Jetcraft, the global leader in business jet sales and acquisitions, is reporting strong activity at the beginning of 2020 as owners seek faster upgrades to new or longer-range models.

This activity can be attributed to the start of the Bombardier Global 7500 resale market, increased trade-in transactions to the company’s owned and listed inventory, and the ability to capitalize on both high and low performing regions through Jetcraft’s global reach.

Chad Anderson, President at Jetcraft, says: “The speed with which buyers are upgrading is unprecedented, with average ownership cycles now taking 4-5 years, down from the previous 7-10 years.”

Anderson cites the start of the Bombardier Global 7500 resale market as a key source of activity.  “The Global 7500 resale market has begun and energy around the product is building.  We sold one of the world’s first pre-owned 7500 jets at the end of 2019 and closed a second one this past February. We have other 7500 options coming soon, and the more units Bombardier delivers, the more acceptance this flagship seems to receive.”

As one of few companies with the ability to take in aircraft trades, Jetcraft is seeing a surge in trade-in activity right now.

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The outbreak of coronavirus continues to evolve, along with the travel advice, and restrictions have been placed on all aspects of flight, including business aviation which are being updated almost daily.

This is déjà vu for me as I recall only too well the outbreak of SARS in 2002/2003 and the devastation this brought, especially to Asia. The difference today is, unlike 17 years ago, China was less integrated into the world’s economy. As such, the impacts were far more regional, and Asia was hit hard economically. Today, the world is a different place. China is the second largest economy having grown many times since 2002, supply chains are being impacted and travel is far more restricted than before. Millions more Chinese travel externally, so tourism and the hospitality industries will feel a huge impact.

In terms of aircraft manufacturing, Boeing, Airbus and engine maker Safran have all confirmed disruption due to factory and assembly line closures and travel restrictions. For the service facilities in China the work has slowed significantly, but the China owned/based fleet was in a slight decline mode before this factor emerged. It’s hard to say what the long-term impact will be as it’s simply too early.

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2019 was a strong year for business aviation, with private jet deliveries at their highest level in a decade, as the General Aviation Manufacturers Association (GAMA) reported this week. Aircraft deliveries increased in value by 10%, up to $26.8bn in 2019, compared to $24.3bn in 2018.

Growth by manufacturers is needed by the pre-owned market as buyers continue to trade up to newer models, so the 2019 results are extremely encouraging – particularly for long-range aircraft manufacturers such as Gulfstream, Bombardier and Dassault. As owners upgrade, they release relatively young pre-owned jets onto the market, creating value alternatives for buyers who can or will consider pre-owned options.

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Product Overview

The Cessna Citation CJ2 (Model 525A) is an upgrade of model 525 (CJ/CJ1/M2) including a stretched cabin and wingspan along with increased range and payload capacity. The CJ2 can be single pilot operated.

As of December 2019, 91% of Citation CJ2 aircraft were purchased pre-owned by their current owner, the other 9% new. 12.3% are for sale with the majority of those (79%) under an exclusive broker agreement. When for sale the average time on the market is 319 days.

Brief History

The first delivery of the Cessna Citation CJ2 occurred in 2000 and the series ended production in 2006. A total of 243 Citation CJ2 aircraft were built with 7 retired. The CJ2+ was the follow-on aircraft that started production in 2005 and ended in 2016.

Worldwide Appeal

There are 236 Citation CJ2 business jets in operation today. Most of these are wholly owned (224) with 12 in shared ownership. 11 are currently leased. North America has the largest percentage of wholly owned Citation CJ2 aircraft (69%), followed by Europe (20%).

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Stedman Stevens, CEO, Vū Systems

How long have you been at your current organization?

I have been a part of this organization from the beginning. The first meetings were over 6 years ago on September 21, 2013.  It has been an exhilarating roller coaster ride building out an idea to a prototype, then to production scaling, and landing an international strategic partner like Saab.

What are your responsibilities within your organization?

Directing strategy, sales and product development.

Describe a typical day or week in your role.

I spend my time building relationships with employees, suppliers and customers. This includes flying at the last minute to see a customer, editing legal documents, pushing engineers to speed up, flying in King Air test flights, reviewing costs and schedules, and lying awake at night worrying about what I forgot…

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The EMEA region is remarkably consistent across each market, considering how divergent the social, political and economic landscapes are. This makes it a very interesting area to operate within.

In recent years, stability has been the overriding trend across all EMEA markets, despite geopolitical tensions in the Middle East; economic stagnation in parts of Europe; and a lack of progress on business aviation infrastructure in Africa.

This stability speaks to the strength of business aviation globally, and the value private aircraft bring to our customers. The challenges in each region have resulted in new areas of opportunity for Jetcraft.

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Product Overview

The Challenger 604 is a super mid-sized class aircraft introduced as a major upgrade to the Challenger 601 design. This updated model incorporated more powerful engines, larger fuel supply, completely new undercarriage, structural improvements to wings and tail, and a new electronic flight instrumentation system. The Challenger 604 is a longer-range derivative of the 601-3R with a larger fuel capacity and upgraded engines.

As of October 2019, 87% of Challenger 604 aircraft were purchased pre-owned by their current owner, the other 13% new. 6.2% are for sale with the majority of those (82%) under an exclusive broker agreement. When for sale the average time on the market is 320 days.

Brief History

The Challenger 604 started deliveries in 1995 when it replaced the Challenger 601 and was one of the first business jet designs with a super-critical wing. Several variants of the Challenger 604 have been manufactured to meet demanding missions of various military entities around the world. A total of 365 Challenger 604 business jets have been built with 10 retired.

Worldwide Appeal

There are 355 Challenger 604 business jets in operation today. Most of these are wholly owned (344) with 11 in shared ownership. 6% are currently leased. North America has the largest percentage of wholly owned Challenger 604 aircraft (66%), followed by Europe (17%), and Asia (9%).

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Tim Yue, Sales Director
Location: Hong Kong

How long have you been at Jetcraft?

I have been with Jetcraft for about 1 and a half years.

What are your responsibilities within the global Jetcraft team?

I am a Sales Director in Asia Pacific, my region covers mostly SE Asia. I maintain relationships with the customers in my region to best assist them on any of their aviation requirements. Given Jetcraft’s financial strength and geographical reach I am able to offer options that others might not be able to.

Describe a typical day or week in your role.

There is not a typical day or week in this job. Aircraft sales is very fluid and dynamic. When I am in the office I’m mostly doing intensive research, following up on existing deals that are in the pipeline and trying to close them out. When I’m on the road, which is actually the majority of my time, I’m zig-zagging around Southeast Asia meeting with clients and hoping to help by finding the right deal!

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It has been a fascinating year for business aviation in Asia Pacific, bringing us into 2020 with the promise of strong growth potential in the region.

For several years, we have been discussing the possibility of Asia becoming Jetcraft’s second-largest market, overtaking Europe and behind only the US. While Europe’s use of light aircraft means it is likely to retain its number two position in terms of units, Asia’s fleet may soon surpass it in value, as buyers here predominantly choose large, long-range jets.

The reasons why larger aircraft are favored by Asian buyers are twofold. First, the infrastructure across the continent is restricted for business aviation users. For example, there are only around 250 airports in China that cater to private jets; while the US – which has a similar landmass – has more than 5,500. The need to fly longer distances between airports demands an aircraft with those mission capabilities.

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