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The losses are not just from the gearbox though, there are things like CV joints, wheel bearings, wheels & tyres, etc... that affect the power from the flywheel to what you actually get on the road.
Somewhere around 15% for a GTT will be about right.
There is a lot of debate about transmission losses and RR figures...
With 106.8bhp @ wheels, that is 125.65bhp @ fly with a 15% loss, which does sound low and I am wondering what size wheels & tyres he was running and if the tyre pressures were all correct?!
For the original figures of 106.8bhp @ wheels and 139bhp flywheel, that gives a transmission loss of 23% which is a little high, but believable, especially if hes running non standard wheels & tyres.