I need some help , not audio related, component related?

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I dont know if any of you drive Saabs or not, if you do you might know what I am rambling on about.

Basically I need to find a problem on a PCB, very simple PCB.

Firstly I need to find out how a component works.

It is basically what looks to be two transistors, 3 legs, mounted around a rotating metal ring. This I think senses where the steering wheel is and how it is being rotated.

Does this sound feasible? Are there components out there that can do this in this way?

I will try to get a photo of the part a little later.

Any help or guidance would be a great help and very much appreciated as Saab no longer make these parts so replacements are very scarce and second hand units need to be electronically divorced from the donor car so buying from EBay or a scrap yard simply isnt possible unless they have Tech11 to do the divorce, which they wont.
 
sounds like a reluctor ring and a photo eye of some sort to read the ring

Thank you , that is what I thought it might be. Is there any way to test these components? Are they likely to fail?

This is a photo of the part. If you right click and view image it gets bigger.

20130208_233943.jpg
 
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