Company cars kept off fixed assets

When would a vehicle owned by a company not be recorded under property, plant and equipment?

When it is not held for the firm's own long-term use. If the business sells vehicles, such as a car dealer or manufacturer, the vehicle is inventory, a current asset; one the firm has decided to sell may be classified as held for sale; and a leased vehicle (not owned) appears as a right-of-use asset rather than PP&E under current lease rules.