AvBuyer Magazine May 2021 by AvBuyer Ltd.

FC Jetcraft May 2021.qxp_FC December 06 22/04/2021 14:10 Page 1

Volume 25 Issue 5 2021

™

ACTIONABLE INTELLIGENCE FOR BUSINESS AVIATION

THIS MONTH proudly presents

2008 GULFSTREAM G550 Serial Number 5181

Learn more about this and our other exceptional aircraft on pages 8 & 9 and the back cover Steve Schulte Photography

The Private Jet as an Innovator’s Tool Jet Comparison: HondaJet vs Cessna Citation M2 New Jet, Same Lender? What to Consider www.AVBUYER.com

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Editor Welcome.qxp_JMesingerNov06 20/04/2021 12:56 Page 1

Guest Editor’s VIEWPOINT

Athar Husain Khan

Our Future is in the S.T.A.R.S. an’t stop. Won’t stop. That could easily be the rallying cry of Business Aviation these days. Even as our industry continues to battle the immediate challenges brought on by the pandemic, we keep our eyes resolutely on the bigger picture, which is to ensure a sustainable future… a prosperous future that well serves people and our planet, alike. Case in point – over the past seven months, guided by EBAA and supported by the International Business Aviation Council, more than 20 industry executives, representing companies from across the sector, have been defining a set of standards and implementation guidelines that will help Business Aviation companies establish and meet ambitious environmental and social objectives. This program, Standards & Training for Aviation Responsibility and Sustainability (S.T.A.R.S.), was conceived by a group of young Business Aviation professionals in response to their experience as EBAA ambassadors to One Young World, a global leadership forum that identifies, promotes and connects the world’s most impactful young leaders to create a better world. As such, S.T.A.R.S. epitomizes several of EBAA’s highest priorities – engaging with, and helping to retain, the next generation of industry leaders; inspiring continuous learning and workforce training; and reinforcing an unwavering commitment to sustainability. Those young ambassadors are today leading two EBAA Working Groups to develop three tiers of social and environmental standards to be integrated into IS-BAO and IS-BAH. The standards will also be made available as standalone for non-operating/non-handling companies. And because all types of businesses need such guidance, the resources under development will be adaptable, enabling even the smallest of business

aircraft operators and service providers to receive accreditation. Yes, S.T.A.R.S. is an opportunity for everyone.

Incredible Progress…

With Tier One now drafted and the Tier Two standards underway, the S.T.A.R.S. project is transitioning to the next phase – testing. Starting this summer, six companies of varying sizes and services will pilot the newly drafted standards to assess both coherence and feasibility. In January 2022, upon completion of the pilots and upon validation of all three tiers, the full S.T.A.R.S. program will be made available to all Europe-based Business Aviation companies, kicking off with a high-profile launch at EBACE 2022. The program will then roll out progressively by region, internationally. This past year has been an extraordinary demonstration of the fortitude and determination of Business Aviation. As Secretary-General of EBAA, these past twelve months I’ve been able to collaborate with industry colleagues in living rooms, kitchens and hangars across Europe, not to simply return to normal but to push beyond and define our next normal. Looking at all of our Working Groups, from Advocacy to Safety, there are many committed individuals across the industry working together voluntarily to define a brighter tomorrow. They’re fighting not only to ensure their businesses prosper, but fighting together to ensure that all of Business Aviation thrives. To learn more about S.T.A.R.S., visit: https://expandinghorizons.com/pioneering/whybecome-a-s-t-a-r-s-ambassador-5-reasons-why-thefuture-of-business-aviation-must-be-sustainable/ And if you are interested in your company being part of the pilot, please contact EBAA’s S.T.A.R.S. Project Lead, Taunya Renson-Martin at stratcomm@ebaa.org. ❙

Athar Husain Khan is Secretary-General for the EBAA. He has spent the last 25 years as a leader, aero-political negotiator, lawyer, advocacy specialist and CEO in various aviation organizations and companies, both in the public and private arena. Using his experience in the international aero-political world and proven track record in association management, Athar continues to strengthen and advocate for the European Business Aviation industry in the Brussels arena. More information from www.ebaa.org

4 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

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AIRBUS A318 ELITE

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16.04.2021 14:23:29

Contents April.qxp 21/04/2021 14:23 Page 1

2021

Contents

Vol.25 Issue 5

30 34

42 48 56 60

64 73 76

Guest Editor

Athar Husain Khan, EBAA

Market Indicators

Trends and Observations from Leading Business Aviation Analysts

Market Insights

Interview With Janine Iannarelli, Par Avion Ltd. What’s the Latest on the Bombardier Challenger Jet Market?

Buying & Selling Aircraft

Tips for Buying & Converting Helicopters for Corporate Use

Ownership

The Private Jet as an Innovator’s Tool When to Consider Aircraft Management Solutions

Finance

New Jet, Same Lender? What to Consider Aircraft Financing: How Long Does it Take?

