New York, August 22, 2012—PRIORITY ONE JETS, Inc., a leader in private jet travel and business aviation, today was pleased to announce that it achieved a 331% year-over-year growth rate in client bookings during 2012 compared to this date last year. This has come during a period when the private aviation industry has actually contracted 4% according the Federal Aviation Administration.
“Our clients are continually looking for the best business investments they can make, and these incredible numbers bear witness to the value they see with Priority One Jets,” said Adam Petruccione, President of Priority One Jets. “They understand that the ultimate convenience, superior quality and superb service they receive from Priority One Jets make them more productive and successful in what they ultimately need to accomplish. And during these tough economic conditions, many business executives and private individuals are becoming more reluctant to make the major financial commitment necessary with an inflexible and increasingly outdated fractional ownership model,” added Petruccione.
Priority One Jets has seen private jet travel consumers leave the old business model of fractional ownership and move on to other programs that allow increased choice for some time now. Fractional jet ownership was born in the late 80s, when the only way to fly privately was outright purchase of your own jet, or at least a “fraction” of one.
This type of ownership requires prepayment of flight hours upfront, via contracts that can last up to 5 years. This obligates buyers to predict their aircraft usage over the entire contract period, which can be difficult, and locks them into ownership of just one aircraft when other planes might be more appropriate for the different types of trips they take. Owners must then pay upfront acquisition fees and for monthly maintenance of the aircraft, regardless of their own usage. Additional fees are paid for every hour that they occupy the plane.
All these various costs and the contract required can make fractional ownership burdensome to many. However, as the number of private jets in service worldwide has grown every year since the 1980s a new niche was eventually created, chartered or ‘on demand’ jet service. Private jet charter is a far less expensive way to fly, with the maximum amount of flexibility for consumers. This has resulted in the phenomenal growth rate that Priority One Jets and a select group of others have experienced.
The move away from fractional ownership was also a primary impetus for the introduction of their Priority One Jets SkyCard™ in early 2012. Many organizations and individuals have reported to Priority One Jets that they appreciate the outstanding value and increased flexibility they get with innovative jet membership programs like the SkyCard as opposed to fractional or outright aircraft ownership.
“Jet membership cards are simply a better alternative for many companies and individuals. There are no upfront costs or monthly upkeep fees with these programs, no long-term contracts and some – like our own SkyCard – have no membership fees either. Having the flexibility in aircraft choice, available to you with as little as 4 hours’ notice, is very convenient for most consumers,” said Petruccione. In total, these programs offer all the benefits of aircraft ownership without the associated troubles and costs.
“Priority One Jets has worked hard to become a one-stop provider, offering both superior jet charter service and membership card programs, and our ability to successfully execute this model is clearly seen in our year-to date results,” added Petruccione.