DECA Terms: Automotive Services 100% Pass

DECA Terms: Automotive Services 100% Pass 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 ...

DECA Terms: Automotive Services 100% Pass 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. Advanced Driver-Assistance Systems (ADAS) ✔✔Systems developed to automate/adapt/enhance vehicle systems for safety and better driving. These safety features are designed to avoid collisions and accidents by offering technologies that alert the driver to potential and or avoid collisions by implementing safeguards and taking over control of the vehicle. After Market Auto Accessories ✔✔Are any accessories manufactured for a car by a company other than the vehicle's manufacturer that are not sourced by the manufacturer. American Automobile Labelling 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. ASE ✔✔National Institute for Automotive Service Excellence Auction ✔✔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. Autonomous Technology ✔✔Refers to machines that act independently of humans. They may do things we find boring or don't like doing, or behave in ways that mimics humans. Autonomous Vehicle ✔✔Is one that can drive itself from a starting point to a predetermined destination in "autopilot" mode using various in-vehicle technologies and sensors, including adaptive cruise control, active steering (steer by wire), anti-lock braking systems (brake by wire), GPS navigation technology, lasers and radar. Back end ✔✔The fixed operations of an automobile dealership; i.e. body shop, service department and parts department. Base Price ✔✔The cost of a vehicle without options, but including standard equipment, factory warranty, and freight. Basic Warranty ✔✔Issued by the manufacturer for specific terms and mileage periods. Covers all factory installed parts, excluding wear items, against defects and poor workmanship. Body Shop ✔✔A service outlet specializing in vehicle body repair work. Capacity ✔✔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. Casting ✔✔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. Concept Vehicle ✔✔A current production vehicle modified for installation of new design concepts for evaluation of environmental functional feasibility. Consumer Factors ✔✔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 Index ✔✔A dealer's customer service score. High score means high satisfaction, low score means poor satisfaction. Dealer Management System (DMS) ✔✔A software system that clearly measures, reports and controls the functions within a dealership yielding quantifiable, reliable and timely information of significant importance to the dealer and dealership management. Dealer Repair Program (DRP) ✔✔Is a relationship that is formed between an insurance company and an auto body shop. When an insurance agent is working with someone whose vehicle has been damaged, they will give suggestions of auto body shops to their clients. Deductible ✔✔A predetermined amount on an insurance policy, warranty or vehicle service contract which the buyer must pay to repair the vehicle. DIFM ✔✔Stands for: Do-It-For-Me DIY ✔✔Stands for: Do-It-Yourself DOT ✔✔Department of Transportation ECM ✔✔Engine Control Module ECU ✔✔Electonic Controlled Unit EDI ✔✔Electronic Data Interchange. Refers to the structured transmission of data between organizations by electronic means. It is used to transfer electronic documents from one computer system to another. Electric Vehicle ✔✔Cars, buses, vans or trucks which use dedicated or hybrid electric systems as their power source. Factory Equipment ✔✔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 ✔✔The amount a dealer pays the manufacturer for a vehicle. Fixed or One Price Selling ✔✔Published fixed price displayed on a new vehicle eliminating need for negotiation. Fleet Sales ✔✔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 ✔✔Maximum legal weight at which a vehicle can be operated. Imports ✔✔Car manufacturers that are not incorporated in the U.S. Internet of Things (IoT) ✔✔Refers to the ever-growing network of physical objects that feature an IP address for internet connectivity, and the communication that occurs between these objects and other Internet-enabled devices and systems. Jobber Rate ✔✔A reduced rate for parts sold by auto parts stores to auto service shops. Just in Time (JIT) ✔✔An inventory strategy which companies use to increase efficiency and decrease waste by receiving goods only as they are needed in the production process, thereby reducing inventory costs. Labor Rate ✔✔The amount a shop charges per hour for repairs. Lease ✔✔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. Lienholder ✔✔A financial institution which holds a contract title as collateral for funds advanced to purchase a vehicle. List Price ✔✔Price that many shops sell their parts at to their customers. Make ✔✔The name of the car manufacturer that makes the car. Module ✔✔A module is any two parts bolted together. MSRP ✔✔Manufacturer's Suggested Retail Price. The price at which the manufacturer recommends that the dealer sell a particular vehicle. Multiplex Communication ✔✔Electronically controlled components, such as a sensor, tranfers digitally encoded data on a wire or optical bus to other components such as the ECM. NAPA ✔✔National Auto Parts Association. Founded in 1925 to increase parts distribution across the United States. OEM ✔✔Original Equipment Manufacturer. Is the original producer of a vehicle's components, and so OEM car parts are identical to the parts used in producing a vehicle. Aftermarket parts are produced by other vendors and do not necessarily have a consistent level of quality or compatibility with the vehicle. Omni-Channel Marketing ✔✔Provides a seamless experience, regardless of channel or device via a physical store, on an online website or mobile app, through a catalog, or through social media. Products and services can be accessed by calling a company on the phone, by using an app on their mobile smartphone, or with a tablet, a laptop, or a desktop computer. On Board Diagnostics (OBD) ✔✔A special system which is implemented in nearly all engine components. An electronic system which helps in keeping the emission levels of engines in check by monitoring the performance index of various engine components and also helps in the checking for any major fault in a component which can damage the whole engine. Another service that an OBD can perform is that it can take information from its various sensors and control the fuel injectors to give the optimum performance. Overcapacity ✔✔The situation where maximum global produCtion of automobiles exceeds the total global demand for automobiles. Preventative Maintenance ✔✔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. Program Objectives ✔✔A consensus of what has been determined to be the most marketable product for a given model year. Rebate ✔✔Cash back to a buyer from the manufacturer or dealer which is used as an incentive for the buyer to purchase a vehicle. Refinance ✔✔Paying off an existing loan with the proceeds from a new loan. Refit ✔✔The closure of a plant for the purpose of plant conversion or retooling. Regional Recall ✔✔These are recalls made by the auto manufacturer for a specific geographical region. ROI ✔✔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. Speed Shop ✔✔Store that specializes in high performance application parts and accessories. SWOT Analysis ✔✔A process that identifies an organization's strengths, weaknesses, opportunities and threats. Specifically, SWOT is a basic, analytical framework that assesses what an entity (usually a business, though it can be used for a place, industry or product) can and cannot do, for factors both internal (the strengths and weaknesses) as well as external (the potential opportunities and threats). Truck Cap Store ✔✔Store that specializes in vehicle accessories. Wholesale ✔✔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.