The workflow is like follows,
When you save the products details on the backend , It calls a function store()
on the product.php
model. under administrator/components/com_virtuemart/models/
. Inside this function an area like follows.
if(!class_exists('VirtueMartModelCustom')) require(JPATH_VM_ADMINISTRATOR.DS.'models'.DS.'custom.php');
VirtueMartModelCustom::saveModelCustomfields('product',$data,$product_data->virtuemart_product_id);
It loading the custom model file from the same path and do the task inside saveModelCustomfields()
Hope it helps..