An appraisal is USPAP (Uniform Standards of Professional Appraisal Practice) compliant and is performed by an experienced, knowledgeable, and accredited appraiser.
HeliCalc® is an online helicopter Automated Valuation Model (AVM) developed by HeliValue$, Inc.. The HeliCalc® AVM is a computer-assisted tool that provides a value using mathematical modeling combined with the HeliValue$, Inc., helicopter resale value database. Calculations are made based on our proprietary algorithms developed and used in our own appraisal programs for four decades and 2,500 helicopter appraisals on performed on average annually. HeliValue$, Inc., updates its databases regularly to ensure the information used in the HeliCalc® process reflects current market conditions. HeliCalc® is not USPAP compliant and should never be used in place of a formal appraisal.
Hourly Maintenance Program (HMP) is a maintenance program. A predetermined hourly payment for the HMP-covered part is made for each flight hour that part has flown. This ensures that its major overhaul and/or time retirement is accomplished at the proper interval, with the parts provided by the Original Equipment Manufacturer (OEM) or their designated authorized service center. HMP covered aircraft retain a higher value because the covered parts are always qualified for restorations to a “zero” or “low-time” service life condition. There are many types of HMP. HeliCalc™ will adjust values on the four most common types; Engine, Gearbox, Engine & Gearbox, and Full HMP. Full HMP refers to a program that covers all major drivetrain components. If you have a custom HMP, please enter full-life status manually in the Component Status Table for each covered part.
While you do choose a configuration in the Aircraft Info section of HeliCalc®, this is just a label that is used in the final report that is generated. The value of specific mission equipment is calculated in the Optional Equipment section of HeliCalc®. For example, if you choose EMS as your configuration in the Aircraft Info section you will have to enter installed equipment specific to that configuration in Optional Equipment section. In some cases, you will be required to enter the age of the equipment. EMS equipment is a good example. HeliCalc® will depreciate equipment value based on its age. If you are unsure of the age of your equipment, enter the airframe year of manufacture.
Optional equipment is equipment that adds value to the aircraft. Examples would be GPS, wire strike protection system, flight tracking, and mission-specific equipment such as cameras, EMS, or firefighting equipment. In some cases, HeliCalc® may require the entry of the year/age of the equipment. HeliCalc® will make depreciated calculations for certain types of equipment.
In HeliCalc™ you may choose from any combination of:
- Maintenance Adjusted: Times entered from your helicopter’s component status report.
- 0% (full-life): Is used for a new delivery helicopter or as a hypothetical status that assumes components at 0% used or full-life.
- 50% (half-life): Hypothetical value that assumes all components are 50% used or half-life status.
During database updates, HeliValue$ may delete saved HeliCalc® calculations that are in progress to ensure that final generated reports have the most up to date information. Completed HeliCalc® reports are kept on file and accessible through the HeliCalc® tab of your account and will not be deleted during updates to HeliValue$ databases.
HeliCalc® reports that are still in progress but saved to your account are accessible in two places: on the HeliCalc® tab in your account and on the HeliCalc® launch page below the list of Manufacturers.
There are many tools available to assist you in the HeliCalc® process:
- Please read the HeliCalc® instructions
- Hover text provides definitions and reminders
- Take note of red warning labels
- Contact us in the HeliValue$ Office at 1-847-487-8258 or via email at [email protected]
On Condition (OC) components do not have a service life limit, how do you account for these components?
If component does not have a pre-determined removal interval, it can remain in service so long as it performs in compliance with its design specification criteria. They are defined as “On Condition.” On Condition parts are removed and checked for unusual wear and condition as outlined in the manufacturer and FAA acceptable standards. If the part passes inspection, it is returned to the aircraft at the end of the overhaul process and maintain their value. HeliValue$’s programs default to 20,000 hours. Based on our 4 decades of experience we have seen few parts go past 20,000 hours.
Customers who require a formal appraisal performed by an accredited HV$ appraiser after the purchase of a HeliCalc® report will receive a 10% discount on appraisal desktop fees within six months of the report date. Discounts will only be applied to the specific serial number of the aircraft evaluated through HeliCalc®.
