ARI Fleet Leasing & Management Dictionary
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24-7 continuous operations, 24 hours/day, 7 days/week
4-Wheel Drive 4-wheel drive vehicles use live front and rear drive axles. When the front drive axle receives power from the transfer case, along with the rear drive axle, the vehicle can function well on off-road terrain (sand, rocks, mud, snow, etc.). A 4-wheel drive vehicle has one drive axle that is automatically in use. The operator of the vehicle has to activate and deactivate the second live drive axle.
4X4 See 4-Wheel Drive
8-Day Change Change of Vehicle Number and/or Client Number
8th Day Work Change See 8-Day Change
AALA See American Automotive Leasing Association
ABS See Anti-lock Braking System
AC Air conditioning
ACCESS ARI's on-line information system utilized by our customers to manage their fleet operation
ACH See Automatic Clearing House
Acquisition The purchase or lease of a vehicle
Acquisition Cost The actual (usually ARI'S) Net Cost paid for a vehicle, as distinguished from Dealer Cost or Factory Invoice, or Manufacturer's Invoice Price (to its dealers)
Acrylic A surface finish, made from synthetic polymers, which dries by solvent evaporation
Actual Cash Value See Retail Value
ACV Actual Cash Value. See Retail Value
Admin Fee Administrative fee built into a Lessee's monthly Lease rate
Ad-Val See Advalorem Tax
Advalorem Tax Tax based on the current value of an asset. Similar to Personal Property Tax. Usually assessed annually
After Market The market for accessories and other items added to a vehicle once it leaves the manufacturer.
A Invoice; A-Invoice; "A" Invoice One-time billing or credit memo
Allbanks A list of wire transfers received
ALV Annual Lease Value
All-Wheel Drive An all-wheel drive vehicle has both axles live at all times without manually activating or deactivating axles.
American Automotive Leasing Association A national United States trade associationi for vehicle lessors, particularly fleet lessors.
AMR See Automotive Market Report
Annual Percentage Rate The annual interest charge on a lease, including the results of all compounding.
Anti-lock Braking System ABS works by limiting the pressure to any wheel which decelerates too rapidly. This allows maximum stopping force to be applied without brake lockup. ABS allows the driver to steer during hard braking, which allows you to control the car much better. The advantage of ABS is that the brakes on the wheels with good traction can be used to the fullest possible amount, even if other wheels lose traction.
A/P; AP See Asking Price
APV All-Purpose Vehicle
A/R; AR See Asset Reserve
ARI 1. Automotive Rentals, Inc. (Legal Name) 2. Automotive Resources International (Trade Name) - must be accompanied by ARI Logo
ARI Plus; ARI+ Division of ARI specializing in small fleet and individual Leases
ASA See Average Speed of Answer
ASAP As soon as possible
As Is A term of purchase of a good in its current condition.
Asking Price An attractive wholesale price for a vehicle going off Lease formulated by ARI and designed to be given to the driver or another individual
Asset Book Value ARI's current financial value of a Lease vehicle
Asset Management The process of appraising, tracking, evaluating, inspecting, selling, re-leasing and otherwise managing equipment in a lease portfolio.
Asset Reserve Records depreciation for all Operating Lease vehicles in the fleet. See also DFL Register
Auto Auction A bonded and approved auction facility which ARI utilizes as a marketing outlet for off-Lease vehicles
Auto Driveaway Delivery service used to transport vehicles from one point to another
Automatic Clearing House Electronic transfer of funds
Automotive Market Report An auto industry guidebook of vehicle values consisting of actual sale results from reporting auto auctions taking into consideration normal seasonal variances
Average Speed of Answer The time it takes for a call to be answered in any of ARI's customer service departments: Client & Fleet Adminstrations, Technical Call Center.
AWD See All-Wheel Drive
B&O Tax See Business & Occupation Tax
Backoff Total reversal of the sale of a vehicle
Bailment Vehicle purchased from authorized pool / body co.
Balance Out See Build Out
Basis Point A unit of measurement equal to 1/100 of a percent; for example, 25 basis points = .25
B-Bill See B Invoice
Bill Back Sale of a canceled-order vehicle to the manufacturer or another dealer
Bill of Sale A document evidencing sale of a vehicle or piece of equipment
Bill of Sale - UV A document evidencing sale of a used vehicle
B Invoice; "B" Invoice; B-Invoice The monthly invoice provided to Lessees to present their monthly billing for all contracted services, including Rent and Management Fees
Black Book An auto industry guidebook of used vehicle values published by the state
Body Company A vendor who provides additional equipment and/or bodies for trucks to complete a vehicle for various work applications
Book Value Value according to accounting records, which may or may not be real market value. (It usually is not.)
