Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Private Jet Industry in a Recovery?

Details

  • Description

    Flight Options CEO Mike Silvestro gives his outlook for the private jet industry.

  • Duration 4:11
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Well after taking a big hit during the recession companies that offer private jet -- -- exacts a wealthy individuals.

That's visitors and -- recovering joining me now is Mike Sylvester is this.

-- options.

And this is -- on the road for this week it might you know you're you're trailing net jets but you are climbing.

All of 7% recovery why.

Well Carol I think -- I think there is due to a number of different things I think there's a lot of pent up demand I think corporate profits are -- are on the rise.

And I think airline service continues to be very challenging so those are some of the factors that contribute to -- our business.

My new fractional business year over year is up 32% over last year.

OK so that's and this is what people come in and they share they can either by be a part owner of a jets.

Or they can buy a car -- And therefore they cannot -- -- -- has opened a can basically get on and what is what is the average price of what your customers is paying right now.

Well they say for instance are jet card which is a point five our product in our beach yet it did it based prices a 100000 dollars so.

-- -- and the entry level product for.

For the year -- grant for that for the year.

Okay lashes for point five hours you can not -- today and you like as fast or as quickly you like in the hours never expire.

OK and they don't they don't expire okay -- isn't that that they got and I can take as many people as I want my data -- it's -- would ask you about.

The competition right now because obviously as we see more issues.

With commercial travel and companies don't want to do this are you finding.

That you're getting actually more people that are joining the service and willing to put it on the company car.

Are they actually charging the company putting it on the books -- service.

Well they're doing a number different things depending upon every individual or every company's situation.

So the products are either fractional ownership for you you actually take title to an underlying interest of an aircraft.

And that entitles you to fly for many hours a year.

Or you can do it jet -- -- -- just by -- block 125 -- kind of -- -- credit card in the sky.

And you -- it's faster as quickly as you'd like right and then we have a hybrid product collar membership which.

Allow you to buy a bloc of 75 hours in our phenom 300 products you use that.

Over the course of three -- this afternoon.

OK great Senna -- pricing structure let me ask you this why would I go with a flight options first the -- says.

In particular many corporate executives still want to fly gulfstream and why would I go with your with your company.

Well we actually have a legacy in the gulf stream program so you connect fly those big aircraft -- flight options.

And I think what -- find -- flight options more so than any of our competitors.

-- and we really good at listening we designed custom programs.

For our war we listened to our customers whether it's an individual or company we trying to design a program specifically for them.

Could be a product that they liked the program they want.

The city -- that they traveled to.

And I think it flight options what's really fueled our growth over the last telling -- values were were were the best value in this space.

Any higher.

And Mike do you find that it's more the shorter -- that companies are willing to spend because still many US corporations are gonna be very careful they don't want to be labeled.

As of fat cats flying company jets out from New York to Washington but -- you still finding that as the smaller hop system -- the longer.

-- that are being -- used right now.

Well you know Sherlund really depends upon -- customer we see a lot retailers to bounce off.

A number of people 5678 people at a time and they can see five or six locations retail locations.

Then we also see manufactures.

Accessing their remote sites.

So you can really you know it's all about time efficiency in production or even when you're flying on corporate jet -- -- options you actually have kind of like a big meeting in this -- yeah now there are some trips where we have.

Customers who fly coast to coast -- you know the LA to New York route.

So we're really just depends if I nation about.

Okay -- or how much Sylvester oh it's it's an and -- and a business been around a long time thank you very much.

Load More