Ownership fees consist of an acquisition deposit, a monthly fee and $2,200 (CAD) per hour use. Combining costs, it is still generously three-times lower than other private carriers, Austin said.
Contracts are valid for five years with a guaranteed residual, meaning that if a client does not use up all his or her days, the company would forward up to 15 percent the following year. In the event clients want to exit the program, Jet It provides an option to buy the plane back in year three at a guaranteed value.
“It is very consumer focused,” said Dr. Akir Khan, vice president of strategy in the United States. “It is not like ‘we’ve got you for five years.’ It is like we have you until you are ready to give it up.”
Owners can purchase one-tenth up to a maximum of half the aircraft.
“This is the evolution of travel. We have reached a point where people who can afford it can have access to their own private jet at a reasonable cost,” Dr. Khan said.
It takes grit to open an airline business in the face of a worldwide pandemic, never mind a private one. Fortunately, that’s just what Glenn Gonzales, CEO of Jet It has. It is part of his character, complemented by the rigorous training from the United States Air Force Academy (USAF) where he underwent Specialized Undergraduate Pilot Training (SUPT).
Earning his wings, Gonzales remained at SUPT as an instructor pilot in the supersonic trainer, T-38 for students that would continue to fly fighters and bombers in the USAF. He received awards for his skill as an instructor, being named best top instructor pilot for over 300 of his peers. Becoming a fighter pilot in the F-15C Eagle, Gonzales earned awards for his airmanship as Distinguished Graduate and Top Gun. The 71st Fighter Squadron out of Langley AFB impressed a medal upon him for his leadership overseas in support of operation Enduring Freedom.