BOS See Bill of Sale
Branch Transfer See Courtesy Delivery
Branch Transfer Fee Amount paid to Courtesy Delivery dealer for taking care of delivery of vehicle and performing pre-delivery inspection
Browser Program that allows the user to access the Intranet or Internet, i.e. Microsoft Exchange or Netscape Navigator
Build Out Occurs near the end of a model year, when a manufacturer's order bank quantity equals the remaining scheduled production capability.
Business & Occupation Tax ARI is assessed a tax for doing business in the state, county or municipality. Currently state of WA, WV.
Buyout Price A predetermined price established at the beginning of a Closed End Lease or a closed-end ARI Plus individual consumer Lease, which allows the Lessee/ individual to purchase the vehicle when it reaches its Lease term.
Buy/Sell Arrangement See Neo Lease.
CA; C/A See Cab Axle
Cab The covered compartment for a driver or operator of a heavy vehicle
Cab Axle The dimension from the back of the cab to the centerline of the rear axle. This dimension is important when determining any body application, fifth wheel mounting and weight distribution.
Cab/Chassis An incomplete truck ready for body installation
California Sale Paperwork Paperwork required by the state of California to buy a vehicle, i.e. California odometer, statement of facts, and power of attorney
Cancellation Notice A follow up canceling a prior request for action on a vehicle
Cap Add to the cost of Lease or asset
Cap Audit Review of financial cost structures of Leased vehicles
Cap Credit See Capitalization Credit
Capitalization Credit Amount subtracted from the cost of a vehicle as a component of the capitalization formula. See Capitalized Value. If the amount is added to the cost of a vehicle, it is referred to as P & H.
Capitalized Cost See Capitalized Value
Capitalized Value For an Open End Lease, the total amount used as the basis for Lease payments. It usually includes the vehicle factory invoice or acquisition cost, any added equipment, sales tax, and a procurement & handling charge or capitalization credit.
Carrier Receipt Document signed by the vehicle carrier and the receiver showing receipt and condition when the vehicle arrives at its destination.
Casual Move Auto Driveaway move without a guaranteed delivery time. Lower cost than a professional move.
C/C See Cab/Chassis
CD Fee See Courtesy Delivery Fee
CEA See Competitive Equalization Allowance
Central Processing Unit For ARI Plus, the CPU is responsible for processing the paperwork for the Regional Sales Coordinators, writes up contract request, enters contract briefs, processes factory orders and stock purchases, used vehicle paperwork, ARI Plus customer service.
Certificate of Origin The birth certificate of a vehicle. Infrequently used definition. See MSO for common usage
Chassis The framework that supports the body and engine of a vehicle
Chattel Mortgage a transfer of ownership of personal property for the purpose of securing performance of a obligation.
Circle of Excellence The recognition award given for sales achievement and to Partners of the Year. Winners are honored each year at the Winter Sales Meeting.
Clean AMR A calculation utilizing the clean pricing category of AMR
Client See Lessee
Client (Lessee) Book Value The current outstanding value of an Open End Lease due from a client (This does not represent a Buyout Price.)
Client Code The basic 4-digit alpha/numeric code which identifies a specific client.
Client Number See Client Code
Client Service Representative The first point of contact for client requests regarding new vehicle specifications, pricing, lease analyses, ARI programs and services.
Closed End See Closed End Lease
Closed End Lease A lease transaction that allows the lessee to "walk away" from the leased property at the end of the lease term with no liability for increases or decreases in the expected residual value of the property. The lessee will still be liable for damage to the property beyond ordinary wear and tear and may or may not have a purchase option. Also called Net Lease.
CO See Certificate of Origin
COL Change of Location
Commercial Lease A lease in which the lessee has entered into the lease for business purposes; not a consumer lease
COMPASS See Computer-Assisted Selling Skills
Competitive Equalization Allowance A factory incentive discount. (General Motors terminology)
Competitive Price Allowance A factory incentive discount. (Ford)
Completed Vehicle A truck that includes a body or useable load carrying area such as a pickup, van or sport utility such as an Explorer or Blazer.
Computer-Assisted Selling Skills PC-based electronic data book used for light and medium trucks. (GMC and Chevrolet)
Concepts Ford's computer ordering system
Condition Report Report that is completed when a used vehicle is returned for resale. This report shows the vehicle number, VIN and should indicate the condition and mileage on a vehicle. ARI & Client's representative must sign.
Consigned Vehicle A non-ARI vehicle consigned to ARI to sell.
Courtesy Delivery Vehicle is shipped to a dealer, who, for a fee, handles delivery of the vehicle to a driver. Also called Branch Transfer and Drop Ship.
Courtesy Delivery Fee An amount charged to a dealer to handle the delivery of a vehicle to a driver.
