Cessna Aircraft's fractional subsidiary, CitationShares, is offering corporate America unfettered access to the company's fleet of 80 Citation jets under a new programme called Supplemental Lift.
Designed largely to help publicly held companies that have come under public scrutiny for having internal flight departments and aircraft, Supplemental Lift requires a one-time $25,000 buy-in fee followed by one-way pricing for trips in the four types of Cessna business jets in the inventory. Costs for those trips, says CitationShares, are 12% less than company list prices and as much as 20% below competitors' list prices.
Woody Harford, the company's chief revenue officer, says some larger companies have already signed, and others are mulling over proposals. "We've gotten in front of many corporations who traditionally weren't interested in talking to us," says Harford. "Before, they had been making sure their owned aircraft and flight departments met their needs."
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CitationShares, which is majority owned and controlled by Cessna, offers whole aircraft ownership, fractional shares (1/16 or greater) or jet card options. Harford says sales of fractional shares have slowed over the past six months, but that bulk hour purchases under the jet shares programme have increased.
To help boost fractional subscriptions, the company is offering new purchasers a 100% residual value guarantee for three years, based on staying in the programme for one year and buying 1/16 share or more.
Source: Flight International
