Used Bizjet Inventory Doubles, Says Frax Operator

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JetRepublic, an ambitious new fractional and membership company based in Lisbon, says its business plan is coming to fruition as the wealthy sell off their private aircraft and opt for less-expensive private travel arrangements, like, for instance, Jet Republic's. The company issued a statement earlier this week saying the inventory of used private jets has doubled from $1.6 billion to $3.3 billion in the past year. "The ultra high net worth market has been affected by the current global financial crisis but many of those people with private jets are looking to sell them and switch to a fractional ownership model or jet card scheme," Jet Republic founder Jonathan Breeze said in the statement.

Breeze launched the company in September with an order of 110 Learjet 60s worth $1.5 billion. He says he intends to offer clients five-star service that will save them money by allowing them to close their flight departments. Breeze said there are currently 211 business aircraft on the market in Europe and the average price is $16 million.