Fractional ownership provider Flight Options is changing the way its customers pay for flight hours to a new purchase and use service that it says will increase value by up to 15% as well as simplifying decision-making.
"Customers have been telling us that in addition to greater value they want the decision process to be easier," says Flight Options' chief executive Michael Scheeringa.
Flight Options says Fractional First "delivers increased transparency, added flexibility and simplified terms" and simplifies "the confusing and restrictive calculations that have become the industry standard".
New customers will sign up to the Fractional First Scheme, while current owners can swap to the scheme for the remainder of their contracts.
The new system does not deduct taxi time from share hours purchased, and offers transparent fuel costs, distance-based pricing and a flexible use option. In addition, customers will only pay fuel costs for repositioning the aircraft outside its primary service area.
Flight Options says it has "contracts en route to being signed". The shift is part of a wider plan that includes fleet modernisation and is expected to be 85% complete by the end of the year.
Flight Options' owner Raytheon is looking for a buyer for its business jet manufacturing arm, Raytheon Aircraft, but is not seeking to sell Flight Options.
Source: Flight International
