Chicago-based Partners In Aviation (PIA) announced yesterday (Dec. 12) it had completed two co-owner matches under its PIA Managed Co-Ownership program. The plan specializes in linking businesses or individuals who are looking for a co-ownership opportunity with an aircraft. In the arrangements announced this week, PIA had placed airplane-share partners in a 2023 Bombardier Challenger 3500 and a 2023 Embraer Praetor 600.
New York-based Bruce Bonafiglia, who formerly owned a Challenger 350 on his own, is one of the new co-owners of the Challenger 3500. He said, “The program made sense based on our limited usage, and PIA introduced me to a wonderful co-owner. I’ve owned several aircraft and appreciate the value-proposition of splitting the capital and operating costs. The entire process with PIA couldn’t have been more satisfying from my end.”
Floridian and longtime aircraft owner Simon Elliott had no plans for co-ownership when he ordered a Praetor 600 from Embraer two years ago. But his “industry advisor” suggested he look over the prospect of sharing the aircraft. “Initially, I was reluctant,” he said, “but their legal team and structure made me comfortable with the model, and I liked the math. I could choose my pilots and manager, which was crucial to me, and the co-owner they introduced me to is a great fit. I now have the aircraft I ordered at half the original cost.”
PIA President Mark Malloy said a lot of his clients come to him from membership and jet-card programs. “They are ready to move beyond their current membership program but aren’t flying enough to justify whole ownership,” Malloy said. “The economics of co-ownership just makes sense to them.
“We have owners across the country interested in bringing on a co-owner to share their aircraft and split the cost,” said Molloy. “The program allows non-owner candidates to skip the waiting process and get into a new or used aircraft immediately. Because our clients typically fly 100 hours per year, both owners can fly all their trips at half the cost.”
Nice model