Jet Comparison

HondaJet Elite vs Cessna Citation M2

Aircraft Price Guide

20-Year Large Jets Price Guide

Flight Department Management

The Roadmap to Resuming Flight Activity

EDITORIAL Commissioning Editor Matthew Harris +44 (0) 20 8939 7722 editorial@avbuyer.com Editorial Contributor (USA Office) Dave Higdon dave@avbuyer.com ADVERTISING Steve Champness - Publisher Americas +1 770 769 5872 steve@avbuyer.com Ricky Gioconda Account Manager +1 919 434 1364 ricky@avbuyer.com Lise Margin Account Manager +1 703 818 1024 lise@avbuyer.com David Olcott Account Manager +1 802 233 6458 davo@avbuyer.com Maria Brabec - Account Manager EMEA & APAC Aircraft & Services Sales +420 604 224 828 maria@avbuyer.com STUDIO/PRODUCTION Helen Cavalli / Mark Williams +44 (0) 20 8939 7726 helen@avbuyer.com mark@avbuyer.com CIRCULATION Sue Brennan +44 (0) 20 8255 4000 Freephone from USA: +1 855 425 7638 sue@avbuyer.com

Three Aircraft Insurance Tips for a Tight Market

How to Better Understand RNP AR Approaches (Part 1)

How to Build Maintenance Relationships (Aircraft Certification)

AVBUYER.COM Jayne Jackson jayne@avbuyer.com

Avionics

Emma Davey emma@avbuyer.com

Mainenance

BizAv and CPDLC: Seven Things to Know

Community News

104

OEM News and Industry Appointments

111

Showcases

119

Marketplace

121

Advertisers Index

122

Aircraft for Sale Index

Next Month

• BizAv Cabin Electronics Special Edition

• Embraer Phenom Market Update

• Tips for Buying a Repossessed Aircraft 6 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

MANAGING DIRECTOR John Brennan +44 (0) 20 8255 4229 john@avbuyer.com USA OFFICE 1210 West 11th Street, Wichita, KS 67203-3517 EUROPEAN OFFICE AvBuyer House, 34A High Street, Thames Ditton, Surrey KT7 0RY, UK +44 (0)20 8255 4000 Freephone from USA: +1 855 425 7638 PRINTED BY Fry Communications, Inc. 800 West Church Road, Mechanicsburg, PA 17055 www.AVBUYER.com

EAGLE AVIATION

DON’T JUST LIST YOUR PLANE LET EAGLE AVIATION SELL IT!

+1 803.822.5520

If you prefer, we have options to purchase your aircraft outright.

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2009 FALCON 2000LX • 0163

2013 CITATION SOVEREIGN • 680-0348

SOLD

2013 CITATION XLS+ • 560-6159

SOLD

1999 KING AIR 350 • FL-228

SOLD

1998 KING AIR 350 • FL-202

1990 KING AIR 350 • FL-28

1977 KING AIR E90 • LW-228

2000 SOCATA TBM-700B • 180

WANTED

1981 CESSNA 340A RAM VI • 340A-1204

WANTED CIRRUS SR22 CONTACT BRYAN WOOD 816.665.6207

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MARKET INDICATORS

Business Aviation Market Overview

With the vanishing supply of pre-owned business jets for sale in the early part of 2021, a new record has been set for the ‘smallest available fleet percentage’. Brian Foley reviews the situation…

he supply of pre-owned jets for sale has steadily declined to the lowest known point in history, to the chagrin of airplane brokers and buyers alike. Subjectively, brokers have noticed slim pickings of inventory when engaged by their clients on ‘buy-side’ assignments, and that obtaining a listing from a seller is becoming akin to finding one of Willy Wonka’s Golden Tickets. Objective, the data firmly supports these field observations. According to AMSTAT, the number of used jets for sale as a fleet percentage dipped to an all-time low of 5.4%. This is just half of the historical average of 10-12% of the fleet being for sale at any given time.

The Causes Behind the Record

A number of factors could help to explain how this perfect storm came together to decimate the supply of used business jets for sale. First, the pandemic encouraged existing aircraft owners to hold onto their coveted asset to allow safer travel and avoid exposure at public airports. First time buyers came into the market for these same reasons. Interest rates have been near zero and, when coupled with years of declining aircraft prices, have made aircraft ownership more achievable. Qualifying became easier

10 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

and put aircraft ownership within reach of a larger pool of prospects. In the United States, there were also some sales driven by those trying to lock in a favorable tax benefit as they feared it could eventually be discontinued by a newly elected administration.

Contrary to Popular Belief…

Oddly, there are some metrics accompanying this all-timelow percentage of inventory for sale that may seem contrary to popular belief. First, the remaining supply of aircraft are not the high-time leftovers one would expect. Instead, the average airframe time on business jets listed for sale today is 6,330 hours, but as recently as 2005 that figure was 8,352 hours. This can perhaps be explained by the huge slug of new business jets that began entering the market throughout the 2000s as fractional ownership and emerging markets drove sales, effectively lowering the average age and airframe times of today’s fleet. Another contradiction is that even though there’s a record-low inventory of airplanes for sale from a percentage of the current fleet perspective, today’s absolute number of units for sale is well above many previous years. For example, today’s 1,304 units for sale is triple what

www.AVBUYER.com

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AVBUYER.com

BRIAN FOLEY formed Brian Foley Associates (BRiFO) in 2006 to assist aerospace firms and investors with strategic research. In addition to his work as Market Intelligence Editor, AvBuyer, he is a regular contributor for Forbes.com and his views are published in the media worldwide. Currently, Brian serves the Transportation Research Board as a member of the Business Aviation, helicopter, commercial airline and UAV system subcommittees, and he previously served on the Board of a Wall Street financial firm. Before starting his consultancy business, Brian was marketing director at Dassault Falcon Jet for 20 years, and started his career at Boeing. He is an instrument-rated private pilot. https://www.linkedin.com/in/brifo/

was on the market back in 1988 when the total business jet fleet size was just a quarter of what it is today. Using the percentage of fleet for sale (instead of units) is the more meaningful metric, since it adjusts for the greatly expanded market since the 1980s.