Coverall ARI's maintenance program to cover all maintenance and repair costs. Client pays a fixed fee based on a specific term and mileage.
CPA See Competitive Price Allowance
CSR See Client Service Representative
Curb (Vehicle) Weight Full operating (oil, coolant installed) weight of a vehicle without passengers but including a full tank of fuel.
CV See Consigned Vehicle
Daily Operating Control Report prepared daily in Accounting and provided to all managers showing budget and statistics from all departments.
Data Warehouse ARI's relational database that supports Inside ARI and internal/external reporting.
DCS See Dealer Communication Systems
Dealer Communication Systems Direct electronic order and communication between ARI and the manufacturers.
Dealer Draft Method by which we pay the Courtesy Delivery dealer for all fees associated with a delivery.
Dealer-Installed Used to indicate equipment installed by a dealer, i.e.: floor mats, body side moldings, sunroofs etc.
Dealer Order Receipt Acknowledgment Acknowledgment that a dealer has received a vehicle order (Ford)
Dealer Trade Sale or exchange of a vehicle between dealers.
Delivering Dealer See Courtesy Delivery
Delivery Date The legally recognized transfer of possession of a vehicle; the term usually implies physical delivery but a legally recognized delivery can occur without an actual physical transfer from one the possession of one party to another.
Delivery Receipt A document signed by the receiving driver acknowledging receipt, including stated equipment and vehicle condition.
Department of Motor Vehicles State agency that is responsible for driver testing and issuing licenses, vehicle inspection, license plates, titles and registrations
Depreciation 1. the decline in value of an asset over time. 2. the amount of decline in value of an asset over a specified period of time as reported for financial statement and/or tax purposes.
DFL Register Records depreciation for all Direct Finance Lease vehicles in the fleet.
DI See Dealer-Installed
Differential Power is transmitted to each wheel of the driving axle to allow different rates of rotation
Direct Order A vehicle order placed directly with a dealer who, in turn, places the order directly with the manufacturer. See also Factory Order and Stock Purchase for differentiation.
DMV See Department of Motor Vehicles
DNC See Do Not Cap(italize)
DOC See Daily Operating Control
Doc Fee Documentary Fee for vehicles registered in a state. In UVS, the processing fee is currently $60.
Do Not Cap(italize) Side bill option cost to customer.
DORA See Dealer Order Receipt Acknowledgment
Draft An order for the payment of money drawn by one person on another.
Driveaway Vehicle movements done by driveaway companies at the request of the clients or ARI.
Driveaway Company A company who picks up and delivers vehicles for a fee.
Driveaway Move Movement of a vehicle from one location to another by way of a driveaway company.
Driveaway Service See Driveaway Company
Driver Person operating a leased or managed vehicle.
Drop Ship See Courtesy Delivery
DSO Domestic Special Option (Ford Tops)
Dun & Bradstreet A credit information service located in the United States and elsewhere.
Dup Reg Duplicate Registration
Dup Title Duplicate Certificate of Title
Early Termination Adjustment The rental adjustment charged to lessee for not completing the agreed upon Lease term for Closed End Vehicles. (Open End Vehicles also have contractual minimum terms)
Easy Order Order form submitted through ACCESS 2000 System, pre spec'd to standards of the client.
EDI See Electronic Data Interchange
Electronic Data Interchange ARI's invoices are currently available in multiple versions of EDI processing. Example applications include: magnetic tapes, file transfer (FTP), cartridge tapes, disks, or e-mail files.
Electronic Mail See E-Mail
EM See Excess Mileage
E-Mail Messages sent and received electronically between users of different computer systems or terminals
Emission Control Device on cars that controls pollution into air. (Needed for CA and other states.)
ER See Estimated Resale
Estimated Resale Our opinion of what a given vehicle's Net Cost will be when it is sold through one of our normal marketing methods.
ET See Early Termination Adjustment
Excess Mileage Mileage in excess of the amount stipulated in a Closed End Lease contract.
Excess Mileage Adjustment An amount charged to the lessee for mileage in excess of the amount stipulated in a Closed End Lease contract.
Excise Tax State or Federal Tax often imposed at the manufacturer level.
Expedite To accelerate the factory production of a vehicle.
Experts Employees of a department who are recommended as a point of contact for questions, concerns, etc.
F/A; FA 1. Fleet Administration 2. Fleet Administrator
Factory Generally refers to a vehicle assembly plant.
Factory Acknowledgment Received from the manufacturer after an order is placed. We review this document to ensure we have ordered a vehicle to meet the customer's specifications.
Factory Order A vehicle order placed directly with the manufacturer to the client's exact specifications, as differentiated from a Stock Purchase
Factory Order Number The unique number assigned by the factory (or dealer) to each order placed, for identification purposes prior to the issuance of a VIN. It is required for information on production status.
