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  • Timeline -- Fractional's Rise, Fall, And...
    Posted by Graham Warwick 10:04 PM on Sep 05, 2013

    With the news that Bombardier's FlexJet business-jet fractional-ownership operations is being bought (for $185 million) by the owner of another fractional, I thought it might be informative to track the rise and fall -- and rise again? -- of the phenomenon.

    1986 - Ex-Goldman Sachs exec Richard Santulli creates NetJets: first fractional program

    1995 - Bombardier creates Flexjet: first manufacturer-owned fractional

    1996 - NetsJets Europe formed; PlaneSense offers fractional PC-12s

    1997 - Raytheon Aircraft (once and future Beechcraft) forms Travel Air

    1998 - Warren Buffett's Berkshire Hathaway buys NetJets; 
               Kenn Ricci forms Flight Options: first pre-owned fractional

    2000 - Cessna establishes CitationShares

    2001 - Marquis Jet introduces 25hr pre-paid jet card (with NetJets)

    2002 - Flight Options merges with Travel Air

    2003 - AvantAir offers fraction P.180 Avantis;
               Ricci leaves Flight Options

    2008 - Ricci returns to Flight Options as CEO

    2009 - Santulli leaves NetJets;
               Ricci's Directional Aviation Capital acquires stake in Flight Options;
               Cessna rebrands fractional program CitationAir

    2010 - Netjets buys Marquis 

    2011 - NetJets places $6.7bn orders/options for Bombardier Globals

    2012 - CitationAir ceases fractional sales
               Directional Aviation buys Sentient Jet card/charter operation
               NetJets places $7.2bn order with Bombardier; $2.3bn with Cessna

    2013 - AvantAir ceases operations; working to restructure
               Marquis founders launch Wheels Up membership program; order 105 King Air 350is
               Directional acquires Flexjet; places $5.2bn in orders/options with Bombardier ...

    Tags: ar99

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