What are the Ramifications?

There will certainly be ramifications from this lull in pre-owned inventory. Pre-owned sales momentum will slow somewhat in 2021, due to both the pace of 2020 sales being arguably unsustainable, and the current limited supply of aircraft for sale. The continued situation of short supply and high demand would be expected to produce firming prices for all cabin classes until the percentage of the fleet for sale rises to more traditional levels. It’s believed that the lack of choice on the pre-owned market could drive more buyers to the new airplane showroom, causing a welcome – and unexpected – flurry of sales for the OEMs this year. The dearth of used airplanes for sale is not a time for amateurs, and will require the deep Rolodexes and extensive industry business relationships of the veteran brokers. This collective industry talent is sufficient to make 2021 another great year for pre-owned transactions despite the ‘pre-owned scarcity’ obstacle. MI www.brifo.com

“Using the percentage of fleet for sale (instead of units) is the more meaningful metric, since it adjusts for the greatly expanded market since the 1980s.”

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www.AVBUYER.com

AVBUYER MAGAZINE Vol 25 Issue 5 2021

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MARKET INDICATORS

AVBUYER.com

Global BizAv Flying Trends - April Unsurprisingly, WINGX reports global BizAv activity for Easter 2021 showed significant improvements over Easter 2020, with 11,992 sectors recorded in 2021, versus under 4,000 in 2020. Easter day activity in 2021 still lagged Easter 2019 activity, though. The global picture for Business Aviation, coming into Q2 2021, is much healthier than for the commercial airlines (with scheduled sectors up 140% on Easter 2020, but still more than 40% behind Easter 2019). Since the start of 2021, global Business Aviation traffic was up by 5% compared to same period in 2020. In terms of business jet movements, a new post-pandemic peak was recorded on March 27, with 8,571 daily sectors, close to last year’s pre-pandemic peak of 8,669 sectors, but substantially lower than the 8,900 daily peak back in April 2019. The US recovery has been the most impressive, with daily activity trends above 6,100 sectors in the final week of March, compared to 4,500 during the initial phase of the recovery in the second half of last year. Europe showed a completely different picture, with this Easter’s 1,000 daily sectors far above the trough of 260 sectors at Easter 2020 – but well short of the 1,300 sectors flown on Easter Sunday 2019.

US Driving the Demand

The comparative 2021, 2020 and 2019 data confirms that the US has been driving the global rebound in flight demand. Business jet hours in the US were up 15% YTD in 2021, versus the same period 2020. Branded charter flights were up 20% this year, and even Private and Corporate Flight Departments were 11% busier in the first 14 weeks of 2021. •

•

Teterboro had yet to regain top spot, but (at the time of writing) trends for the year were down 21%, versus 50% declines last year. West Palm Beach occupied first place, seeing nearly 30,000 movements YTD, up 56% over the same period in 2020. Texas was the second-busiest US State so far in 2021, recovering from ‘the big freeze’ and lockdowns to post a 22% increase on 2020. In fact,

12 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

business jet usage in Texas was as high as it’s been since 2018.

European Insights

In Europe, the United Kingdom continued to see the worst declines in flight activity this year. •

• •

The UK ranked seventh busiest in Europe, posting 55% fewer business jet flights than in the same period 2020. Both Spain and Italy were seeing ~5% gains in flight activity this year. France and Germany were still down 10%.

Overall, Europe was seeing 10% fewer business jet flights this year than last (YTD), but there were several countries already ahead of their 2020 trends, including Cyprus, Greece, Hungary, Poland, Romania, and Ukraine. Beyond the core European area, several countries have been seeing a full rebound from the pandemic, sustaining new, higher levels of business jet activity. Movements in Russia were trending 10% higher than in 2019, and Turkey had 27% more flight activity this Easter than at Easter in 2019.

Rest of the World

Elsewhere in the world, business jet activity was at 94% of comparative 2019 levels by Easter time. • • •

The UAE saw double the number of business jet flights during the Easter break in 2021 than in 2019. Overall, the Middle East saw approximately 30% more traffic this spring than in spring 2019. By contrast, Canada saw 25% less business jet activity YTD in 2021 compared to 2020 (and Easter activity was 40% down, versus Easter 2019).