Fair Market Value The price at which an asset would transfer from a willing seller to a willing buyer in the open market.
FAN See Fleet Account Number
FAX Facsimile; electronically transmitted document.
FB See Fringe Benefit
Federal Excise Tax Tax imposed on trucks >33,000# GVW
Federal Highway Use Tax Federal Tax on trucks >55,000# paid annually. Filed on Form 2290.
Federal Identification Number Applies to businesses, comparable to Social Security Number for individuals.
Federal Motor Vehicle Safety Standard Establishes minimum safety standards that apply-to the vehicle and certain of its components.
FET See Federal Excise Tax
FHUT See Federal Highway Use Tax
FID See Federal Identification Number
File Transfer Protocol A means of electronically exchanging data between customers, vendors, and sales offices
FIN Fleet Identification Number. See Fleet Account Number
Finance The business of advancing funds and obtaining their return with a profit.
Finance Lease See Open End Lease
Fixed rate lease A lease in which the lease payment remains the same throughout the lease term; a fixed payment lease.
Fleet Account Number Assigned by manufacturers to qualified fleets.
Fleet Identification Number See Fleet Account Number
Floating rate lease A lease in which the lease payments may vary from one payment period to another, particularly when they vary according to changes in a specified index; variable rate lease.
Floor Price A minimum price established by authorized used vehicle sales personnel prior to a vehicle being offered for sale at an auction.
FMV See Fair Market Value
FMVSS See Federal Motor Vehicle Safety Standard
Fringe See Fringe Benefit
Fringe Benefit ARI collects and reports personal mileage data for the client.
FTP See File Transfer Protocol
FYI For Your Information.
GALVES An auto industry guidebook of vehicle values utilized in the Northeast sector of the of the US
GAWR See Gross Axle Weight Rating
GCW; GCWR See Gross Combination Weight (Rating)
Get Ready See Courtesy Delivery
GM General Motors
GMC General Motors Corporation (usually referring to GMC Truck)
Greensheet See Used Vehicle Greensheet
Gross Axle Weight Rating Total load carrying capacity of a given axle setup (front or back). Weight rating can be expressed as rating at springs (total load springs) or at ground (total load measured where tire meets ground). Weight at ground rating includes weight of tires, wheels, axle and springs.
Gross Combination Weight (Rating) Represents the actual weight of a vehicle at the ground with a trailer or trailers including vehicle, equipment, driver, passengers, fuel and payload (everything that moves with the vehicle).
Gross Receipt Tax Tax on "Gross Receipts" is imposed by certain states.
Gross Vehicle Weight Total weight of the vehicle including vehicle passengers, load, etc. Used as an indicator of how heavy a vehicle can be loaded. (GVW minus vehicle Curb Weight equals Payload.)
Gross Vehicle Weight-Rating The maximum allowable weight specified by the manufacturer as the loaded weight of a single vehicle.
GRT See Gross Receipt Tax
GVW See Gross Vehicle Weight
GVWR See Gross Vehicle Weight-Rating
HLLC Holman Lend Lease Corporation
Hold Back Generally, 3% of the MSRP, which represents the difference between the Dealer Invoice and the Dealer's Net Cost is "held back" by the manufacturer, and remitted to the dealer at a later date.
Incentive Money offered by manufacturers to encourage purchase of their product.
Incomplete Vehicle A truck designed and built for the purpose of having some kind of body installed before it is used to carry a load.. There are four types of incomplete vehicles: Chassis-Cab, Forward Control (bare chassis), Chassis Bowl (including bus chassis), and a Cutaway Van.
Independent Appraisal Prepared by a company with a trained professional who inspects, writes up and photographs the factual condition of a vehicle. (i.e. Crawford & Co., General Adjustment Bureau, Property Damage Appraisal, etc.)
Independent Representative A licensed bonded dealer who ARI utilizes as a marketing outlet for off-Lease vehicles.
Independent Vendor Aside from our National Vendors which tend to be the larger, well-know franchises, ARI also utilizes a network of over 50,000 Independent Vendors throughout the country to perform maintenance and repair on our clients' vehicles. They are typically the smaller, "home town" type facilities that have specifically been requested from our clients to be add to our list of acceptable vendors.
Independent Vendor Surcharge The contractual additional % charged to a client on the M Invoice when a non-national account is used for the maintenance and repair of a vehicle.
Indiana Gross Receipts Tax Tax on gross receipts imposed by the State of Indiana
IN Gross Receipts Tax See Indiana Gross Receipts Tax
Initial Registration Legal paperwork required by the state at the time of delivery of a vehicle, includes vehicle registration and license plates and stickers (if applicable).
