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1.
Well, it is another name to be used for the UK based company called Halfords. Definition is used possibly because of the negative experience of UK consumers with the company. Some are concerned with the prices of consumer goods (mainly motoring products) while some others with the quality of service and timely responses to customer requests when ordering a product.
Whether true or not, this definition appears to be common, especially in forums related to motoring in the UK.
Another definition is Hellfrauds.
I bought a set of wheel covers from Halfrauds
by Yannis G. Valmas May 05, 2006
 
2.
Slang term used for the Car and Cycle store called Halfords.
Halfords is a rip off, they should be called Halfrauds!
by Keith Kelly April 27, 2006