctions provide an opportunity for dealers to dispose of slow moving vehicles or acquire additional inventory for sale.
The fixed operations of an automobile dealership; i.e. body shop, service department and parts department.
The cost of a vehicle without options, but including standard equipment, factory warranty, and freight.
Issued by the manufacturer for specific terms and mileage periods. Covers all factory installed parts, excluding wear items, against defects and poor workmanship.
A service outlet specializing in vehicle body repair work.
The maximum production attainable under normal conditions. With regard to normal conditions, the company's operating practices are to be followed with respect to the use of production facilities, overtime, workshifts, holidays, etc.
A process technology that delivers a liquid molten metal into a purpose-built mould. After cooling, the solid metal surface has the shape of the mould cavity.
A current production vehicle modified for installation of new design concepts for evaluation of environmental functional feasibility.
Demographic characteristics of consumers including age, gender, income and geographic location, affordability.
Corporate Average Fuel Economy (CAFE)
Regulation enacted in 1975 which requires a motor vehicle manufacturer to classify its U.S. vehicle fleet sales as either domestic or import for the purpose of fuel economy averaging.
Customer Satisfaction Indes
A dealer's customer service score. High score means high satisfaction, low score means poor satisfaction.
A predetermined amount on an insurance policy, warranty or vehicle service contract which the buyer must pay to repair the vehicle.
Stands for Do-It-For-Me
Department of transportation
Engine Control Module
Electronic Controlled Unit
ELectronic Data Interchange
Cars, buses, vans or trucks which use dedicated or hybrid electric systems as their power source.
In used vehicles: the combination of original standard equipment and production options that make up the equipment of a used vehicle. May also be referred to as "base" equipment.
Factory Invoice Price
Amount the dealer pays the manufacturer for a vehicle
FIxed or One Price Selling
Published fixed price displayed on a new vehicle eliminating need for negotiation.
The purchase of vehicles by a business that meet a minimum requirement of units sold.
Gray Market Vehicle
Cars that have been imported into the country but not through authorized retailers. They may not meet American safety and emission standards. These cars may have significantly lower values than cars imported through normal channels.
Gross Vehicle Weight
MAX legal weight at which a vehicle can be operated
Car manufacturers that are not incorporated in the U.S.
A reduced rate for parts sold by auto parts stores to auto services shops
amount a shop charges per hour of repairs
A contract granting the use of a car for a specified period of time in return for a set fee. Leases may be classified as open ended or closed ended.
A financial institution which holds a contract title as collateral for funds advanced to purchase a vehicle.
Price that all shops sell their parts at to their customers
The name of the car manufacturer that makes the car
Manufacturer's Suggested Retail Price. The price at which the manufacturer recommends that the dealer sell a particular vehicle.
Electronically controlled components, such as a sensor, transfers digitally encoded data on a wire or optical bus to other components such as the ECM.
National Auto Parts Association. Founded in 1925 to increase parts distribution across the United States.
Original Equipment Manufacturer
The situation where maximum global production of automobiles exceeds the total global demand for automobiles.
Servicing vehicles to try to extend life and keep the vehicles operating. Examples would include engine oil/filter change, transmission fluid/filter change, and coolant flush.
A consensus of what has been determined to be the most marketable product for a given model year.
Cash back to a buyer from the manufacturer or dealer which is used as an incentive for the buyer to purchase a vehicle.
Paying off an existing loan with the proceeds from a new loan.
The closure of a plant for the purpose of plant conversion or retooling.
These are recalls made by the auto manufacturer for a specific geographical region.
Return on Investment. ROI is how much money one gains or loses on a investment relative to the amount of money invested. Sometimes also called ROR, Rate on Return.
Service Labor Time Standards
Set by automotive manufacturers as the time needed to diagnosis and repair every part of the vehicle. The standards are often used by shops to charge customers for repairs, may be referred to as book time.
store that specializes in high performances application parts and accessories
Truck Cap Store
Store that specializes in vehicle accessories
The sale of goods to a company that is going to turn around and resell the product to the consumer. This product could also be assembled with other products to make a manufactured product for resale.
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