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Reference

Glossary

Account Executive
Your day to day transactional Wheels contact person who partners with you in the daily running of your fleet.
Account Manager
Your dedicated consultative and analytical account team member who provides you with custom reporting, analysis, industry trends and assists you with developing a well-run fleet.
Advance Notification
A notice mailed to the client that the vehicle is en route to the courtesy delivering dealer and the actual delivery of the vehicle will take place in the near future. Usually used as a trigger, by the client, to send information to the driver such as insurance cards, driver policy information, etc.
Affidavit
A written declaration, signed under oath, before a notary public or other authorized officer. Wheels issues affidavits for a variety of reasons most often to show that a driver is in process of completing a renewal process.
All Wheel Drive
Power is constantly supplied to both the front and rear axles. Selective power split is approximately 35% to the front and 65% to the rear.
Amortization
The reduction of the value of an asset by prorating its cost over a period of years.
Assembly Lines
A monthly publication from Wheels that provides updates on all vehicle production information.
Authorization to Driver
A document issues, by Wheels, to a specific driver which indicates the driver is an authorized agent of the driver’s specific company to operate the Wheels-leased vehicle.
Auto Auction
A facility where used vehicles are sold to licensed dealers through a competitive bidding process.
Auto Mapping System
An automated dealer selection which locates dealers through GOE coding (longitude and latitude positioning).
Automotive Market Report (AMR)
A bi-monthly publication widely used in the industry as an indicator of used vehicle prices.
Bailment Pool Manufacturers Client Specific
An inventory of already built vehicles on consignment at body companies, awaiting sale and upfitting for leasing company assignment.
Bill of Sale
A document provided by a seller showing the name of the purchaser and the amount a vehicle was sold for. It is used in calculating sales and other taxes.
Black Book
A publication which lists prices of used vehicles.
Body Company
A fabricator which manufactures and installs special equipment on trucks. Also the location where a vehicle is shipped to be upfitted with equipment not installed at the factory.
Book Value
The value of an asset on the company books after deducting accumulated depreciation.
Bridge or Interim Rental
A vehicle that is rented to a client until a vehicle ordered for a long- term lease is available.
Build Out
The end of production for a model year - typically beginning of April to early June.
Built
An order status indication that a new vehicle on order has been built.
Buyout
Wheels purchase vehicles for a lessee from one of the other lessors, from a private party, or even from the lessee itself. We then put them on the Wheels lease program and billing.
CAFÉ
Corporate Average Fuel Economy is a federally mandated mile per gallon minimum based on a sales weighted average of the EPA ratings of each model the manufacturer sells.
Cap or Stip Cost
The capitalized cost amount for a vehicle when first placed on billing, usually purchase price plus tax.
Claim Activity Report
Reports generated by Wheels Collision Management to identify the number of accidents, costs, driver trends, accident types, subrogation potential and status of repairs.
Closed-End Lease
A lease where the vehicle must remain in service for a fixed period of time and where the lessor bears the risk of depreciation.
Collision on Fleet View
A link within the Wheels Fleet View program that allows client to view detailed loss information, i.e., accident descriptions, activity logs, subrogation progress and repair status. A password is set up, by Wheels, for the client to access the system.
Courtesy Delivery
A service agreement whereby a local dealer services , licenses and stores a newly built fleet vehicle until the lessee's driver picks it up (Drop Ship).
Courtesy Sale
Wheels' sale of a client's fleet vehicles which Wheels did not lease.
Curb Weight
Weight of the vehicle including a full tank of gas and all the standard equipment. It does not include passengers, cargo, or any other optional equipment.
DMV or MVA
Department of Motor Vehicles or Motor Vehicle Administration.
Dealer Installed Options
Equipment installed by the delivering dealer.
Delivering Dealer
The dealership where the driver picks up the prepped vehicle (see Courtesy Delivery).
Depreciation
A vehicle's gradual decline in value.
Depreciation Reserve
An estimated amount set aside on Wheels' books to cover the market depreciation of a vehicle over time.
Destination Charge
A charge levied by the manufacturer, representing the cost of delivering a new vehicle from the manufacturing plant to the dealer.
Disposal Invoice
An invoice generated at the time of sale for a used vehicle. It provides an adjustment to the customer (either a credit or debit) and represents the difference between the selling price of the vehicle and it’s book value.
Division
A lessee specified code to identify a certain part of its company, e.g. business unit, area or an accounting code.
Doc Fee
Documentary Fee is a charge some dealers make for preparing license and title documents and transporting them to and from the Department of Motor Vehicles.