FMV: Fair Market Value- is an opinion expressed in terms of money, at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell, and both having reasonable knowledge of relevant facts, as of a specific date. (Machinery and Technical Specialties Committee of the American Society of Appraisers, July 25, 2010).
OLV: Orderly Liquidation Value- is an opinion of the gross amount, expressed in terms of money, that typically could be realized from a liquidation sale, given a reasonable period of time to find a purchaser (or purchasers), with the seller being compelled to sell on an as-is, where-is basis, as of a specific date. (Machinery and Technical Specialties Committee of the American Society of Appraisers, July 25, 2010).
NOLV: Net Orderly Liquidation Value is the estimated net amount after sales expenses (brokerage fee, insurance, time value of money) that the aircraft would bring in a liquidation sale given a reasonable amount of time to find a purchaser, but where the seller is compelled to sell on an “as-is, where-is” basis. Defined by HeliValueS, Inc.
In the current regulatory environment, a lender has stringent due diligence requirements to meet. HeliValue$ performs the necessary check on the equipment to verify its the existence and condition, usually for valuation purposes. With qualified onsite representatives throughout the world, asset verifications can be quickly arranged. The information gathered during the onsite will provide HeliValue$:
• The aircraft’s cosmetic and general physical condition, including exterior and interior photographs;
• The aircraft’s Airworthiness status, with copies of photos of its Registration and Airworthiness Certificates;
• Verification of serial numbers on visible data plates of accessible major components against the aircraft’s permanent records and component status reports;
• Verification of the installed equipment/options/kits;
• Review of permanent maintenance records. An onsite verification is not a pre-buy inspection of the aircraft. If you require additional services, please contact our office.
Current component status reports, equipment lists, and information on hourly maintenance programs are all needed.
What is Fair Market Value (FMV), Orderly Liquidation Value (OLV), and Net Orderly Liquidation Value (NOLV)?
Fair Market Value (FMV) is defined as an opinion expressed in terms of money, at which the property would change hands between a willing buyer and a willing seller, neither being under any obligation to buy or to sell and both having reasonable knowledge of relevant facts, as of a specific date. (Source: Machinery & Technical Specialties Committee of the American Society of Appraisers – July 25, 2010).
Orderly Liquidation Value (OLV) is defined as an opinion of the gross amount, expressed in terms of money, that typically could be realized from a liquidation sale, given a reasonable period of time to find a purchaser (or purchasers), with the seller being compelled to sell on an as-is, where-is basis, as of a specific date. (Source: Machinery & Technical Specialties Committee of the American Society of Appraisers – July 25, 2010).
HeliValue$ defines the Net Orderly Liquidation Value (NOLV) as the estimated net amount after sales expenses (brokerage fee, insurance, time value of money) that the inventory would bring in a liquidation sale, given a reasonable amount of time to find a purchaser, but where the seller is compelled to sell on an “as-is, where-is” basis.
The Appraisal Report consists of the premise of value, approaches to value, appraisal results, appraisal certification, and more. The calculation worksheet and Blue Book page is attached to and made part of each report. If it is an onsite verification, the supporting documents from the onsite representative are attached. All reports that HeliValue$ creates are USPAP compliant. The report length will vary depending on the number of helicopters being appraised.
In order to become a HV$ appraiser, our staff members are required to hold accreditation from the American Society of Appraisers. Each appraiser is further required to go above and beyond by taking the complete series of principles of valuation courses and the aircraft specialty exam. Our appraisers are Accredited Senior Appraisers (ASA) with individual helicopter appraisal experience ranging from eight years to thirty-five years. Our analysts are in training to reach the goal of ASA accreditation. The appraiser staff remains current with USPAP course updates every two years. HV$ senior staff are respected and warmly welcomed everywhere in the helicopter and aviation finance industries. They have published over 50 seminars, webinars and articles. These offerings have been presented to respected organizations and publications such as the National Aircraft Finance Association (NAFA), Equipment Leasing and Finance Association (ELFA), Helicopter Association International, Helitech International, American Society of Appraisers, IMN Structured Finance, AIRTEC and Corporate Jet Investor; feature articles published in Rotor Magazine, Rotor & Wing, M&TS Journal, Rotorcraft Pro, Helicopter Annual, Vertical, Valuation Strategies Journal, Aviation Business Daily, AIN Convention News, Monitor, Top Flight Magazine, and more. HV$’ appraisals uphold the highest industry standards, from the minimum requirement of the Uniform Standards of Professional Appraisal Practice and International Valuation Standards, to the Principles and Ethics of the American Society of Appraisers. We are regularly engaged globally in legal opinions of value because of our recognized expertise, experience, and reputation.
