Pole position or third, thereabouts (5)
I believe the answer is:
north
'pole' is the definition.
(North Pole is an example)
'position or third thereabouts' is the wordplay.
'thereabouts' says the answer is hidden in the clue.
'NORTH' is hidden in the letters of 'position or third'.
(Other definitions for north that I've seen before include "One looking for contract" , "He let America go" , "Thorn (anag.)" , "Direction of Edinburgh from Cardiff" , "who is opposed to East-West partnership?" .)