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2009 was a terrible year for the aviation sector, and NetJets in particular, which saw its revenues drop by $1.465 billion. However, the fractional provider requires no further downsizing and its debt has been reduced by half a billion dollars under CEO David Sokol.
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According to several studies and papers, including research on great white pelicans, planes flying in a V-shaped formation could potentially save fuel and cut greenhouse gases.
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Following NetJets’ announcement in late November of furloughs starting January 15th, the company has been forced to cancel large orders of aircraft and concentrate on the more burgeoning areas of their business. At the same time, signs of the end of the recession coupled with a loyal following clash with no such signs for the fractional ownership business itself.
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NetJets recently announced the decision to furlough close to 500 pilots starting January 15th of next year due to economic circumstances. Up to 495 will be furloughed in North America and at least 5 from NetJets International.
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To help with surviving in the current economic environment, Cessna has taken control of 92% of CitationShares while Tag Aviation now only owns the remaining 8%, which Cessna is also eyeing. As a result, the company has rebranded itself as “CitationAir by Cessna.” But is the imminent demise of fractional ownership really only a recent development?
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Adam Webster and Scott Russell, co-founders of Marcil Technology Group and its subsidiaries, RSVPair and Fractional Forum, have launched the Jet Owner Group, dedicated to “helping aircraft owners better understand their investments, the marketplace and the landscape of management and operations.”
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Jet Republic, NetJets’ biggest fractional competitor, has suspended all its activities, in turn affecting Bombardier’s Learjet production schedule. NetJets’ slowdown is having similar effects on Hawker Beechcraft and losing many of its clients to private air charter provider International Air Charter (IAC). Meanwhile, the construction of the first private jet facility in China is underway.
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Executive Jet Aviation, an aircraft management company and private air charter provider, was founded in 1964. In 1984, the company was purchased by Richard Santulli and turned into the first ever fractional ownership provider. Renamed NetJets, the company enjoyed much growth and was acquired by Berkshire Hathaway in 1998, Berkshire’s CEO being Warren Buffett who had been a fractional owner with NetJets for three years at the time.
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Specific niche markets continue to grow and stay healthy in the U.S. while the business aviation market is left in tatters and luxury shame is only just loosening its grasp. Some aircraft manufacturers are however finding ways to stay afloat. Outside of the States, the U.K. continues to create new routes and projects in anticipation of the end of the recession, and the Middle Eastern and Indian aviation markets are still expanding.
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In the U.S., the recession is not only hitting the general aviation industry hard, but business aviation groups and the National Business Aviation Association (NBAA) are also being forced to fight off many propositions said to be unnecessary that would further hinder the industry, on top of having to deal with a tainted image. As this happens, the market in the Middle East continues to grow.
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