NetJets pauses light jet sales as flight demand booms
The company is also hiring hundreds of pilots and investing nearly $2.5 billion for 100 new aircraft to be delivered between now and the end of 2022.
NetJets has “temporarily paused” sales of fractional shares, leases, and jet cards for the Cessna Citation XLS and Embraer Phenom 300 due to “unprecedented demand within the private travel industry,” a company spokeswoman told BJT. In the meantime, it is putting prospective customers for light jets on a waitlist. “The decision to pause light jet sales, in addition to previous announcements regarding raising card prices and eliminating peak period day travel on card purchases, allows the company to continue…delivering the best possible experience to all owners,” NetJets said.
According to the company, record contract utilization by existing fractional owners has resulted in flight demand currently exceeding all other highs in NetJets’ 57-year history. (The company was founded in 1964 as Executive Jet Airways and started selling “NetJets” fractional shares in 1986.) It added that inventory constraints within the light jet category have reached a point that additional NetJets fractional sales before more aircraft are delivered would put service at risk.
“While most NetJets owners have experienced business as usual in their recent travels, a few have felt the challenges that coincide with heightened demand across the industry,” the company said. “The vast number of flights is taxing the air travel infrastructure in ways we haven’t seen in years—everything from fueling and ramp space to catering and ground transportation is being pushed to the limits in many locations. This is mainly due to demand across the industry, as well as staffing challenges.”
To meet continued demand, NetJets said, it is hiring hundreds of pilots and service employees through year-end and investing nearly $2.5 billion for 100 new aircraft to be delivered between now and the end of 2022.
Source: Business Jet Traveler – CHAD TRAUTVETTER – July 2021