Bloomberg Talks Flexjet CEO Mike Silvestro Talks Private Aviation
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Dec 21, 2024 Mike Silvestro, CEO of FlexJet, leads a fractional private jet company with a fleet of around 300 aircraft. He discusses the boom in private aviation post-pandemic, driven by younger clients and new travel habits. Silvestro also delves into the economics of jet ownership, highlighting the diverse profiles of private fliers. FlexJet's innovative fractional ownership model aims to secure the best pilot talent, addressing current shortages through competitive pay and strategic scheduling advancements. It's a deep dive into luxury travel and pilot retention!
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Pandemic Impact on Private Aviation
- Private aviation saw a surge in demand during the pandemic as people prioritized convenience and safety.
- This trend continues, with high customer retention rates and significant growth in the industry.
Changing Demographics in Private Aviation
- Younger individuals are increasingly using private aviation, opting for larger jets and longer flights.
- They're starting with mid-size and heavy jets instead of smaller planes and traveling extensively.
Fractional Jet Ownership
- Fractional jet ownership allows individuals to buy a share of an aircraft, offering depreciation and financing benefits.
- Owners can use their jet and also allow other Flexjet owners to fly on it through an interchange agreement.