The leasing companies involved in the survey will also have a say in how the system develops after it has run for six months. The Interactive Residual Values Survey (IRVS) is delivered on CD ROM and updated every two months, and includes data on residual values, maintenance budgets, excess mileage charges and rentals from a survey of contact hire companies.
The data is displayed so direct comparisons can be made between different models and similar models, manufacturers and information from CAP Network and Glass's Information Services. Leasing companies subscribing to the survey will be able to see their own figures against the survey average, the highest and lowest - although rival companies will not be identified by name - as well as comparisons with CAP Monitor and Glass's AutoProVision.
Doreen Lear, head of finance and membership at the BVRLA, set up the original residual value survey in spreadsheet form nine years ago, and has overseen its transformation into an electronic database. More than 30 contract hire companies already subscribe to the survey and the BVRLA will be marketing it to the rest of the leasing industry. She said: 'Feedback has been positive so far. Companies can see where they stand in the market and allow them to review their RVs or maintenance charges.'