What began as a concept that met with outright skepticism and indeed some hostility by the established aviation industry has blossomed into a viable branch of business and personal transportation that continues to fuel manufacturers’ production lines, gobbles up flight crews and, at least for now, staves off recessionary pressures by keeping order books fat.
NetJets aircraft will fly 300,000 occupied hours this year, chairman and CEO Richard Santulli told reporters during ceremonies in Columbus, Ohio, to announce a rebranding that changed the company name from Executive Jet Inc. to NetJets Inc. Citing confusion among the press, prospects and customers, Santulli noted that “changing our corporate name to NetJets Inc.
It’s been 21 years since Richard Santulli opened the doors of NetJets, having figured out a way to lower the barriers to entry to business aviation by selling fractional shares in corporate jets. Now all sorts of industries that sell expensive products have latched onto fractional shares; the latest are companies that sell specialized manufacturing equipment to factories that need to switch production lines to new products quickly.
When Kenny Dichter and a buddy from college first had the idea for Marquis Jet, the travel card program that sells time aboard NetJets business jets in 25-hour increments, “We had a vision that this business could be a very big one,” he said.
But the pair didn’t exactly have aviation flowing in their veins, as they say, making Marquis Jet’s overnight success story all the
While debate over the future of the war in Iraq rages among Congress, the White House and the populace, several organizations and individuals in the business aviation industry have been quietly providing support to servicemen wounded in the conflict. One major effort involves Richard Santulli, creator of the fractional ownership business model and the chairman and CEO of industry leader NetJets.
Thirty years ago, most people would have dismissed anyone who said they’d eventually make money by selling bottled water, especially since tap water was, and still is, plentiful and nearly free. But since then, a lot of people have actually traded tap water for bottled water, resulting in skyrocketing sales of the clear liquid in plastic bottles.
Holders of the Marquis Jet Card will have new restrictions requiring that they book flights further in advance during peak travel times due to unexpected growth in flying hours by NetJets share owners over the last year, according to NetJets chairman Richard Santulli. Marquis flights are operated under Part 135 by NetJets, or NetJets-approved charter operators, and Marquis owns about 10 percent of the NetJets’ fleet.
NetJets put some more distance between itself and mere market mortals at the Paris Air Show last month with an order for 96 new Cessna Citations valued at more than $1 billion.
NetJets, the founder of fractional aircraft ownership and the world’s biggest purchaser of business jets, put some more distance between itself and mere market mortals yesterday with an order for 96 new Cessna Citations valued at more than $1 billion.
NetJets Europe expects to move into its new Lisbon, Portugal headquarters in December. The fractional provider already runs all its operational and administrative functions from the Portuguese capital and it is now investing $28 million in a much larger building that will house slightly more than 400 staff. It also has a sales and marketing office in London. The past three years have seen rapid growth at NetJets Europe.