Our methodology considers the three approaches to value, Income, Sales Comparison, and Cost. The income approach measures the present value of monetary benefits anticipated to be derived in the future from asset ownership with an identifiable income stream. The sales comparison approach utilizes sales, pending contracts, offers and the like of comparable assets to determine the mainstream market resale parameters. The cost approach derives a current value from the Replacement Cost New (RCN) by subtracting all forms of depreciation. The appraiser determines the most appropriate approach and provides an explanation in the appraisal report.
Helicopter appraisals require specialized knowledge and experience because they are uniquely different from fixed wing aircraft. Unlike pressurized airplanes and jets that have a finite useful life, helicopters can have unlimited life. As long as the aircraft is properly maintained and operated, it can fly. Which is why helicopters tend to hold their values well and in some cases even increase in value. An airplane is made up of a fuselage that support the wings that provide lift, engines, and then minor assemblies. Helicopters do not have wings. They have main rotor blades that provide lift. The rotor blades have a drive system that provides the rotive power to turn those blades. The drivetrain is made up of major assemblies such as the engine(s), main transmission, main rotor head, main rotor mast, the swashplate (which allows variable pitch settings for direction as well as vertical ascents and descents), tail rotor drive shafting, tail rotor gearbox, and tail rotor blades. Many people have described a helicopter as “a collection of very expensive parts flying in close formation.” An airplane’s fuselage may be 65% of the value of the aircraft. A helicopter’s fuselage only makes up 20-25% of the value of a new aircraft. The major assemblies and components of a helicopter are much more valuable on a relative basis than that of an airplane. This is why knowledge of the new, overhaul, and retirement costs of these components is critical to the valuation process of a helicopter. Over our forty year history, HeliValue$ has cultivated relationships with various resources such as original equipment manufacturers (OEMs), overhaul facilities, and many operators. These connections have aided HeliValue$ in building and maintaining an extensive database of new and overhaul component costs which is one of the vital elements of the proprietary algorithms that make up our appraisal programs.
There is an abundance of aviation appraisal firms out there. There are even some equipment valuation firms that appraise anything from a lathe, to a semi-trailer truck, to a commercial airliner. What makes HV$ stand out is our 100% complete focus on the helicopter industry for the past forty years. HV$ doesn’t just have a long history of helicopter valuations, we pioneered the very technical process of helicopter valuations. The process developed by Founder, Barry D. Desfor in 1979 is still used today and serves as a blueprint and standard in the appraisal profession and helicopter industry. So why choose HeliValue$ over other firms that offer helicopter or parts inventory appraisals? We are the pioneers of the helicopter valuation process.
• Dedicated focus to the helicopter market; Helicopter values are our only business.
• Over 4 decades of service to the helicopter industry & aviation finance and lease sectors
• Appraisers and analysts that receive the highest level of training & education
• Nearly 2,500 helicopter appraisals performed annually
• Global network of qualified onsite asset verification representatives
• Transparent appraisal fees – All fees and discounts are listed on our website
• Independent, objective, unbiased third party - We are never involved in the buying or selling of aircraft.
Please contact our office at 847-487-8258 or by email: [email protected].
No. However, there is a fully Interactive Blue Book sample and Blue Book Index available on the home page.
Past invoices are available thru your user dashboard. To get there, click your name in the upper right, chose account, click on the orders/invoices tab.
To receive Newsletters and Market Updates, Log into your account, from your dashboard choose the "Account Details" tab, click on the Newsletter Signup link. You can also subscribe by completing the Newsletter Signup form found in the footer of the website. Please contact us with any questions at 847-487-8258.
