Flexjet CEO Mike Silvestro covered a wide range of topics during an appearance on Fox Business Channel earlier this week
Speaking on Mornings with Maria earlier this week, Flexjet
CEO Mike Silvestro covered a wide range of topics related to business aviation,
including attempts to Uberize private jet travel, fractional ownership and
leases, safety in the aftermath of Boeing MAX, market growth and potential.
While a one-off short flight on a light jet might be had for as little as $5,000, you can also buy a new $70 million ultra-long-haul private jet. We look at the options, including full ownership, fractional shares and leases, jet cards and on-demand charter
The cost of a private jet varies widely, from owning an entire aircraft to chartering on-demand. But what are the options?
Fractional ownership and leases, as well as jet cards, have become a popular middle ground, providing convenience and consistent experience in many ways offering the best of either full ownership or on-demand charter.
However, figuring out the right solution isn’t necessarily based only on flight hours. Current U.S. tax benefits of full or fractional ownership can tilt the scale in their favor, particularly if most of your flying is for business.
The move follows its announced one-way rates via Nextant
400XTis launched in April
Private charter platform PrivateFly, a Directional Aviation company (think Flexjet and Sentient Jet), has announced new routes to its City Pairs program, offering fixed prices on the large cabin Embraer Legacy 600. The new pairs include London and Mykonos; Paris and Marrakech; and Moscow and Nice – and follow the existing price menu for the six-seat Nextant 400XTi, which launched in April.
In a press release received by Private Jet Card Comparisons, the company says its fixed price City Pairs have proved very popular with its on-demand charter clients since the launch, and now account for over 25% of its flights. The new routes and the bigger cabin option have been added following customer demand.
The deal, which is being announced this morning, and closed Friday, adds 26 light jets to the Wheel Up fleet
Wheels Up announced this morning that it has closed a deal to acquire Elkhart, Indiana-based Travel Management Company (TMC), a significant fleet operator of owned and leased light jets serving the on-demand charter market. The deal will increase the current Wheels Up fleet to 119 owned and leased aircraft. Terms of the deal were not disclosed.
For Wheels Up founder Kenny Dichter, who helped popularize jet cards by launching Marquis Jet Partners in 2001 before selling it to NetJets in 2010, the move comes after he announced in January he had hired Goldman Sachs and Bank of America to provide advice on strategic options.
Instead of the traditional hours-based approach, World Access starts at 75 days per year and is priced based on a quarter share
In perhaps one of the more innovative private aviation programs we’ve seen recently, Flexjet is moving its Gulfstream G650 fractional share and lease program from hours to a day based formula.
While the day-based approach on the surface mirrors what Airshare has been offering on its fleet of Phenom 300s and 100s for several years, it’s the first time we’ve seen it being applied to large cabin aircraft. It also amps up the competition between NetJets, VistaJet and Flexjet in the fight for high-spending ultra-long haul private jet fliers.