DOT
Department of Transportation
DPO
Driver Paid Options
Drop Ship
An ordered fleet vehicle is transported by the manufacturer to a courtesy delivering dealer.
EDI
Electronic Data Interchange is a national standard for transmitting electronic documents.
EFT
Electronic Funds Transfer is a wire transfer of funds direct from a bank to the recipient or vice versa.
EMS/Test
Emissions testing is an order status indication that a new ordered unit has been removed from the assembly line for random emissions testing by agents of the federal government.
FHUT
Federal Highway Use Tax is a tax charged annually on certain designated categories of large trucks and truck-tractors.
Factory Incentive
The programs manufacturers offer to encourage purchase of their products. These programs can include cash discounts, no charge options, and various guaranteed value programs.
Factory Inspection
A program where the manufacturer's fleet service representative gets involved with a vehicle service problem a dealer has been unable to remedy.
Factory Invoice
The document produced by the manufacturer showing vehicle and accessory costs for a new vehicle.
Factory Order
A new vehicle order placed directly with the manufacturer to meet the user's exact specifications.
Factory Order Number
The number the manufacturer assigns to each new vehicle order placed.
Finance Lease
An open end lease. Also called Terminal Rent Adjustment Clause (TRAC) lease.
Fleet Buyer's Guide
An annual publication, produced by each manufacturer, which includes detailed model information for each of their products.
Fleet ID
Client identification number (alpha-numeric) in Wheels' system.
Fleet Management
Leasing and providing a variety of services to support a client's fleet.
Fleet Number or Lessee Number
An assigned Wheels number that assists in identifying each client.
Floor Plan Charges
The interest a financial source (a bank or the manufacturer's finance division) charges the dealer on the cost of the vehicles in the dealer's inventory after a specific holding period.
Four Wheel Drive
Power is supplied equally to the front and rear axles.
Freight
A charge the manufacturers levy reflecting the cost of transporting a new vehicle from the manufacturing plant to the dealer. Destination charges.
Full Yield
An adjustment to the lease rates for certain vehicles whose termination timing causes actual funding costs to be higher than the averaged amount incorporated in the monthly charge.
Future Date
A date entered on a Vehicle Leasing Order to allow a delivery date later than ordinary lead time.
GVP
Guaranteed Value Program is a manufacturer's program which guarantees a specific new vehicle model will resell as well as a competitive model within specified parameters, with the difference made up in cash if it does not.
GVWR
Gross Vehicle Weight Rating is the maximum rated weight of a vehicle, including passengers, load, etc.
Incentive
A special price reduction or rebate from the manufacturer to influence the sale of a particular model.
Interest Equalization
An adjustment to the lease rates for certain vehicles whose termination timing causes actual funding costs to be higher than the averaged amount incorporated in the monthly charge. Also known as Full Yield.
Just in Time
A system of production which reduces inventory of assembly parts to only a few days' supply required for a specified number of days' production.
Kelley Blue Book
A publication which lists prices of used vehicles.
Title & Registration
License and title, this refer’s to a vehicles registration as well as the area within Wheels that performs the service.
Lead Time
The anticipated length of time between an order's placement and delivery.
Lessee
The company to whom a vehicle is leased.
Lessee Sale
A used vehicle sold with the lessee's participation or instruction, typically to a lessee's driver.
Lessor
The organization (Wheels, Inc.; Four Wheels, etc.) which is providing a vehicle to be leased.
Locate
The name given to a request for a vehicle to be found in dealer inventory and delivered quickly ("out of stock").
MAP
Maintenance Assistance Program is Wheels' in-house fleet maintenance management service.
Management Fee
A charge that is added to the actual cost of providing a service.
Manufacturer Statement of Origin (MSO)
A title-like document supplied by the manufacturer to identify a new vehicle prior to its initial titling. "Birth certificate" of the vehicle, sometimes called the Certificate of Origin.
Mat-Stop
Material Stop is an order status indicating that a new order has been placed on hold due to unavailability of an assembly component.
Memo of Delivery (MOD)
The document provided to the lessee which includes the driver's name and address, the vehicle's description, equipment, the stipulated cost, and the monthly depreciation reserve and rental fees on a vehicle about to go into service. (Also called Price Memo or Advance Rental Information.)
MFG INV
An order status indicating Wheels has received the manufacturer's invoice.
MIC or MPIC
Manufacturer's Incentive Control or Manufacturer’s Pricing & Incentive Control is a division of Wheels' Treasury Department that applies for and traces receipt of all manufacturers' incentives, rebates, price protection and guaranteed value programs.
Misbuilt
A vehicle not built as requested by the client.
