Private Jet Card Comparisons - Know Before You Buy
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Wheels Up for the first time reported quarterly results. They come ahead of its planned merger with SPAC Aspirational Consumer Lifestyle Corp. Once completed, Wheels Up will trade on the NYSE under the ticker symbol UP.
The jet card world is losing another iconic brand. After Wheels Up dropped the Delta Private Jets brand in February, NetJets has retired the Marquis Jet brand. It had been using the mark for its jet cards.
When Wheels Up’s acquired 5th-biggest Part 135 charter operator Mountain Aviation in January, it pushed the group past Directional Aviation’s Flexjet as the second-largest for-hire private aircraft operator in the U.S. For Wheels Up founder and CEO Kenny Dichter, it was a day at the beach compared to another cold New York winter morning in early 2019. At that point, Wheels Up didn’t operate a single aircraft. Founded in 2013, its owned and leased fleet was outsourced to Gama Aviation Signature. Wheels Up was a big brand. Yet, it was merely a marketing organization selling memberships onto what was then mainly a fleet of King Air 350i turboprops.
Wheels Up is going public via a SPAC. It’s provides a rare look into the world of private jet companies, which are either privately held or subsidiaries of large publicly traded companies, with limited public data.