To many companies and business people, a private jet is an invaluable asset that allows them to do business in places they would not have normally have been able to using commercial airlines, but some still question their merits.
Private aircraft are notoriously expensive, and the running costs are continuous and high, which has forced many businesses and individuals to reconsider their investments. It is for this very reason that many have sold their planes. Even so, the need for a bespoke flight service still remains and many private aviation customers are looking to fractional aircraft ownership for a solution.
Fractional aircraft ownership schemes were introduced in the early 1990s as a solution to the cost-heavy private jet industry. Realizing that owners were simply not using their aircraft enough to justify the costs, the fractional model was invented, allowing customers and members to purchase shares or time allocations on a range of private jets.
The costs were dramatically lower, the service was significantly better and the members no longer had to account for pilots, maintenance teams or even catering on their jets. Everything was taken care of by the aircraft management company, right down to the choice of drinks available on each flight.
With many businesses looking to cut costs and streamline their performance in the current economic climate, many are looking to offset large investments such as private jets, and replace them with more cost-effective solutions.
Fractionally owned aircraft fit the bill completely, giving guaranteed access to a globally positioned fleet of jets and removing the ongoing maintenance and hangar costs, working towards the concept of 'you only pay for the time you use'.
In recent years, aircraft charter service companies have been introduced. These simply source aircraft when the need arises, but the business model means that during peak periods in the year, such as sporting events and global conferences, planes are in such high demand that the cost is significantly inflated. With fractional aircraft ownership, and the dedicated fleets available, the cost remains constant, ensuring that a company does not pay escalated fees when it needs the aircraft most.