Volato, Jet Token reach out to Jet It HondaJet owners

HondaJet fractional and jet card operators Volato and Jet Token are each offering solutions for grounded Jet It owners.

By Doug Gollan, May 31, 2023

HondaJet fractional and jet card operators Volato and Jet Token are each offering solutions for grounded Jet It owners

With their airplanes now grounded for nearly two weeks, Jet It fractional owners are being courted by rivals Volato and Jet Token.

According to AINOnline, Volato is offering the Jet It owners short-term leases and to onboard furloughed pilots.

The leases are believed to be for 90 days, which would give the displaced Jet It clients an opportunity to decide if they want to continue with Volato.

Volato would assist with compliance and insurance coverage and get their airplanes back in the air with experienced pilots.

At the same time, Jet Token has set up a new company targeting Jet It owners.

Jet Equity Finance Co. (JEFCO) is offering to acquire fractional interests from Jet It customers to custody, lease, and broker their aircraft as a single source of order in the market, according to an email.

The company is a wholly-owned subsidiary of Jet Token and is working closely with brokers, lawyers, and operators.

The company is in conversations with both Honda Aircraft and Volato about assisting the OEM with the process of maintaining an orderly market and servicing former Jet It customers.

Meanwhile, several Jet It owners say that CEO Glenn Gonzales had told them their HondaJets would be worth around $5 million.

It’s still not clear what issues owners will face in the transition, in addition to unpaid bills.

Complications could include incomplete maintenance records or if Jet It had been cannibalizing aircraft as happened in the Avantair closure.

Currently, Volato has 17 HondaJets with 24 on order.

There are 20 aircraft in the Jet It HondaJet fleet.

Jet Token has three HondaJets and then a jet card program in conjunction with Las Vegas-based Cirrus Aviation.



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