The managed co-ownership program by Partners In Aviation (PIA) continues to make inroads in the market as a result of reduced aircraft inventory, skyrocketing costs, and jet card client dissatisfaction, according to the Chicago-based firm.
The company has seen a 25 percent increase in inquiries in the past few months, noted PIA president Mark Molloy. Last month, PIA closed five transactions that included a Piaggio Avanti and two Hawker and Gulfstream jets. “It seems we’re in the right place at the right time,” Molloy added.
PIA also is seeing some uplift from existing private aircraft owners who are interested in selling half of their airplanes, which Molloy said enables them to capitalize on market demand, as well as keep their aircraft and crew. “This dynamic creates incremental inventory in this very tight market,” he explained. “Our client base is growing, and as both demand and prices continue to increase in our industry, our value proposition is resonating—and that’s really gratifying.”