State of oblivion of bishop in posh car (5)
I believe the answer is:
limbo
'state of oblivion' is the definition.
'bishop in posh car' is the wordplay.
'bishop' becomes 'b' (abbreviation used in chess).
'in' means one lot of letters goes inside another.
'posh car' becomes 'limo'.
'b' going inside 'limo' is 'LIMBO'.
'of' is the link.
(Other definitions for limbo that I've seen before include "Place of suspense" , "It used to be a place between Heaven and Hell" , "Dance - place of oblivion" , "Uncertain situation" , "West Indian dance - state of uncertainty" .)