Inside ARI ARI's Web-based Customer Information Systems
Interim Interest The interest charged for the period of time between the execution of a lease and the commencement of the regular, period lease payments. Interim rent is usually needed because the leased assets involved take some time to manufacture, deliver, install or be made operational such as a chassis or body while waiting for completion of entire unit.
Interstate Registration Program Used for vehicles traveling in multiple states for fuel tax reporting.
Invoice A bill for goods or services.
IR See Initial Registration
IRP See Interstate Registration Program
I/S In Service
Item # See Factory Order Number
Key Code Code number assigned by manufacturer to allow replacement keys to be made (number is found on factory invoice, with the exception of Ford).
Key Numbers See Key Code
KTEC Kentucky Truck Engineering Center
KTP Kentucky Truck Plant
L&T License & Title Department
L/C; LC Lease Code. See Client Code
Lease A contract for the use of a vehicle for a given period in exchange for rent
Lease Contract The written lease agreement between the lessor and lessee. Technically, the lease contract is just the master lease (or its single-form equivalent) and the specific documents which are incorporated into it, while the lease agreement is the entire understanding and arrangement amongst the parties to to the lease.
Lease Term The length of a lease, usually stated in monthly increments but occasionally stated in quarterly or yearly increments
Lease Vehicle Inventory Generally referring to a Leased vehicle or any vehicle enrolled in a specific ARI program.
Lease Versus Buy A shorthand reference to the financial analysis made by a prospective lessee to determine whether or not it is more advantageous to acquire the use of an asset by leasing it or using a loan to buy it.
Lessee One holding possession of a vehicle under Lease
Lessee Book Value See Client (Lessee) Book Value
Lessee Code See Client Code
Lessee Disclosure Statement(on New Vehicle Order Form/Used Vehicle Termination Notice), requirement by Federal law that lessee discloses to lessor, actual mileage on vehicle when Lease is terminated.
Lessor One who lets property by a Lease
LIBOR Acronym for and shorthand reference to the London interbank offered rate, the rate of interest on short-term loans between top London banks.
Licensing Generally, registration, title, tags on a vehicle.
Lien A security interest placed on a title required by the lending institution.
Lien Release The release of the security interest placed on a title.
List Price The manufacturer's suggested retail price for an item. List prices may not accurately represent the actual customary price found in the marketplace.
Load Range Letter code system designating relative strength of a tire carcass. A comparison of tire load range to Ply Rating is (A)=2; (B)=4; (C)=6-ply; (E)= 10-ply; (F)=12-ply.
Local(s) Vehicles that are drop shipped into local dealers and delivered by ARI drivers.
Located Stock Vehicle located by customer or other than Stock Purchase Specialists.
Location Code The 8-digit code which identifies the state/county/city based on the Driver Master Address file.
Lockbox Banking service used for client deposits.
Look For Request to find a particular vehicle, usually referring to a Stock Purchase.
Luxury Tax Federal Tax incurred on certain vehicle over a set purchase price.
LVI See Lease Vehicle Inventory
Maintenance For all vehicle types, ARI administers maintenance management in regards to both preventative maintenance and unscheduled repairs.
Maintenance Agreement A contract for the servicing, repair and upkeep of equipment.
Maintenance Cost The costs of servicing, repair and upkeep of equipment.
Maintenance Lease Not offered anymore. Lease was a Closed End Lease
Manual PO Purchase Order issued when computer system is down.
Manufacturer's Statement of Origin The "birth certificate" of a vehicle. Required by States in exchange for issuance of a Certificate of Title
Mark Up; Mark-Up Generally refers to the amount paid to a dealer or other vendor over the standard invoice or published price.
M Bill See M Invoice
M Invoice; "M" Invoice; M-Invoice Fuel, Maintenance, Repair charges, etc.
Miscellaneous Invoice See M Invoice
Model Weight Weight of the vehicle with all items of standard equipment plus 150 lbs. per passenger in each designated seating position, and maximum capacity of fuel, oil and coolant.
Monroney Label Window sticker which shows price, miles per gallon. Important info about vehicle.
Motor Vehicle Lease Agreement Shows type of car capitalization and monthly payment. Sent for each vehicle to lessee before first billing is issued.
MPG Miles Per Gallon
MPV Multi-Purpose Vehicle
MSO See Manufacturer's Statement of Origin
MSRP Manufacturer's Suggested Retail Price
MV Motor Vehicle
MVLA See Motor Vehicle Lease Agreement
NADA See National Automotive Dealers Association
National Automotive Dealers Association An auto industry guidebook based on regions of the US
National Vehicle Leasing Association A US trade association of vehicle lessors.