In Summary

“Through the lens of the US market, Business Aviation has rebounded faster and more fully than most optimistic predictions last year, with activity fast approaching 2019 levels, and matching the frenetic pace of business jet transactions,” Richard Koe, Managing Director of WINGX summarized. “By contrast, the European market was sluggish, with the UK’s inactivity suggesting that regional recovery in travel demand will not automatically result from successful vaccination programs.” MI www.wingx-advance.com page 16

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AeroBuyNow May.qxp_Layout 1 19/04/2021 12:50 Page 1

8\if9lpEfn is celebrating its 10th aircraft transaction since inception in February 2019, with 2 sales and 1 acquisition closed in 2021 to date! The business Jet and turboprop aircraft market has sharply dried over the last 12 months to reach a level similar to pre-Lehman Brothers’ collapse, in Q4 2007/Q1 2008. With 6% of the active operating fleet of 15,698 units officially for sale today, we are back to a pro-seller’s market! FOR SALE BY MONTH

AVG PRICE BY MONTH

PAST 6 MONTHS

Aircraft For Sale

1125 1050

1350

Avg Asking Price-In Thousands US$

1200

• • •

975 900

• • •

•

11-2020 1-2021 3-2021 10-2020 12-2020 2-2021 4-2021

1325

• • •

•

1300 1275 1250

•

• •

11-2020 1-2021 3-2021 10-2020 12-2020 2-2021 4-2021

Source : JETNET Marketplace April 9th, 2021 Turboprop & Business Jets combined

Turbine helicopters market is no different with 5.6% of the active fleet of 22,956 units officially for sale in the beginning of April 2021.

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GULFSTREAM G450 4243 - OWNER MOTIVATED

DASSAULT FALCON 6X

1999 BEECH 1900D UE-360

2018 P180 AVANTI EVO

EPIC PlaneView II Avionics w/ HUD & EVS RRCC - MSP Gold ELITE 16 Pax Hallmark Interior w/ FWD Galley ADS-B Out V2 - FANS 1/A+ - WAAS - LPV 96M Inspection c/w 07/20 by Jet Aviation Geneva 7396/6840 Engines Hours Remaining EASA AIR OPS CAT Dual Air Conditioning - Electrical Ground Cooling Dual Inverters 19 PAX + 2 Crew Airline Config & EMS/4 or 6 Pax Config w/ 3/4 Stretchers Provisions

EMBRAER PHENOM 100E 50000354

2015 YOM Engines on ESP Gold Airframe on EEC Standard 5th Side Facing Seat - Belted Toilet Seat Rigid Door - Premium Pax Door Fresh HSI’s

DELIVERY Q1 2023 Select Edition JetWave KA Band MCS 8000 HighSpeed Internet Satcom Aft Cabin Divider w/ Pocket Sliding Door 500 Hours Only! Satcom - CVDR - HF Radio Additional Fuel Tank - LifePort 6’’+ Stretcher Kit Corporate 4 Ambiente Beige Leather 6 Pax Interior Warranties Remaining

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Acquisitions In Search Of • • • • • • • • • • • • • •

Citation CJ2+ Citation Encore - New! Citation Excel - New! Citation Latitude (Deal Pending) Citation Longitude Citation Mustang Citation Sovereign+ Citation XLS Diamond DA62 (Deal Pending) Gulfstream G650: Late model Hawker 800XPs: Non-airworthy Legacy 600 Legacy 600 PC-12/47

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4,376 Total Time. Duncan Aviation C-check, March 2020. Engines CSP Gold. Pro Line 21. FANS-1A/CPDLC. WAAS/LPV.

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Duncan Aviation has been assisting companies around the world with the sales and acquisition of aircraft for 65 years.

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MARKET INDICATORS

AVBUYER.com

Gulfstream Pre-Owned Market Overview Q4 2020 witnessed the highest amount of pre-owned Gulfstream transactions in recent history, reports Hagerty Jet Group, with buyers attracted by significant price reductions - up to 20% in some cases. Most of the transactions involved high net worth individuals who were upgrading from smaller, or older models. North America took the lead with regards to transactions, but Asia was also strong. The larger Gulfstream models (such as the G650 and G550) took the hardest hit with regards to residual values in 2020, but reduced supply and increased demand has demonstrated that these markets are now in recovery mode. Indeed, it could be argued that in a few months prices have already increased by 5-10%. Relating to specific Gulfstream markets: •

The lack of late-model pre-owned inventory will send prospective

•

Gulfstream G650ER buyers back to the OEM for new positions that will deliver in approximately 12 months. Models like the Gulfstream G280 saw a spike in supply in 2020 that pushed prices down in Q4, but this market seems to have stabilized in terms of values for the moment. The Gulfstream GIV-SP market has been trading steadily over the past nine months; the supply of good GIV-SP’s is low and values are expected to remain firm. The GIV-SP held its value better than any other Gulfstream model over the past 12 months at -7%. The Gulfstream GV residual values dropped the most (-19%) in the last 12 months. There are some good GV’s currently for sale for less than $10m. The G200 model has fared well with regards to residual values. This model lost 10% value in the last year. The G200 offers a lot of cabin and range for first-time aircraft owners.