Click on Login (upper right corner). When the window opens click on "Forgot Password" and enter your email address. You will receive an email with a link to reset your password. Please contact us if you have any questions: 847-487-8258
After registering, you will have access to a user account through your dashboard. You may access your dashboard by clicking on your name in the upper right corner of the web page and choosing “Account” from the menu. Take some time to explore all the tabs. Almost everything you are looking for may be found in your account dashboard.
You can access your user account by clicking on your name in the upper right corner of the website and choosing “Account”, from there choose the Account Details tab from the menu on the left. Contact information can be changed here.
After registering, you will have access to a user account dashboard. You can also access your dashboard by clicking on your name in the upper right corner of the website and choosing “Account” from the menu. Take some time to explore all the tabs. Almost everything you need can be found in your user account dashboard.
Residual Projection Worksheets provide estimated future value curves of an aircraft based on the aircraft’s Blue Book value range or purchase price. Residuals are specific to the model, year of manufacture, configuration, and Hourly Maintenance Programs (HMP). They are not based on actual component times, but rather return conditions of a lease agreement. Residuals are not appraisals and should not be relied upon to the same extent.
Blue Book Contents
No. The new website is fully interactive, which prevents downloading the entire PDF books. Each screen being viewed is tailored to your specific criteria.
Low Time considers components at an average of 0%-20% used. Mid Time considers components at an average of 40%-60% used. High Time considers components at an average of 80%-100% used.
Conversions are major modifications to the aircraft that usually increase the value. Conversions often involve an upgrade to the engine(s) and avionics, and are typically given their own nomenclature. For example, the Airbus AS-350B2 may be converted to an AS-350FX2 or AS-350SD2. To find the value, the original manufacturer model nomenclature is selected, then choose the appropriate conversion from the drop-down menu. Using the previous example; select Airbus, AS-350B2, click on the conversion, then select the engine installed. This will populate the resale chart with the pricing specific to that model and conversion.
Yes, individual pages of the Blue Book may be printed. The ability to print the entire Blue Book is no longer available. Since the Blue Book is now fully interactive you must select criteria for each page you would like to print. There is no need to change criteria for the component page or Perspectives.
The compare tool will display side-by-side data on resale trends, Perspectives, and Specifications for up to three models. The resale trends comparison gives you the ability to compare resale data for specific date ranges, and year of manufacture.
The Hourly Maintenance Cost (HMC) is the main expense in running the helicopter’s major components for one hour. The HMC includes the parts and labor required for scheduled and unscheduled maintenance and scheduled inspections which are accomplished at twenty-five flight hours or greater. Each HMC does not include the labor charges for routine inspections and servicing that are accomplished at intervals of less than twenty-five flight hours. HMCs are determined by computing the cost of each major-cost overhaul and retirement item, with its associated labor costs, then dividing that sum by its allowable flight hours. The resulting per-hour costs are then totaled. HMCs are given as a range of costs due to different parts costs, varied transportation and labor charges, discounts, and above- or below-average labor time. We then add an average dollar "shop rate" for labor to remove and replace parts, and compute the internal employee costs for all other labor. If an operator does not employ in-house Certificated maintenance technicians, that operator's HMC will likely be higher. An operator with complete in-house maintenance capabilities may find their HMCs are slightly lower than the published HMCs.
Resale Trends display historical pricing based on the chosen start and end dates. Trends are specific to model year and are only displayed as base pricing. They do not account for conversions or configuration. Dates in the drop-down menu reflect a date when pricing changes were made to the model. However, the changes may not have affected all model years. As a result, there may not be a value change between selected data points for some model years.
Perspectives compiles over four decade’s worth of The Official Helicopter Blue Book® resale pricing data. Each data point shows the helicopter models’ average base resale prices at the first calendar quarter of each year, regardless of the helicopter’s year of manufacture. Compared to the components’ service-life used, the age of the aircraft has little impact on its value. Price spreads shown are based on the realities of then-current market scenarios. No adjustments have been made for inflation: 1979 values are given in 1979 dollars, 1989 values in 1989 dollars, and so on through the present. All values are given in US dollars and are net retail prices. Data points begin when resale data started to become available for a particular model. For instance, if a model started production in 1990 we may not have received resale transaction information until 1993. HeliValue$ Perspectives, registered as Perspectives: A Helicopter Resale History®, was once sold as a separate publication. In 2014 HV$ made Perspectives part of the Blue Book subscriptions.