NEO; NEO Lease Not a true Lease, rather a Buy/Sell arrangement, wherein ARI procures the vehicle in behalf of the client, and bills the client on an N Invoice. Vehicle is titled and registered in the client's name. Client usually subscribes to other ARI services. (from Latin, meaning non)
NEO Management Refers to purchased vehicle (See Neo Lease) on one or more Management Programs, such as TMS, Insurance, Renewal Management, etc.
Net Cost The price of a vehicle after all additions, subtractions or adjustments have been made
Net Lease See Closed End Lease
New Vehicle See Vehicle Order
N Invoice; "N" Invoice; N-Invoice One-time invoice for the purchase of a vehicle. Related to a Neo Lease.
Non-ARI Generally refers to a vehicle on a Management program, which was not purchased or leased from ARI.
No Title A term for a vehicle that is ready for resale but whose valid title is not in house.
NT See No Title
NTI No Turn In
NTM No Title Memo
NV New Vehicle; See Vehicle Order
Odometer Indicates the number of miles on a vehicle, as distinguished from the speedometer, which indicates the speed of the vehicle.
ODS; Odometer Disclosure Statement Required by Federal Law when transferring ownership of any vehicle. This form must indicate actual mileage and be completed in full at the time of sale.
Open End; Open End Lease A lease transaction in which the lessee guarantees the residual value of the equipment and also shares in any appreciation of the equipment. In an open-end lease, the fair market value of the equipment at the end of the lease term is estimated at the inception of the lease term; at the conclusion of the lease, the actual value is then determined by either appraisal or sale. If the equipment is worth less than originally estimated, the lessee is liable for the deficiency; if the equipment is worth more, the excess belongs to the lessee. The lessee may or may not have an option to purchase.
Operating Lease 1. a lease which need not be shown on the balance sheet of the lessee. Compare capital lease. 2. a lease in which the lessor provides service and maintenance for the leased equipment; a gross lease; a service lease; a maintenance lease.
Option Constraints An option, when ordered, will hold up the normal production of a vehicle.
Option Package Grouping of options that must be ordered together on a particular vehicle. Streamlines manufacturer's ordering and production.
O/S See Out of Service date
Outcard Card which takes the place of a folder or other document when it is temporarily removed.
Out of Service date The date the lessee is no longer responsible for rental payments for use of a leased vehicle. NOTE - subsequent M Invoice charges may follow the Out of Service date.
Ownership Tax Specific to Colorado. Tax based on the value of a vehicle, paid at registration.
P&C Prep and Conditioning
P&H See Procurement & Handling
PA; P/A See Power of Attorney
Partner of the Month Employees are nominated based on improved customer service, cost containments, quality or advancement of corporate or departmental PIE goals. Winners receive a $100 gift certificate to their choice of ARI client retailers.
Partner of the Year A culmination of the Partner of the Month program, 6 winners are chosen each year. See Circle of Excellence.
Partners In Excellence ARI's quality assurance program
Payload Amount of weight that may be carried by vehicle. Computed by subtracting vehicle Curb Weight from GVW.
PC Miler Computerized system to compute mileage from one point to another.
PDI Pre-Delivery Inspection
Personal Property Tax Annual tax paid on tangible property, based on the current value of the asset.
Peterson, Heather & Howell See PHH
PH&H; PHH Leasing Company in Maryland. One of ARI's major competitors
Pickup Notice Notification sent by ARI to a representative to pickup and sell a vehicle, stating location, contact, phone number, complete description of vehicle, and any special instructions.
P.I.E.; PIE; See Partners In Excellence
Plateau A set period of time, usually 12 months, for an Open End Lease rental payment. A 36-month Lease would have three 12-month plateaus.
Ply Rating Indication of tire strength (load carrying capacity). Does not necessarily indicate actual number of piles. Two-ply four-ply rated tires would have a load capacity of a four-ply tire of the same size, but would only actually have two plies. See Load Range
PO See Purchase Order
POA See Power of Attorney
Pool Vehicles available for delivery or upfitting without the need of placing a factory order.
Power of Attorney Document allows designated person to act for another person or company.
Power Takeoff A spot or place on transmission or transfer case from which an operating shaft from another unit (such as a winch) can be driven. Usually consists of a removal plate that exposes a drive gear.intended to be seen by customers.
PPTX See Personal Property Tax
PPWK Paperwork
PR See Ply Rating
Preference Date The date that a GM vehicle gets scheduled for production.
Courtesy Delivery Prep Fee Fee necessary to prep trucks or cars. See Courtesy Delivery
Pre-Prints Form used for ordering vehicles of same make, model, and options.
Pre-Sale Warranty Agreement A disclaimer advising buyer that the vehicle is sold "AS IS" without any warranty.
