‘Flurry of Activity’ Propels SmartJets into New Year

After experiencing a significant amount of business last year, preowned business aircraft broker SmartJets and sister company VIP Completions have already started on four refurbishment projects for customers who recently purchased an airplane.

As owner and president of both companies, Ben Shirazi is in the unique position of being able to find the right aircraft for his client, then refurbish and upgrade it to meet that client’s needs. More than 50% of buyers opt for the VIP Completions treatment, he said. “We’ve been doing this for many years, and it’s not a new concept.”

Due to the last-minute rush to capture the tax benefits of bonus depreciation last year, transactions accelerated in the fourth quarter. “A lot of them scrambled to buy at the end of the year,” Shirazi said. While many buyers wanted the refurbishing package, to get the tax benefit, they had to take business-use flights by the end of the year. In some cases, the buyer put their jet into service and planned for the work at VIP Completions in 2026.

“This has been our niche for many years,” he explained. SmartJets knows the aircraft that it specializes in—Gulfstreams and Bombardier Globals—and can evaluate what they need so the customer will be happy with the final product. VIP Completions can do everything except avionics, including airborne connectivity systems, interior and seat refurbishment, LED lighting, and cabin management and entertainment systems.

“We customize it to your liking and expectations…and we work with the top design firms and produce some of the most modern and unique projects,” he said.

Last year, SmartJets sold six Gulfstream G550s out of a total of 13 aircraft transactions. VIP Completions refurbished 16 aircraft, ranging from a Bombardier Challenger 300 to a Boeing 767. “The G550 transactions last year were unbelievable,” he said. “There was a lot of activity, and pricing at the end of the year was elevated.”

Shirazi feels that deep knowledge of the aircraft is critical for serving the preowned market. “There are so many variables when you're assessing an aircraft that you need to keep in mind. When is the next big inspection? What’s the best time to catch that aircraft in its life cycle? When we have a client who wants a large-cabin aircraft, like a G550, they say, ‘Do we want a 2010 or 2011?’ In the last year, I pushed them into an ’07, ‘08 because of where it sits in its life cycle. It just had its major 192-month inspection, done within a year, and the 144-month inspection done a few years earlier. For the next three or four years, you really have no major inspections in your ownership.

“It’s important to be able to guide people in terms of where they should be entering into an asset so that they can enjoy the usage of it without major downtime and expense.”