News

Finding ways to fly

Automakers General Motors and Ford are working double time to sell their private jets to avoid another public relations disaster. And other companies are following suit. In fact, according to UBS research, the number of private jets up for resale has more than doubled since last fall.

However, CEOs and company execs are finding new ways to travel. While companies are selling off their prized corporate jets, they’re not closing the door on private aviation. Private jet companies that offer flight time in 25-hour packages have been doing quite well. For instance, the NY-based company Marquis Jet has sold over 1,000 of these packages—each package averages $150,000.

Big companies that had private jets made sure their planes were “off the books” before 2009, said Frank Schiavone from Concord Private Jets. Concord has been offering special packages to capitalize on the sell-offs. The company offers 25 hours in a Gulfstream IV for just $299,500 with a free hour for every 25 hours purchased.

As the old saying goes, when one door closes, another opens. While private jet manufacturers are taking the toll during the recession and amidst negative public opinion, private jet service providers have expanded their market.