The Sales Pendulum

Overall, Hagerty Jet Group feels the pendulum has swung from a Buyer’s market to a Seller’s market in the past 90-120 days, with many owners removing their aircraft from the market and keeping them. The average supply of pre-owned jets is lower at 8%, and the supply of aircraft under five years old is almost non-existent, the company notes. “Aircraft that have come to market in the recent weeks are arguably asking 510% more than they would have asked 6 months ago in some cases.” Tack of inventory is proving to be very frustrating for buyers entering the market, the company notes. Though the large corporations have not yet returned to buying new aircraft, there are signs of hope they will do so later in the year, which should increase backlogs at the OEM, firm up pricing, and eventually add more pre-owned aircraft to the market in 2022-23. MI www.hagertyjetgroup.com

Helicopter Market Trends for Q1 2021 Aero Asset has released data on the helicopter market trends for Q1 2021. Among the findings were the following highlights… Transaction Volume Shrinks in Q1, As Does Supply… • After two strong quarters, the Q1 2021 retail sales volume dropped, compared to Q4 2020. • Supply of for sale turbine helicopters decreased to prepandemic levels. • The absorption rate regressed in Q1 2021, after two quarters of improvement. Weight Class Performance • The Light twin-engine turbine helicopter retail sales volume contracted slightly quarter over quarter (Q/Q) in Q1 2021, following two consecutive strong quarters. • Medium turbine helicopter retail sales shrunk by half, Q/Q, after a very strong uptick in Q4 2020. • The Heavy turbine helicopter market rebounded slightly Q/Q in Q1 2021. Liquidity Line-Up • The most liquid pre-owned turbine helicopter market in Q1 2021 was the Airbus H145. The Airbus H135 (which tied in first place in Q4 2020) slipped to 4th place. • Five of 13 markets in the line-up saw no pre-owned trades during Q1. Most were in the Medium-weight turbine helicopter class.

16 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

Deal Pipeline Bounces Back • After four consecutive quarters of decline in the number of deals pending at various stages of transaction, the deal pipeline grew in Q4 2020, and again in Q1 2021. • The deal pipeline increased 10% Q/Q and is now at pre-pandemic levels. Read the full report here: https://www.aeroasset.com/report-download/q1-2021

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Hatt & Associates May.qxp_Layout 1 19/04/2021 12:52 Page 1

2011 Hawker 4000 S/N: RC-62. Reg: N21FX • 3,031.9 hours since new • Engines enrolled on ESP Gold / APU enrolled on MSP Gold

• Next Gen Avionics ADSB-Out, TCAS 7.1 E, F, and G Insp. Completed • ATG-4000 WiFi in September2016 by Standard Aero • Asking Price: $3,595,000

Teflon Coating completed in 2017

Unique in Experience, Global in Scope. 1997 Citation Bravo S/N: 550-0813. Reg: YV3410 • 7,822.8 Hours Since New • Engines Enrolled on Textron • Pro-Advantage + • Aircraft Enrolled on Textron • Pro-Parts • RVSM Ready

2000 Citation Bravo S/N: 550-0908. Reg: YV3399 • 2,950.2 Hours Since New • Interior Refurb 2019 • New Paint in 2018 • RVSM Ready • Engines: Pratt & Whitney PW530A • ADS-B Out Compliant

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2007 Learjet 45XR S/N: 45-346 • Asking Price: USD $2,495,000 • 9,046.54 hours since new • Engines and APU enrolled on MSP • Next Gen Avionics ADSB-Out, TCAS 7.1 • Delivered with recent A - D Inspections • Paint and Interior Refurbished in 2016

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Go Anywhere For Your Next Ride JetHQ knows the global aircraft marketplace from tip to tail. We go anywhere to find a plane that drives your passion. Our dedicated professionals bring decades of sales experience, with relationships and resources to close deals others can’t. Your next set of wheels should fly.

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2013 NEXTANT 400XTI • ADS-B Out • No Damage History

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• Collins ProLine 21 Avionics Suite • ADS-B Out/WAAS/LPV • Aircell GoGo Biz with ATG-4000

2001 HAWKER 800XP • Delivered with Recent A - D Inspections • Paint and Interior Refurbished - 2016

2000 BEECHCRAFT BEECHJET 400A • Serial Number: RK-266 • Garmin 5000 Integrated Flight Deck • New Paint and New InteriorNov 2017

• Serial Number: RK-244 • TT: 1,671 • Engines on Programs- TAP Blue

• Serial Number: 258527 • Engines and APU on MSP Gold Programs • Global AFIS

• Aviation Partners Blended Winglets • RVSM Certiﬁed

1990 BOMBARDIER LEARJET 31

• New Hawker XPR Winglets• Serial Number: 21 Nov 2017 • Engines on Programs • AirCell ATG 2000 with Talk & • ADS-B Out Text • Fully RVSM and ADS-B Compliant

• RVSM Compliant • No Damage History • Complete Original Logs

MarketIndicators.qxp_Layout 1 20/04/2021 17:13 Page 5

MARKET INDICATORS

In-Service Aircraft Values & Maintenance Condition

A review of Q1 2021 aircraft sales data exposed strong activity, with Asset Insight’s tracked fleet posting another hefty inventory reduction. Tony Kioussis explores…. Based on Asset Insight’s March 31, 2021 market analysis, the 134 fixed-wing models and 1,661 aircraft listed for sale revealed a 4.0% inventory fleet decrease during the month, with inventory down by 13.1% YTD. All four groups were impacted, with Large Jet inventory decreasing 2.5%, Mid-Size Jets 4.4%, Light Jets 4.9%, and Turboprops 3.9%.

