Compounding (Cutting/Defect Removal)- Using an aggressive pad and compound/polish designed to quickly level the paint and remove the defects... Depending on the depth of the defects, it may take several passes
Polishing- Refining the finish by removing light defects (either light marring or damage instilled by the compounding process). What ever steps are used to remove the light marring would be considered polishing (with out going to a compound or agressive set up that will require at least two more steps)
Finishing- Done by using a low cut pad and a finishing polish. Helps refine the paint, removing any trace damage from the polishing stage. At this point, only one application should be needed because the defects remaing from the polishing should be very light.
Burinishing/Jewelling (Meguiars` calls this finishing)- A optional step after finishing, done with a non-mechanical pad and an ultra fine polish. For the sole intent of removing any microscopic (and possibly invisible) pad abrasion from the finishing step. Reduces the chance of holograms or pad abrasion holograms appearing months down the road and may increase the gloss of the paint further (most people feel it does)
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