Is XOJET in play? The company said it is looking at raising new funds, a merger, sale or strategic alliance.
In order to best position XOJET for continued growth and expansion, Perella Weinberg Partners has been engaged as a strategic advisor to explore a range of options that may include a capital raise, merger, sale of the company or a strategic alliance, according to a statement received by Private Jet Card Comparisons. The company was started in 2006 and has over 450 employees, 41 of its own aircraft and over 1,300 additional private jets in its broker network. The company has a 24/7 operations center spanning 21,000 sq. ft. in Sacramento, CA. The firm also recently completed the purchase of two Citation X aircraft and is planning to expand the fleet with additional aircraft acquisitions in 2018. Last year, it continued a refurbishment of its current fleet and launched a new membership fee model program. Current key investors include TPG Capital and Mubadala.
TraqPAK reports 2017 was a good year for private jet operators, including fractional, charter and Jet Cards
Business aviation eclipsed three million flights for the first time since 2008, according to TRAQPak. Overall, total business flight activity in 2017 was at the highest rate of growth since 2014. Flight activity increased across all operational categories for a combined increase of 3.9%. The researcher said, 2017 produced year over year increases each month, with Thursday continuing to be the busiest day of the week for flight activity.
Surf Air, JetClass and JetSmarter are expanding their European private jet footprint and may be joined by Wheels Up and others
Surf Air is adding Sion in Switzerland to its current schedule from London City Airport to Zurich. The service will be twice per week in each direction and represents what so far has been a somewhat zigzagging path since its launch last Summer between seasonal destinations and expectations for expansion on key business routes.
Wheels Up will dramatically broaden the attractiveness of its program when it formally launches its Citation X program
Wheels Up will be taking its members who want further and faster in 2018. Founder and CEO Kenny Dichter revealed to Private Jet Card Comparisons that the jet card membership provider has taken delivery of its first three Citation X private jets. With a speed of up to 700 miles per hour and a range of nearly 3,700 miles, it will be the third aircraft type in the Wheels Up fleet, joining the King Air 350i and Citation Excel/XLS aircraft. The latter has a range of 1,930 miles at 507 mph. The King Air 350i can fly up to 1,265 miles at 360 mph.
If you assume that all jet card programs are similar, you are making a mistake. Here are some common misperceptions.
In a decade where private jet flying has had to gradually climb back to pre-2008 recession levels and delivery of new aircraft has yet to reach those historic heights, the number of jet card providers has more than doubled. Why? Jet cards provide an experience as close as you can get to whole or fractional aircraft ownership without the same financial or long-term commitment. It’s also easier than on-demand charter where each time you are comparing aircraft served up by your broker and then having to worry about ferry fees and if you are making late plans, wiring money, particularly on holidays.
The answer is sometimes, and yes you can save money, but you need to be flexible
By various estimates, 30% to 50% of the private jet charter fleet flies empty. Why? Unlike airlines which schedule aircraft and then sell seats knowing at all times where planes are supposed to be and how many people are booked to be flying, in private aviation, the jets are waiting to go and pick up passengers willing to pay as much as $15,000 per hour to fly in them. In terms of structure, it’s as different as chalk and cheese.