Aircraft Values

The tracked fleet’s average Ask Price dropped 0.8% in March, 1.5% for the quarter, and was down 5.9% year-over-year (YoY). This represented the fourth reduction in the past five months, and was completely driven by the 4.3% decrease posted by Light Jets (with the group also recording an 8.7% loss during Q1, and 10.2% YoY). The Large Jet category’s average Ask Price remained unchanged for the month, remaining at the group’s 12-month low, but losing 3.3% during Q1 and 12.6% YoY. Meanwhile, Mid-Size Jets rose a slight 0.1% during March and Q1, but the average Ask Price was down YoY by 4.0%. And, the Turboprop group’s average Ask Price gained 0.5% for the month (and 1.0% during Q1), but was down 2.1% YoY.

Inventory Fleet Maintenance Condition

Change in the overall inventory fleet mix during March decreased both the Quality Rating and Maintenance Exposure figures, with available aircraft recording the following: • Quality Rating decreased by 0.8% to 5.312 (0.7% during Q1, and 0.3% YoY) but remained within the ‘Excellent’ range, on Asset Insight’s scale of -2.5 to 10. • Maintenance Exposure, defined as the aircraft’s accumulated/embedded maintenance expense, worsened (increased) by 3.2% to $1.492m during March and Q1 (6.7% YoY), signaling that upcoming maintenance events for the listed fleet will be more expensive.

Maintenance Exposure to Ask Price (ETP) Ratio

The ETP Ratio is a useful indicator of an aircraft’s marketability. It is computed by dividing the asset's Maintenance Exposure (the financial liability accrued with respect to future scheduled maintenance events) by its Ask Price. ‘Days on Market’ (DoM) analysis has shown that when the ETP Ratio is greater than 40%, a listed aircraft’s time on the market increases, usually by more than 30%. During Q1 2021, assets whose ETP Ratio was 40% or higher were listed for sale 69% longer (on average) than aircraft whose Ratio was below 40% (285 versus 482 Days on Market). March’s market review revealed that nearly 51% of Asset Insight’s tracked models, and almost 60% of the tracked fleet, posted an ETP Ratio greater than 40%. The 74.4% ETP Ratio for the tracked fleet represented a record high (worst) figure in March. page 24



20 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

AVBUYER.com

Table A

Fleet Maintenance Condition $ Million $1.55

5.45

$1.49

5.35

$1.50

$1.45 5.25 5.15

5.312

Quality Rating

Maintenance Exposure

$1.40 $1.35

Quality Rating Trendline

Table B G650ER 2.3% F8X 3.0% CL350 6.1% F2000LXS 7.4% Legacy 500 8.0% Citation CJ4 525C 8.0% F7X 8.8% Learjet 75 9.8% Citation CJ3+ 10.1% F900LX 10.7% Citation X+ 11.0% Global 6000 11.6% King Air 350i 12.1% F2000S 12.1% G280 12.8% Phenom 300 14.7% Pilatus PC-12 15.5% Legacy 650 15.5% Boeing BBJ 16.2% F900EX EASy 16.9% G450 19.0% Citation Sovereign 680 19.0% TBM 850 19.3% Learjet 70 19.4% F900DX 19.4% Citation Encore + 19.5% CL605 21.5% Caravan 208-675 22.4% Piper Meridian 22.6% G150 23.2% King Air 350 - Post-2000 25.2% Citation CJ3 25.6% F2000EX 26.6% F900EX 28.8% Citation CJ2+ 525A 29.4% Global 5000 29.6% Learjet 60XR 29.9% King Air 350 - Pre-2001 31.1% Citation Mustang 510 31.4% CL300 31.9% Hawker 900XP 32.1% Nextant 400XTi 32.6% King Air B-200 - Post-2000 33.3% Citation XLS 33.7% Global XRS 34.0% G550 34.1% F900C 34.2% GV 34.4% Learjet 40 34.8% Embraer Legacy 600 35.3% Citation Encore 36.0% Piaggio P-180 II 36.5% Hawker 4000 37.6% Citation CJ2 38.9%

Citation CJ1+ 40.6% Hawker 850XP 41.2% Phenom 100 43.5% Caravan Grand 208B 43.7% Learjet 45XR 44.2% King Air B200 - Pre-200148.6% F900B 49.4% Learjet 40XR 49.9% Premier 1A 50.6% King Air 300 51.4% Hawker 750 51.6% CL604 52.6% TBM 700A 54.9% Citation Excel 560XL 55.7% F50EX 56.8% Global Express 59.4% Hawker 400XP 60.0% G200 61.9% Citation V Ultra 63.8% Citation V 560 67.3% Hawker Beechjet 400A 67.5% F2000 68.0% Learjet 45 w/APU 70.3% Citation CJ1 70.8% Citation VII 71.9% GIV-SP (MSG3) 74.7% Hawker 800XP 80.9% Premier 1 85.5% F50 91.0% Learjet 45 91.6% GIV-SP 99.3% Hawker 1000A 100.9% King Air C90 107.8% Learjet 31A 110.7% CL601-3R 116.2% Piaggio P-180 116.9% GIV 125.2% Citation VI 126.2% Learjet 60 132.3% Hawker 800A 144.8% Citation II 149.0% Hawker Beechjet 400 150.1% Citation ISP 154.6% Learjet 55 159.1% G100 167.5% Learjet 31 182.0% F20-5 203.2% CL601-3A 210.1% Citation III 211.6% Learjet 36A 213.3% Citation Bravo 230.0% Learjet 35A 281.1% CL601-1A 344.3% Hawker 125-700A 414.5% GIII 457.2%

