VCRAT

1) Vehicle Crime Reduction Action Team. A Home Office initiative (started in August 1998) to ensure the Government's target of reducing all vehicle crime by 30 per cent by 2003.

VBRA

1) Vehicle Builders and Repairers Association. Trade association for the vehicle body repair and commercial vehicle body building industry.

VAT

1) Value added tax. Tax added on to price of goods/services (eg transport) which seller/supplier has to recover from his customer and pass on to Customs & Excise (the dreaded VAT-man) - free tax collection service provided involuntarily by industry to government.

Variable costs

1) Accounting term denoting costs of operation which vary according to performance. In transport, the costs of running a vehicle (hence running costs) that vary with use (ie fuel, tyre wear, maintenance).

Value chain

1) Another logistics concept which represents the conversion of primary materials into the object desired by the consumer (ie the part of the logistics operation that actually adds value by making or converting something undesirable into a desirable object).

V2

1) Take-off speed for an aircraft. Obviously varies with the size and type of aircraft.