MSO (Manufacturer Statement of Origin)
A title-like document supplied by the manufacturer to identify a new vehicle prior to its initial titling. "Birth certificate" of the vehicle, sometimes called the Certificate of Origin.
Must Use
The term that must appear in a Vehicle Leasing Order's special instructions area to designate a specially requested courtesy delivering dealer.
MVR
Abbreviation for Motor Vehicle Record. This is a document that is processed by each state and lists all activity on a driver’s record, including violations, accident data, etc.
New Vehicle Papers 
The batch of paperwork printed at a new vehicle's assignment including dealer instructions and support documents for license and title, as well as driver's paperwork.
NVI
New Vehicle Invoice is the computer generated invoice for a new vehicle Wheels provides to its lessees.
Odometer Certification Form
A document Wheels sends to a lessee requiring the lessee to certify that the mileage Wheels' records show on a used vehicle is correct.
Odometer Statement
Federal Odometer Disclosure Statement is a document the buyer and seller of any used vehicle sold in the U.S. must complete and sign.
Open-End Lease
A lease where no specific length of time is stipulated for the vehicle to remain in service. Typically, the open end lease is one where the lessee bears the risk of depreciation. Also called a TRAC lease.
Out of Stock, (OOS)
Request for a vehicle to be found at a dealer and delivered quickly.
Order Confirmation
Upon placement of a factory order, Wheel’s system generates a confirmation to the customer and/or the driver. It provides driver information, name and address and vehicle information including description & equipment.
Order Received
An order status indicating a new order has been received by the manufacturer and confirmed.
Power of Attorney (POA)
A legal document authorizing one to act as another’s attorney or agent. Wheels issues Power of Attorney to drivers allowing them to register a vehicle on behalf of Wheels.
Price Memo also known as Memo of Delivery (MOD)
The document provided to the lessee which includes the driver's name and address, the vehicle's description, equipment, the stipulated cost, and the monthly depreciation reserve and rental fees on a vehicle about to go into service. (Also called Price Memo or Advance Rental Information.)
RegEx
The Registration Express process, at Wheels, that processes vehicle registration renewals as well as state to state transfers. Assistance from drivers for emissions test, vehicle inspections, etc. is sometimes required. Registration Express does not process registration requirements lower than the state and county levels.
REL-TRK
Released to Truck is an order status indicating a new ordered unit has left the railhead and is enroute by truck.
Rental Tax
A tax imposed by some states, counties and municipalities on monthly lease payments in lieu of lump-sum sales or use tax on the original purchase price.
Rental Fee
The lease funding cost plus the Wheels' management fee on a TRAC lease.
Reserve
A fixed amount collected to offset market depreciation.
Reserve Rate
A percentage of the vehicle's stipulated cost collected each month to offset depreciation.
Residual
The remaining value of a used vehicle - the inverse of depreciation.
Selector
A lessee's list of vehicle models its employees are allowed to choose from.
Sent Plant
An order status indicting a tentative production date has been assigned, not the production date itself.
Serial Number
Vehicle Identification Number (see VIN).
Shipped
An order status indicating a new ordered unit has been built and has left the plant en route to its destination.
Ship-Through
A truck is shipped from the manufacturer to a body company for equipment installation. The body company completes the installation and sends the vehicle back to manufacturing traffic for delivery to dealer.
Step-down Billing
The decline of monthly rentals after each anniversary of a vehicle's delivery.
Stip Cost (also known as Cap Cost)
The stipulated cost or cap cost is the initial amount a vehicle goes on billing for.
Subrogation
The process of recovering money for damages to a client's vehicle when they are caused by someone other than the client's driver.
Tax Exempt
Tax classification given to companies in a specific area who are not the ultimate user of the product purchased, relieving them of sales tax obligations.
Template
A vehicle specification referenced by a 3-5 character number to allow a client to order their vehicles with the same equipment.
Title and Registration
This refers to a vehicle's registration as well as the area within Wheels that performs the service.
TMI
Truck Marketing Institute is an accrediting agency that provides training in truck specifications.
TO PROD
An order status indicating the scheduled week of production of a new order.
Terminal Rental Adjustment Clause (TRAC) Lease
Open-End lease.
Trim
The vehicle interior.
Upfitting
The addition of equipment to a vehicle when it is not available as a factory installed item.
VIM
Vehicle Inventory Management - a Wheels program.
 
VIN
Vehicle Identification Number is a unique 17 character number identifying a particular vehicle.
VLO
Vehicle Lease Order is a document that is used to place a new vehicle order.
Wholesale Used Vehicle Dealer
A dealer who purchases a used vehicle for resale.
Wreck
A vehicle with incurred damage that Wheels or the client determines not to repair.

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