Unlike pressurized airplanes and jets that have a finite useful life, helicopters can have unlimited life. The major assemblies that make up a helicopter are the main determining factor when valuing the aircraft. For this reason, the Blue Book breaks down resale values by average weighted component use. Weighted average is defined as an average resulting from the multiplication of each component by a factor reflecting its importance. The major drivetrain components of a helicopter have varying overhaul and retirement cost. More expensive parts hold a greater weight than lower cost components. HeliValue$ calculations for finding the average weighted use is proprietary to our appraisal programs. The columns (0%, 20%, 40%, 50%, 60%, 80%, 100%) are provided so subscribers can get a general idea of the spread of values based on component usage. If a specific value based on your helicopters actual component status and specific installed equipment is needed, we suggest a formal desktop appraisal performed by one of our ASA accredited appraisers. Alternatively, you may consider purchasing a HeliCalc® report. HeliCalc® requires knowledge of how to correctly read and analyze component status reports. Please see the FAQ section on HeliCalc® for more information.
Hourly Maintenance Program (HMP) is a contractual maintenance program. A predetermined hourly payment for the HMP-covered part is made for each flight hour that part has flown. This ensures that its major overhaul and/or time retirement is accomplished at the proper interval, with the parts provided by the Original Equipment Manufacturer (OEM) or their designated authorized service center. HMP covered aircraft retain a higher value because the covered parts are always qualified for restorations to a “zero” or “low-time” service life condition. There are many types of HMP. HeliCalc® will adjust values on the four most common types; Engine, Gearbox, Engine & Gearbox, and full HMP. full HMP refers to a program that covers all major drivetrain components. If you have a custom HMP, please enter full-life status manually in the Component Status Table for each covered part.
For the purpose of a Blue Book value, an average complement of mission specific equipment and avionics are calculated when a configuration is chosen.
Yes, a guide is available by clicking on the "Menu" button, Resources, then Blue Book Guide.
The Official Helicopter Blue Book® is the most complete reference guide for helicopters world wide. Helicopters have been HeliValue$’ only business for over four decades. The wealth of current and historical resale pricing and technical information in HeliValue$’ hands is simply the best in the industry. HeliValue$ thoroughly understands the world’s helicopter values. If you cannot find what you need in the Blue Book, give our office a call.
At times, infrequently traded models and newer model year aircraft will not have current resale pricing available. If the resale pricing is shown in gray, it represents values that have been calculated based on limited resale data. These values are primarily based on the Cost Approach theory and sales offerings worldwide. To see a complete list of models and available data, please see the Blue Book Index.
For over four decades, HeliValue$ has built strong relationships with owners, operators, lenders and lessors, brokers, and manufacturers worldwide. Resale information is diligently and continuously gathered from these many resources. It is then analyzed by senior staff and added to a value matrix that allows the information to remain confidential. Adjustments to the Blue Book resale values are only made when sufficient and verifiable evidence becomes available.
Frequently traded models are updated as soon as they begin to show variation from the previously published values. At the end of each quarter HeliValue$ reviews all models covered in the Blue Book to ensure overall accuracy. Resale pricing adjustments are based on actual sales transactions and current market conditions such as overall trends in asking prices, increase or decrease in supply, demand, and sales volume. We obtain resale pricing data from owners and operators, lenders and lessors, brokers and equipment manufacturers worldwide.
The Blue Book features over 200 civilian model helicopters. Information on specifications, current and historical resale values, current and historical manufacturer pricing, component overhaul and retirement intervals, and hourly maintenance cost is available for most models. Also included with your subscription is the model comparison tool that allows side by side comparison of data for up to three models. To see a sample of the Blue Book, click on "Menu", Resouces, then Blue Book Sample. To see a complete list of models and available model data, please see the Blue Book Index.