The luxury magazine spotlighted its founder and CEO, Nicholas Correnti, telling the story of Nicholas Air
In case you didn’t know, there is a real Nicholas behind Nicholas Air, October issues of Modern Luxury show the man behind the name. The Part 135 owned-fleet operator gets its brand from its founder and CEO, Nicholas Correnti. It’s one of the revelations in the publisher’s city magazines in Aspen, Austin, Boston, Dallas, and Palm Beach.
The Part 135 charter operator is part of a growing number of jet card sellers extending the 7.5% tax exemption into 2021 and beyond
Add flyExclusive, number nine on our list of largest Part 135/91k operators, to the list of jet card sellers that are providing a carrot to buy a jet card before year’s end.
Guidance from the IRS infers if you buy a Jet Card now, you can save the 7.5% Federal Excise Tax for flights next year, maybe
(Updated Oct. 15, 2020) Get ready for a possible flood of email offers from private jet companies. The offer is to buy a jet card now for flights in 2021 and beyond. The goal is to save the 7.5% Federal Excise Tax for those post-New Year’s trips.
As part of the CARES Act, the collection of the tax is suspended through Dec. 31, 2020. Unless new legislation is put into place, it will snap back into effect on Jan. 1, 2021. The tax applies to domestic flights and those that begin or end within 225-miles of the Canadian and Mexican borders.
Despite consolidation, the 25 largest Part 135 and 91K operators account for only 25% of the U.S. private jet market
Why you won’t find Wheels Up when you look at lists of private aviation operators
Sizing the U.S. private jet market between Part 91, Part 91K fractional and Part 135 charter operators
8 of the 10 largest companies are led by the founder or family member
Here’s a big difference between the private jet market and the airlines. Just 10 airlines account for 90% of the domestic market for scheduled passenger traffic. Four companies – Delta Airlines, American Airlines, United Airlines, and Southwest Airlines – are responsible for two-thirds of U.S. flights.
Despite consolidation, business aviation remains fragmented. An analysis by Private Jet Card Comparisons of various reports from Argus TRAQPak and other data shows the 25 largest operators of charter and fractional fleets together account for just 25% of all U.S. flying.
In addition to over $50 million in jet card deposits, grounded private jet charter operator JetSuite received over $57 million from affiliates since 2016
Flight delays caused by President Trump, stolen silverware, broken coffee makers and ‘race to the bottom’ pricing’ increased the losses
Is a JetSuite 2.0 in the works?
Court documents from the bankruptcy proceedings of Superior Air Charter, LLC, better known as JetSuite, show a company that was burning through cash since at least 2016.
During that time both JetBlue Airways and Qatar Airways made investments into the parent company JetSuiteX, Inc. Additionally, JetSuite used $50 million in unredeemed deposits from jet card customers towards operations, something its contracts permitted. The company, like other key players in the market, did not offer an escrow account.
As private jet travel attracts price-sensitive newcomers, illegal charters with unqualified pilots and aircraft are creating new dangers
“We’ve just got done with a case..The PIC (Pilot-in-Charge) was not typed in the aircraft and the SIC (Second Officer-in-Charge) was a student pilot with less than 50 hours. That’s one of the most unsafe things I’ve seen. This stuff goes on. It happens.”
– FAA Inspector
Back in 2016, I was visiting the headquarters of Jet Linx Aviation in Omaha, Nebraska. Walking with its CEO Jamie Walker between a series of meetings, he suggested I write about illegal charters. He said it was a subject he didn’t think was getting enough attention.
While July 4th holiday private jet flights increased 5% compared to last year, Argus expects July numbers for private aviation will remain below 2019 levels
Whether or not the rebound in U.S. private jet travel has crested or not remains to be seen.
After a surge during the July 4th holiday – WingX data showed a 5% year-over-year increase – Argus projects when all is said and done, private flights will be 17% behind 2019 for the month.