Reduced aircraft inventory, skyrocketing costs and jet card client dissatisfaction are increasing demand for Partners In Aviation's Managed Co-ownership, a programme where two owners share one aircraft.
A recent survey by Private Jet Card Comparisons shows that 43 per cent of respondents are considering new options for accessing private aviation. Historically, 90 per cent have simply renewed. PIA's programme is proving to be an attractive option for these clients, especially those flying more than 50 hours annually.
The number of current aircraft owners interested in selling half their aircraft is also driving demand for PIA's programme. “Offering half the aircraft through PIA Managed Co-ownership allows owners to capitalise on the market while retaining their aircraft and crew,” says president Mark Molloy. “Plus, it helps owners avoid paying top dollar for a replacement aircraft. This dynamic creates incremental inventory in this very tight market. It's proven to be an advantage not only for current owners, but also non-owners transitioning into PIA Managed Co-ownership.
“It seems we're in the right place at the right time. We've seen a 25 per cent increase in inquiries in the past few months, and a growing number have decided to become PIA Co-owners.”
In May alone, PIA closed five transactions, including a Piaggio P-180, two Hawkers and two Gulfstreams.
PIA clients are now operating across the US, coast to coast. The fleet comprises the full spectrum of turbine-powered aircraft, from single engine turboprops to large corporate jets, from every major OEM.
“This is an exciting time for PIA,” concludes Molloy. “Our client base is growing, and as both demand and prices continue to increase in our industry, our value proposition is resonating, and that's really gratifying.”