A helpful glossary of some fleet terms and jargon that fleet management companies and car dealers may use.
You will also see some of these terms used across the RFS Fleet Services website.
Car auctions are favoured by a percentage of fleet managers and fleet management companies as a means of disposing of fleet vehicles. Normally the highest bidder on the day will be the one to purchase your vehicle, that is if the reserve is reached. This is by no means guaranteed, so can sometimes be a waste of not only your time, but also your resources. Please be aware there is always a cost to using auction rooms. They will require a percentage of the money made. It is also important to bear in mind that you will need to pay transportation costs to the auction rooms.
EV is an abbreviation for Electric Vehicles. This is a vehicle that runs on nothing but an electric motor.
RFS Fleet Services are starting to see an increase of electric vehicles been offered to us.
Disposal of fleet occurs generally when company vehicles become surplus to requirements. This may be due to new replacement vehicles being ordered or can be when a fleet is being reduced in size. This does not mean your vehicles are ready for the scrap yard.
This is where RFS Fleet Services comes in, as we will purchase those vehicles that are surplus to requirement.
Fleet Management may be an outside firm that you hire, or an inhouse department of your organization. Their role is to look after your fleet e.g. servicing and repairs of your vehicles. It is also their job to purchase any new fleet vehicles and dispose of any surplus to requirements.
A number of fleet management companies will turn to RFS Fleet Services as a way to dispose of their fleet.
A Fleet manager is a person within your company that is responsible for your company vehicles and drivers.
Fleet remarketing is the process of getting your fleet ready for sale. This may include valeting your vehicle to a show room condition, removal of sign writing and making necessary repairs.
There are many ways to remarket fleet vehicles such as fleet auctions and offering the vehicle inhouse to employees. However, there is an easier way, you could offer your company fleet or vehicle to RFS Fleet Services where we would make you or your company an offer to purchase the whole fleet or vehicle. We would then prepare the vehicles for remarketing. We are happy to purchase sign written or wrapped vehicles, and you can be assured that removal of any livery will be undertaken immediately. We are happy to provide photos of the vehicles with any livery removed for your peace of mind.
FSH is the abbreviation for full service history.
A full service history is when a vehicle has been maintained, at every required interval set out by the manufacturer's service schedule. For a vehicle to qualify for a FSH it must have all the relevant documents as proof such as a service book and/or any paperwork for repairs.
The term Grey Fleet is used for cars and vans that are personally owned by an employee but used for business purposes. There may be some occasions where RFS Fleet Services will be willing to purchase vehicles from a Grey Fleet.
HGV is the abbreviation for heavy goods vehicle. These may also be known as large goods vehicle (LGV).
HGV will be any goods vehicle over 3.5 tonnes. In some parts of the UK a goods vehicle that weighs between 3.5 and 7.5 tonnes may also be referred to as a medium goods vehicle.
HPI stands for Hire Purchase Investigation.
HPI is a Ltd company founded in 1938 that provides a vehicle history checking service. HPI has become the industry standard for vehicle history checks.
RFS Fleet Services will do a HPI check on all vehicles before they are purchased by us.
Hybrids are normally cars or vans that use combustion engines, with the added support of an electric motor. Hybrids are a great way to achieve reduced emissions and save on fuel. They are becoming increasingly popular year on year.
LCV is the term used for light commercial vehicle.
Light commercial vehicles are vehicles such as panel vans with a weight of no more than 3.5 tonnes.
MOT is the abbreviation for Ministry of Transport.
All vehicles that are over 3 years old and used on the public highway will require an annual test for roadworthiness. This will include vehicle safety checks, as well as a check on your emissions. This is known as a Ministry of Transport test (MOT test). RFS Fleet services are happy to purchase cars with expired MOT’s, but we will need to be informed when the vehicle is offered to us.
Part exchanging is where you trade in your existing vehicle as part-payment against the cost of a new one. This can be a good option for some, but it is widely known that you will achieve a higher figure if sold outright.
PSH is the abbreviation used for part service history.
A vehicles history is classed as PSH when a vehicle has missed a service(s) set out by the manufacturer's service schedule. You may find by missing some of the services it may devalue your vehicle. Again, RFS Fleet services are happy to bid on these vehicles but we will need to be made aware.
TFRS is the abbreviation used by many fleet management companies and fleet managers for a total fleet remarketing service. This may also be referred to as TRS total remarketing service.
TFRS or TRS is a service where a company or fleet management company will manage the remarketing of your fleet vehicles on your behalf.
VED is the abbreviation used for vehicle excise duty. This is also known to many as road tax.
Vehicle excise duty is a tax on vehicles and not the roads as many may think. It is more of a pollution tax, the bigger your engine or the more emission your vehicle produces, the more you will be charged. This is one of the leading reasons why RFS Fleet services have started encountering more hybrid and lower CC engines. In fact, if a car is classed as very efficient, you may not have to pay VED at all.
VRN is the abbreviation for Vehicle Registration Number. A VRN is displayed on the front of your logbook and on the front and back of your vehicle also known as a numberplate.