Maintenance Exposure to Ask Price Ratio (“ETP Ratio”) as of March 31 2021 Source: JETNET (www.jetnet.com) Asset Insight, LLC (www.assetinsight.com)

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2011 Falcon 7X S/N: 132. Airframe Total Time: 4144.6 hours. Aircraft Total Cycles: 1060

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MarketIndicators.qxp_Layout 1 20/04/2021 17:19 Page 6

MARKET INDICATORS

Large Jets

Mid-Size Jets

Ask Price vs. Maintenance Exposure

$ Millions

$3.00

$1.26

$3.10 Jan-21

Dec-20

Oct-20

$3.11 Nov-20

$3.00

Sep-20

$2.90

Aug-20

Mar-21

Jan-21

Feb-21

Dec-20

Oct-20

Nov-20

Sep-20

Aug-20

Jul-20

Jun-20

Apr-20

May-20

$11.0

$11.3

$3.20

Jul-20

$11.5

$1.28

$3.30

Feb-21

$12.0

$1.28

$3.40

$1.24

Mar-21

$3.10

$3.50

Jun-20

$12.5

$3.20

Apr-20

$3.16

May-20

$13.0

$ Millions

Asset Quality Rating

Scale -2.500 to 10.000

5.500

5.800

5.320

5.400

5.700

5.300

5.585

5.600

5.200

• • • •

Turboprops continued to post the best (lowest) ETP Ratio, but March’s 41.5% was above the ‘excessive exposure’ point, following three consecutive months below 40%. Large Jets posted a substantive improvement at 61.3%, a figure only slightly above (worse than) the group’s 12month low. Mid-Size Jets worsened to 70.5%, a figure lower (better) than the group’s 12-month average. Regrettably, Light Jets established yet another record-high (worst ever) figure, this time at 113.6%, indicating most sellers will likely have very little negotiating room when it comes to price.

Market Summary

The percentage of tracked models listed for sale ended Q1 13.1% below December’s inventory, with 8.1% of Asset Insight’s tracked fleet listed for sale. Surprisingly, Turboprop and MidSize Jet inventories rose to 6.4% and 9.8%, respectively. Large Jet availability remained steady at 7.1%, while Light Jets listed for sale decreased to 8.2% of the active fleet. Steady sales figures starting in Q4 2020 have led to an inventory pool that has been thoroughly picked over. While Ask Prices rose during February, they receded in March and will probably fall further as we move forward, albeit at a slow rate. Remember, at its core an aircraft is a depreciating asset, whether through its use or simply the passage of time. Large Jets: Inventory decreased by 10% during Q1, while sales preference for higher-quality assets in March lowered the group’s Quality Rating to a 12-month low, and raised 24 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

Mar-21

Feb-21

Jan-21

Dec-20

Nov-20

Oct-20

Sep-20

Aug-20

Jul-20

Jun-20

May-20

5.000 Apr-20

Mar-21

Feb-21

Jan-21

Dec-20

Nov-20

Oct-20

Sep-20

Aug-20

Jul-20

Jun-20

May-20

5.500

Apr-20

5.100

Maintenance Exposure to a 12-month high (worst) figure. At 5.589, Quality did manage to stay within ‘Outstanding’ range, but Maintenance Exposure increased 3.8% for the month, 4.1% for the quarter, and was up 1.5% YoY. Although Ask Prices remained unchanged, the posted figure equated to the 12-month low. As we pointed out last month, with inventory down to 7.1% for our tracked models, and Quality still in ‘Outstanding’ territory, value levels should favor sellers. Mid-Size Jets: As was the case with Large Jets, the Mid-Size Jet group’s Quality Rating and Maintenance Exposure worsened as a result of higher quality assets exiting inventory. While maintaining a Quality Rating within the ‘Excellent’ Asset Insight analytics (www.assetinsight.com) range, the group’s figure fell 1.5% to slightly below the 12month average, and also lost 0.8% during Q1. It did, however, improve 0.7% YoY. Maintenance Exposure rose (worsened) 2.0% to post a 12month high (worst) figure. It also rose 1.0% in Q1, and 1.17% YoY. Inventory has decreased by 13.8% YTD, and with current availability at 9.8% of the tracked fleet, we believe buyers and sellers have ample room to structure mutually-beneficial transaction values. Light Jets: Posting a Quality Rating of 5.172 (a 0.1% improvement in March, 0.5% for Q1, but 0.8% worse YoY), this antique-laden group’s rating falls within the “Very Good’ range. However, Maintenance Exposure increased 1.7% in March, even though the figure was 3.1% better/lower for Q1, and 16.0% YoY (no, that’s not a misprint). www.AVBUYER.com

