NetJets, the largest operator of private jets in the world, sells fractional shares, leases and jet cards which start at 25 hours
NetJets and the NetJets Association of Shared Aircraft Pilots (NJASAP), said they have reached an agreement that gives all crewmembers the opportunity to earn additional compensation while enhancing the quality of life on tour. According to a press release, NetJets initiated mid-term bargaining to improve compensation for long-term and new hire pilots, leading to the new program.
Columbus, Ohio-based NetJets is a subsidiary of Warren Buffett’s Berkshire Hathaway. It is the inventor of the fractional private jet ownership concept by founder and former chairman Richard Santulli who sold the company to Berkshire Hathaway in 1998 for $725 million.
NetJets then entered the jet card space with its 2010 acquisition of Marquis Jet partners (Review private jet fractional and membership company M&A activity with our PRIVATE AVIATION DEAL BOOK.).
Until 2021, it branded its jet card under the Marquis Jet banner. Today, the company’s offerings include private travel solutions from fractional ownership and leasing to an extensive line-up of jet cards and whole aircraft sales. About 50% of fractional and lease customers start with its jet card program.
Flying
NetJets currently flies the Embraer Phenom 300, Textron Aviation Citation XLS, Citation Sovereign, Citation Latitude, Citation Longitude, Gulfstream 450, Challenger 350, Challenger 650, Global 5000, 5500, 6000, and 7500.
It flies around 700,000 passengers and 37,000 pets annually.
NetJets is included in the Private Jet Card Comparisons’ database of over 50 jet card and fractional ownership providers, enabling you to compare programs in minutes.
Fast Facts
When was it founded?
The predecessor company of NetJets, Executive Jet Aviation, was founded in1964. In 1987 then CEO Richard Santulli launched the first fractional ownership program for private jets and renamed the company as NetJets.
Who owns NetJets?
Berkshire Hathaway
Who is the CEO?
Adam Johnson
How areaircraft sourced?
Its fractional ownership fleet and off-fleet approximately 3% of the time via Executive Jet Management and vetted third-party charter operators.
There are no initiation and membership fees for its jet card programs
What is theentry-level program?
Jet cards start at 25 hours with the entry-level Embraer Phenom 300. 25-hour leases start at $10,205 per hour based on a 3-year contract. Jet cards on the Phenonom 300 are $11,156 per hour as of November 2022. .It also offers the Citation Excel/XLS, Sovereign, Latitude, Challenger 350, and Challenger 650 in the U.S. jet card program. In 2021, NetJets Europe launched a pay-as-you-go membership option, that is currently on hiatus.
Do NetJets cards provide guaranteed availability?
Yes, with 45 blackout days in the U.S. for 25-hour leases and jet cards, and 90 blackout days in Europe on jet cards. Fractional ownership has just 10 peak days.