Price Letter A generated form sent out to drivers who are receiving replacement vehicles; offers their current vehicle to them for an attractive wholesale price.
PriceNet ARI's on-line vehicle pricing and ordering system.
Pricing Element Each component, assigned a specific number, of the internal cost and capitalized value of a vehicle.
Procurement & Handling Fee Amount added to cost of vehicle as ARI's procurement & handling fee. If a credit (negative amount), it is referred to as a Capitalization Credit.
Product Code Part of the Fee Matrix which is used to determine which charges are billed on the Rental Invoice.
Projected Resale See Residual.
Pro Move Professional driver, guaranteed delivery from one location to another - higher cost than a casual move. See Auto Driveaway
Property Tax See Personal Property Tax
PTA Tax Pennsylvania Transportation Act Tax
PTO See Power Takeoff
Publication 535 IRS document explaining fringe benefit
Public Utility & Railroad Assistance An incentive program used by General Motors for utilities and railroads only.
PUP Pick Up Problem
PURA See Public Utility & Railroad Assistance
Purchase/Disposal See Neo Lease
Purchase Order A document (with a control number) issued to provide authority to purchase a vehicle or equipment
Purchase Order Acknowledgment ARI acknowledgment to the customer of a vehicle or equipment order
Purchase Price The approved, established price for the purchase of a new or used vehicle
Queue A line, as of phone calls, waiting a turn. A sequence of stored data awaiting processing, as at a printer.
Quote A request for specs and pricing on a vehicle
Rebate Money given by a vehicle manufacturer or company as an added incentive for buying their product.
Reconditioning Expense The cost of preparing a used vehicle for resale (i.e. cleanup, decal removal, etc.)
Registration State-issued document to show that a vehicle is licensed to operate in that state
Registration Renewal Document issued to renew the vehicle's registration, usually done annually.
Regular Greensheet Deposit sheet of in house checks
Re-Look When a "Look-For" is declined and/or new specs are provided. Applies to Stock Purchase
Renewal Management An ARI program in which ARI renews vehicle registrations on behalf of the client and sends the completed registration directly to the driver.
Rent Adj Adjustment on the rental invoice due to a revised Lease or rebilling.
Rental Invoice See B Invoice
Replacement A used vehicle to be turned in for resale as indicated on a new vehicle order.
Residual Projected value for a vehicle in the future, based on months on Lease and mileage expected
Retail Value A price provided for insurance claims and/or personal vehicles individuals may be selling or buying. Sometimes referred to as ACV (Actual Cash Value).
Request for Bid A client or prospects asks ARI for a comprehensive workup of fleet and/or management pricing
Request for Proposal A client or prospect asks ARI for a comprehensive writeup of information on ARI, our programs and operations
Return Vehicle Damage An expense on a Closed End lease charged to the lessee for a vehicle returned with abnormal wear and tear according to ARI's Standards of Acceptance Guide.
RFB See Request for Bid
RFP See Request for Proposal
RNA Replacement Not Assigned
RPO Regular Production Order
RVD See Return Vehicle Damage
Sales Distribution Outlet A code that identifies the location where vehicle is being sold.
Sales Tax Tax imposed on the sale of tangible personal property or taxable service by state and local taxing authorities.
Salvage Pool A facility which handles wrecked, damaged, or inoperable vehicles.
Scanner See Optical Scanning.
SDO See Sales Distribution Outlet
SEC See Security Exchange Commission
Security Exchange Commission Government Agency that oversees business transactions. <
SEO Special Equipment Option
Serial Number See VIN (preferred).
Ship Through Vehicle shipped from factory to upfitter then returned to the factory transportation system for delivery.
Sight Draft The negotiable document used to repay vendor or dealers for expenses incurred. See also Dealer Draft.
SIS Staying In Service
Smog Certificate Document required for licensing in certain states which indicates that the vehicle has passed emission requirements.
SOS See Statement of Settlement
Source Term used for inputs to the financial system.
Spec Specifications for equipment on a vehicle
Special Equipment Stipulated Loss Lease Special financing and depreciation
Spec Question Clarification or correction needed on a vehicle order.
Split month Billing method utilizing the 15th of the month as a cutoff to determine whether rent is due for that month.
S/T See Sales Tax
ST556 Illinois form for tax payment on used vehicles.
Standards of Acceptance Guide An exhibit included in a Closed End Lease Agreement which indicates the chargeable damages that are not considered normal wear and tear of a vehicle.
S.T.A.R. - A choice of any of the three floating rate finance options coupled with easy-to-budget fixed billing for the life of the vehicle. When a vehicle goes into service, the rate is fixed for billing purposes for the duration of the lease while actual interest is calculated but not billed. At lease termination, any difference between paid and accrued interest is billed or credited. S.T.A.R. rates are typically billed lower than fixed rates, which gives the lessee a locked-in cash flow advantage.
