The Confederation of Passenger Transport (CPT) has reformed its previous Cost Index into a new scheme called Cost Monitor.
As part of that work, CPT is currently asking bus operators to supply historic data to allow their costs and performance to be benchmarked against their peers, as well as influencing policy dialogue with governments and other bodies. The Confederation says that a “more straightforward version” of the Cost Monitor for coach operators is being worked on and should be available soon.
As with the Cost Index, the Cost Monitor will see analysis of changing costs be updated on a twice-yearly basis and split by region. CPT adds that it is also working with industry data specialist 2FM, owner of the Bus Industry Monitor database, to collate the information and ensure that individual operator data is protected.
Says CPT Operations Director Keith McNally: “To help inform the new Cost Monitor and ensure the most accurate data possible, we are calling on operators to supply a week’s data from both February and June 2022.
“Once collated, we can use up-to-date evidence to better influence governments on the economic climate that our members are operating in, as well as share with CPT members to help them to run their businesses more efficiently.
“And of course, the Monitor will track movements in industry costs, enabling local authorities and others to increase contractual payments by appropriate amounts.”
The Cost Index ceased during the pandemic period, but it played “a huge role” for operators before then, a presentation on the new mechanism states.
