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Business is the practice of making one's living or making money by producing or buying and selling products. It is also "any activity or enterprise entered into for profit."
An original equipment manufacturer (OEM) is generally perceived as a company that produces non-aftermarket parts and equipment that may be marketed by another manufacturer. It is a common industry term recognized and used by many professional organizations such as SAE International, ISO, and others.
The technical meaning of maintenance involves functional checks, servicing, repairing or replacing of necessary devices, equipment, machinery, building infrastructure, and supporting utilities in industrial, business, and residential installations. Over time, this has come to include multiple wordings that describe various cost-effective practices to keep equipment operational; these activities occur either before or after a failure.
Inventory or stock refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation.
A grey market or dark market is the trade of a commodity through distribution channels that are not authorized by the original manufacturer or trade mark proprietor. Grey market products are products traded outside the authorized manufacturer's channel.
There is no fixed definition of a classic car. They are usually older cars, typically 25 years or older, though definitions vary. A common theme is of an older car of historical interest to be collectible and tend to be restored rather than scrapped, though sometimes age is not a factor. Classic cars are often considered a subset of a broader category of "collector cars". A subset of what is considered classic cars are known as antique cars or vintage cars.
Renting, also known as hiring or letting, is an agreement where a payment is made for the use of a good, service or property owned by another over a fixed period of time. To maintain such an agreement, a rental agreement is signed to establish the roles and expectations of both the tenant and landlord. There are many different types of leases. The type and terms of a lease are decided by the landlord and agreed upon by the renting tenant.
An antique is an item perceived as having value because of its aesthetic or historical significance, and often defined as at least 100 years old, although the term is often used loosely to describe any object that is old. An antique is usually an item that is collected or desirable because of its age, beauty, rarity, condition, utility, personal emotional connection, and/or other unique features. It is an object that represents a previous era or time period in human history. Vintage and collectible are used to describe items that are old, but do not meet the 100-year criterion.
The secondary market, also called the aftermarket and follow on public offering, is the financial market in which previously issued financial instruments such as stock, bonds, options, and futures are bought and sold. The initial sale of the security by the issuer to a purchaser, who pays proceeds to the issuer, is the primary market. All sales after the initial sale of the security are sales in the secondary market. Whereas the term primary market refers to the market for new issues of securities, and "[a] market is primary if the proceeds of sales go to the issuer of the securities sold," the secondary market in contrast is the market created by the later trading of such securities.
Remanufacturing is "the rebuilding of a product to specifications of the original manufactured product using a combination of reused, repaired and new parts". It requires the repair or replacement of worn out or obsolete components and modules. Parts subject to degradation affecting the performance or the expected life of the whole are replaced. Remanufacturing is a form of a product recovery process that differs from other recovery processes in its completeness: a remanufactured machine should match the same customer expectation as new machines.
Consignment is a process whereby a person gives permission to another party to take care of their property and retains full ownership of the property until the item is sold to the final buyer. It is generally done during auctions, shipping, goods transfer, or putting something up for sale in a consignment store. The owner of the goods pays the third-party a portion of the sale for facilitating the sale. Consignors maintain the rights to their property until the item is sold or abandoned. Many consignment shops and online consignment platforms have a set day limit before an item expires for sale. Within the time of contract, reductions of the price are common to promote the sale of the item, but vary on the type of item sold (usually 60–90 days).
Vehicle title branding is the use of a permanent designation on a vehicle's title, registration or permit documents to indicate that a vehicle has been written off due to collision, fire or flood damage or has been sold for scrap.
Conservation and restoration of road vehicles is the process of restoring a vehicle back to its original working condition, whether the car is partially scrapped or completely totaled. Automotive restoration can be applied to many different eras of the automobile. Bus preservation groups aim to purchase buses of various eras to restore them to their original operating condition. Buses are often restored to the original authentic livery of their original owner.
Green market products are previously owned products that have been previously used and put back into productive use. These products are often repaired, refurbished and recycled by brokers, resellers or the original manufacturer. They are suitable for resale to customers as a lower cost alternative to buying new goods from standard distribution channels.
Auto auctions are a method of selling vehicles based on an auction system. Auto auctions can be found in most countries and are usually exclusive to licensed automobile dealers. In a few countries, such as Japan, auto auctions are well known and used by most residents.
Vehicle recycling is the dismantling of vehicles for spare parts. At the end of their useful life, vehicles have value as a source of spare parts and this has created a vehicle dismantling industry. The industry has various names for its business outlets including wrecking yard, auto dismantling yard, car spare parts supplier, and recently, auto or vehicle recycling. Vehicle recycling has always occurred to some degree but in recent years manufacturers have become involved in the process. A car crusher is often used to reduce the size of scrapped vehicles for simplified transportation to a steel mill.
Holley Performance Products is an automotive performance company based in Bowling Green, Kentucky. It was founded in 1896 in Bradford, Pennsylvania, by George Holley and Earl Holley. When the company was based in Michigan it was a major producer of carburetors for many Detroit-built automobiles.
A decrepit car is a car that is often old and damaged and is in a barely functional state. There are many slang terms used to describe such cars, such as jalopy, beater, clunker, hooptie, old banger, but the most popular being junk car.
DeLorean Motor Company is a company based in Humble, Texas, established in 1995 by Liverpool-born mechanic Stephen Wynne, using the branding of the defunct automobile manufacturer. It has no direct connection to the original company, but rather supplies parts and services to owners of DeLoreans, such as maintenance, restoration, and the sale of NOS, OEM, aftermarket, and replacement parts.
The retail format influences the consumer's store choice and addresses the consumer's expectations. At its most basic level, a retail format is a simple marketplace, that is; a location where goods and services are exchanged. In some parts of the world, the retail sector is still dominated by small family-run stores, but large retail chains are increasingly dominating the sector, because they can exert considerable buying power and pass on the savings in the form of lower prices. Many of these large retail chains also produce their own private labels which compete alongside manufacturer brands. Considerable consolidation of retail stores has changed the retail landscape, transferring power away from wholesalers and into the hands of the large retail chains.
References
- ↑ "Business Definition for: NOS" by Barron's Educational Series, retrieved on 2008-10-20.
- ↑ New Old Stock Watches: What NOS Really Means And How Dealers Abuse the Term Beyond the Dial, Allen Farmelo, November 9, 2020
- ↑ NEW OLD STOCK Definition & Legal Meaning thelawdictionary.org