Since early June, 30 new aircraft owners have taken possession of the aircraft of their dreams, but at half the cost, according to aircraft co-ownership management company Partners in Aviation (PIA).
The record milestone of 15 ownership match-ups marks an increased interest in not only private aviation, but co-ownership of business aircraft, PIA said.
“Our recent growth underscores how interest and adoption of PIA’s Managed Co-Ownership program is resonating with private aviation users,” said PIA founder Mark Molloy. “Many of our customers were previously traveling via charter or jet-card and were looking for a better value proposition. Because we now have a volume of co-owner candidates throughout the country, the program works, and works well, for the full spectrum of business aircraft.”
The concept of sharing ownership—and the risk—of a high-value asset is growing across the board, according to Forbes, from timeshare vacation homes to stocks and fine art.
PIA’s business model, however, is more straightforward than traditional charter or jet-card access to aircraft. “We match you to the right co-owner and the right aircraft under a structure that provides access comparable to sole-ownership,” it said.
The management service protects the interest of both owners of the aircraft, and also creates a schedule that gives each party access to the airplane around 25 days out of every month, according to the company.
“Our unique concept (two owners, one aircraft, half the cost) just makes sense to our customers,” said PIA vice president of operations Perry Bridges.
The company’s 15 new co-ownership agreements included aircraft ranging from light jets to super midsize aircraft, such as:
- Cessna Citation CJ1, Citation CJ2, Citation M2
- Embraer Phenom 100, Phenom 300
- Learjet 45XR, Hawker 850XP
- Bombardier Challenger 604
- Dassault Falcon 900LX
- Gulfstream GIV-SP
The aircraft will operate in 14 states, as well as Washington, D.C., PIA said. States include California, Florida, Georgia, Arizona, Texas, Colorado, Oklahoma, Illinois, Wisconsin, New York, Massachusetts, Iowa, Montana, and Tennessee.