Wheels Up becomes the first major jet card provider to offer four guaranteed availability jet cabin categories and a turboprop program on a national basis
What a difference a year makes. At this time last year, rumors were swirling. Wheels Up was expanding beyond its core King Air 350i and Citation Excel fleet with an off-fleet light jet program.
The new programs, effective January 2nd, will offer dynamic trip pricing with capped hourly rates and guaranteed availability nationwide. They will run across five cabin categories, from its King Air 350i fleet to light, midsize, super-midsize, and large jets.
Delta Air Lines, Aspirational Consumer Lifestyle, Avianis, Mountain Aviation
Wheels Up Experience Inc. is the new name of Wheels Up Partners Holdings LLC following its merger with Aspirational Consumer Lifestyle Corp in July 2021, making it a public company. It continues to be known as Wheels Up.
The acquisition of Delta Private Jets made Delta Air Lines the largest shareholder in the company (Review private jet fractional and membership company M&A activity with our PRIVATE AVIATION DEAL BOOK.) Following Wheels Up’s IPO, Delta Air Lines remains the largest shareholder.
It has a wide variety of partnerships, including the NFL Players Association, Porsche, American Express, Costco, Landry’s, Waldorf Astoria, and Inspirato.
It said it would launch a helicopter service via a partnership with Textron Bell in 2021. No further announcements have been made.
The company was founded in 2013 by its CEO Kenny Dichter and veterans of Marquis Jet Partners. It is based in New York City.
Following a SPAC merger with Aspirational Consumer Lifestyle, Wheels Up is a pure-play publicly traded private jet operator and a broker. It trades on the NYSE under the symbol UP.
Wheels Up is included in Private Jet Card Comparisons’ database of over 50 jet card providers, enabling you to compare programs in minutes.
When was the company founded?
Who owns Wheels Up?
The company is publicly traded on the NYSE as UP. Delta Air Lines is the largest shareholder with 52 million shares, representing 21.3% of oustanding shares. Fidelity related entities hold 17.5 million shares. Founder Kenny Dichter owns 13.2 million shares, representing 5.4% of equity as of February 2022.
Who is the CEO?
Kenny Dichter is the founder and CEO. He previously founded Marquis Jet Partners in 2001 generating approximately $4 billion in jet card sales before selling to NetJets in 2010.
How are aircraft sourced?
The company uses owned and managed aircraft, plus private jets from vetted charter operators. As of December 2021, it has approximately 250 owned, leased, and managed aircraft.
The first-year initiation fee for families and individuals is $17,500 for its Core membership. Renewal is $8,500. It also has a corporate program, while the Wheels Up Connect program targets flight-sharing and is priced at $2,950. In addition to selling directly to the public, since 2015 a Wheels Up Costco partnership allows members of the big-box retailer to join at a discount.
Do they provide guaranteed availability?
Yes, with limited exceptions based on program level
Is the hourly rate guaranteed?
Yes. On its Core Membership and Corporate Membership, Wheels Up offers capped hourly rates. It then tries to provide lower rates using its owned and managed fleet of over 350 aircraft and an additional safety-vetted fleet of over 1,200 private jets and turboprops.
Can jet card holders/members use multiple aircraft at the same time?