You can loot the bodies of fallen enemies and dress hunted creatures for their fur, meat or other useful bits.
The corpse will emit a glowing particle effect to let you know if it has loot. Double-click on your victim’s corpse to open a window showing what it was carrying. You can transfer this loot to your Inventory, either by clicking on each item you want individually, or by clicking on the Take All button to grab everything. Loot rights are assigned to the player or group that received “kill credit” for the mob. When an enemy is killed by multiple combatants who are not all grouped together, the kill credit goes to the group or player that tagged the foe first. Within a group, there are various group looting modes that can be chosen by the group leader. These are described in detail under Grouping
The group leader can select one of several options for dividing up loot from fallen enemies among the group. Free For All. Basically no looting priority at all — whoever is fastest to the corpse gets the loot.
Master Looter. One person is in charge of removing items from the corpse. However, this character may click a button to allow anyone in the group to pick up items from the corpse (particularly in the case of no-drop items).
Round Robin. The group specifies a rarity threshold. The right to any items above that threshold rotates through the group, one character at a time. Any items below that threshold are Free For All.
Random for Magical. Rare items are awarded randomly (but characters who meet the item’s race and class requirements have priority). After an opponent dies, any group member may open the corpse — items below the specified threshold are Free For All. If there are rare items, one of the group must press the “Start Item Rolling” button to begin the process. You must specify that you want to be considered press the “Need” button for a chance at items for which you qualify; press the “Greed” button for a chance at items for which no one presses “Need.” If you don’t want it, press “Pass.” Please make your choice quickly, so it doesn’t hold up the distribution process.
Once everyone has pressed one of the three buttons for the current item, the game makes a percentage roll for each character involved — the highest roll wins, but Need overrides Greed. Items awarded this way go directly into the winner’s Inventory.
Share Loot Rights. This is a button available to the Master Looter or the current Round Robin looter. Pressing it allows others in your group to take loot.
Source: Vanguard User Manual.pdf found in the install directory.