State Change To license a vehicle in different state than originally licensed.
Statement of Settlement A monthly statement of all vehicles sold in the past month that are summarized and settled with the lessee showing the sale price minus the book value and other related charges.
Status The current state of affairs regarding the order, production and delivery of a vehicle. Clients can check vehicle status via Voice Response or Access 2000.
Steady Terms Adjustable Rate See S.T.A.R.
Sticker Price See MSRP
Stick Off Administrative fee built into customer's Lease rate.
Stip Loss Special Equipment Stipulated Loss Lease
Stock Purchase Vehicle purchased directly from a dealer's inventory, as contrasted with a vehicle ordered for factory production
Subrogation Collecting money from the responsible party in an accident
Subs Financial accounting system activity reports<
Tax Adj Tax Adjustment
Tax Code Identifies the location and tax rate
Tax Exempt Not subject to tax, defined in each state's statutes, i.e. used in interstate commerce; religious organization, etc.
Tax Exempt Certificate State document that describes and defines the types of purchases, transactions, or property upon which tax is not imposed or does not apply.
TCC Technical Call Center
T/E See Tax Exempt
Terminal Rental Adjustment Clause A TRAC lease is a provision of a MVLA which permits or requires an upward or downward adjustment of rent to make up for any differences between the projected value of the vehicle at the end of the agreement and the actual value upon normal termination of the agreement. Only an open end lease is a TRAC lease.
Termination Date See Out of Service Date
Termination Notice Sometimes referred to as Surplus Notice, A notice sent in by a lessee stating all pertinent information (vehicle number, full description of vehicle, VIN, buyers name & address, location, contact, phone number, and exact mileage and condition) enabling ARI to sell or pickup and market the vehicle properly.
Term Notice See Termination Notice
Texas Fair Market Value Trade-in credit on Leased vehicles specific to Texas
Texas FMV See Texas Fair Market Value
T Invoice Safety program invoice
Title A document that constitutes the legal right of possession or control
TMS See Total Maintenance System
Total Loss A severely damaged vehicle that is not economically repairable and must be sold for salvage; an insurance term for a vehicle which the insurer decides should not be repaired.
Total Maintenance System For cars and light-duty vehicle types, ARI administers maintenance management in regards to both preventative maintenance and unscheduled repairs.
T.O.P.S. Truck Ordering & Pricing System (Ford)
TPW Target Production Week
T. R. A. C. See Terminal Rental Adjustment Clause
TruckServe Maintenance management program developed for medium and heavy-duty commercial trucks
TS TruckServe
UBI See Unified Business Identifier
UCC See Uniform Commercial Code
Unified Business Identifier required for any business operating in the state of WA.
Uniform Commercial Code Form required when purchasing off-road equipment.
Upfit The design of additional equipment added to a vehicle after it leaves the factory.
Used Vehicle Greensheet Deposit sheets for checks received for used vehicle sales.
Used Vehicle Inventory Vehicles that have been removed from service and returned to ARI for marketing. They remain in inventory until the sale is completed
UV Used vehicle
UVI See Used Vehicle Inventory
Vehicle Master Data file for vehicle information.
Vehicle Number A number assigned by ARI or the client to a specific vehicle. Numbers cannot be repeated within the same 4-digit Client Number.
Vehicle Order Request received from a client for a new vehicle
VIN Vehicle Identification Number
VIN Inspection A state inspection of the vehicle identification number required to transfer a vehicle into certain states.
Voice Mail An interactive computerized system for answering and routing telephone calls and recording messages
VOMS Vehicle Order Management System (GM)
VTMS; VTIMS Vehicle Transportation Information Management System
WA B&O TAX Washington Business & Occupancy Tax
Web Reporting Reports generated through Web applications, such as on ARI's ACCESS on-line applicaition
Weight Distribution The share of total weight of a vehicle which will be supported by each axle. Proper predetermination of the distribution of vehicle, body equipment and payload weight is one of the most important requirements in selecting the right truck for a particular operation.
WEX; WEXCARD Wright Express Fuel Card Program
Wheelbase Distance in inches between front and rear wheel, measured from axle centers, more commonly used in trucks, but also included in car specifications.
Wire Payment via bank-to-bank transfer. See General Ledger
Work-Ready Unit Units built with a commonality of parts that most customers can use in their fleets. Ford offers faster delivery time due to units not having many various options.
XC Invoice Used vehicle sale document for consigned vehicles. See Bill of Sale
X Invoice Used vehicle sale document. See Bill of Sale
XN Date NEO invoice date.