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Jet Journal
Innovative
Jet Ownership
by Rebecca Groom Jacobs
Startup company “Jet It” is not your typical fractional. Founded by aviators for aviators, Jet It seeks to alleviate the expenses related to jet ownership by allowing as little as two and up to 10 owners to collectively purchase and utilize a new HondaJet from its developing fleet. The ability to share the acquisition and maintenance expenses
of a jet is a value proposition the company is offering to frequent travelers and owner pilots alike.
The creators behind this “hybrid fractional program” are former Honda Aircraft sales executives and longtime friends Glenn Gonzales and Vishal Hiremath.
“While selling for Honda Aircraft Company, we frequently came across pilots who were ready and willing to step up to a jet but could not justify the cost of whole aircraft ownership,” said Gonzales, CEO of Jet It. “We created Jet It as a response to what the market was asking for – the benefits of jet ownership at a much more affordable price point.”
Following the acquisition cost (starting at $600,000), Jet It members are charged a flat rate of $1,600 per flight hour in addition to a monthly management fee which covers items such as maintenance, management and pilots (the larger the share size, the lower the fixed expenses). Unique to other fractional programs, Jet It allots members a set number of days versus hours for the year where each shareholder is entitled to the
same amount of days as defined by their share size. The minimum flight time requirement is 30 minutes, and there is no limit to how many hours the aircraft can be flown per day.
When asked why the pair selected the HondaJet as its launch product, Gonzales spoke to the aircraft’s efficiency, speed and space. “My co-founder and I were at Gulfstream before our time with Honda, and we found the HondaJet to have legroom relat- able to a $20 million G280. From a speed standpoint, the HondaJet is equivalent to Citation CJ3, and its efficiency equivalent to a King Air C90. It is such an interesting aircraft with performance and amenities that exceed other aircraft in its class.”
Initially, Jet It will maintain a fleet of 10 to 12 HondaJets sta- tioned around the eastern United States. Those who live within a 30-minute position of one of the aircraft can become a shareholder. The company anticipates rapid expansion to the western U.S. along with operators in Canada, Mexico and southeast Asia.
Requirements for Jet It owner-pilots include maintaining a medical and completing training either at FlightSafety or in the aircraft.
January 2019
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