MarketIndicators.qxp_Layout 1 21/04/2021 10:36 Page 7

AVBUYER.com

Light Jets

Turboprops

Ask Price vs. Maintenance Exposure

$ Millions

Mar-21

Jan-21

Feb-21

Dec-20

$1.50

$0.70

$0.52 Nov-20

Feb-21

Mar-21

Jan-21

Dec-20

Oct-20

Nov-20

Sep-20

Jul-20

Aug-20

Jun-20

May-20

Apr-20

$1.61

$1.55

Oct-20

$0.80

$0.55

Sep-20

$1.65

$1.60

Jul-20

$0.90

Aug-20

$1.75

Jun-20

$1.00

$0.60

$1.62

May-20

$1.85

$1.55

$1.65

$1.10

$1.02

Apr-20

$1.95

$ Millions

$0.50

Asset Quality Rating

Scale -2.500 to(www.assetinsight.com) 10.000 Asset Insight analytics

Scale -2.500 to 10.000

5.300

5.172

5.200

5.182

5.200 5.100

5.000

5.100

4.900

Mar-21

Feb-21

Jan-21

Dec-20

Nov-20

Oct-20

Sep-20

Aug-20

Jul-20

Jun-20

May-20

Apr-20

Mar-21

Feb-21

Jan-21

Dec-20

Nov-20

Oct-20

Sep-20

Aug-20

Jun-20

May-20

Apr-20

Jul-20

4.800

5.000

Asset Insight analytics (www.assetinsight.com)

Add to this the factInsight that the average(www.assetinsight.com) Ask Price fell 4.3% in Asset analytics March (8.7% during Q1 and 10.2% YoY) to post a new record low value, and one can understand why the ETP Ratio surged to a record high 113.6%. On a positive note, availability has dropped 15.2% YTD and 32.0% YoY, and now stands at 8.2% of the active, tracked fleet. Sellers of younger assets probably hold the stronger negotiating position when it comes to price. Antiques dealers must identify a buyer willing to risk becoming their asset’s final owner. Turboprops: With the Quality Rating and Ask Price at near 12-month high values, Maintenance Exposure and ETP Ratio at Asset figures, Insight analytics (www.assetinsight.com) better than average not to mention a steadily shrinking inventory level over the past nine months, it is truly difficult to identify anything that could impede a seller’s desire to obtain good value for their turboprop asset. By the numbers, the Quality Rating did worsen 0.5% in March and 1.3% during Q1, but it is 0.9% higher/better YoY and, at 5.182, places the group within ‘Very Good’ territory. The average Ask Price is up 0.5% for the month (just below the 12-month high figure) and 1.0% during Q1, although it is

2.1% lower YoY. Maintenance Exposure rose 2.6% in March (1.6% during Q1), but is 5.3% lower/better YoY. The ETP Ratio has barely edged passed the 40% excessive point, and the figure is a bit better than the 12-month average. Add an inventory drop of 12.8% YTD (8.6% Y/Y) into the equation, and only 6.4% of the active fleet being listed for sale, and transactions between reasonable buyers and sellers are easily achievable. MI www.assetinsight.com T

Asset Quality Rating Key Outstanding Excellent 5.500 5.250 or to Greater 5.499

TONY KIOUSSIS is President & CEO of Asset Insight, providing valuations, audits, analytics and consulting services, and a uniform methodology for grading an aircraft’s maintenance condition. Previously he worked with GE Capital’s Corporate Aircraft Finance group; Jet Aviation; and JSSI, developing the “Tip-to-Tail” airframe maintenance program. https://www.linkedin.com/in/tony-kioussis-a366b28/

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Very Good 5.000 to 5.249

Good 4.750 to 4.999

Below Average Average 4.500 Less to than 4.749 4.500

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AVBUYER MAGAZINE Vol 25 Issue 5 2021

2010 A109S GRAND S/N 22162 1’770 TT, Recent Annual Check, New int. & paint 2018, Single Pilot IFR Approved, Strobe Lights, Aft Cabin Mini Bar, 5+1 Pax.

+41 22 787 08 77 / +1 301 525 4380 TRADING.GENEVA@SPARFELL.AERO TRADING.USA@SPARFELL.AERO WWW.SPARFELL.AERO

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Engines on JSSI 100%, Only 307 Hours TT, Recent Annual Check, Recent Paint, EASA Compliant, VIP Interior, 6+1 Pax.

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2010 GULFSTREAM G550 S/N 5303

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4’050 TT, Engines on MSP Gold, 8 Pax + Belt Lav., G-Check + ADS-B Completed in January 2020

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2014 LEGACY 650 S/N 1194

3’260 Hours, EASA, Engines on JSSI, Airframe on Embraer Executive Care, FDR/CVR

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Market Insights 1.qxp_MARKET INSIGHTS 20/04/2021 14:13 Page 1

MARKET INSIGHTS

AVBUYER.com

Market Insights: Janine Iannarelli, Par Avion After a frenetic finish to 2020 for pre-owned aircraft sales that poured over into 2021, the available inventory is looking thin. How should buyers and sellers read today’s market and get the best from it? AvBuyer’s Matt Harris asked Janine Iannarelli… ar Avion Ltd. was founded in 1997 with the express objective of meeting the demand for a more personalized service in terms of the acquisition and sale of business aircraft. The company specializes in the exclusive representation and acquisition of aircraft, with a focus on the pre-owned business jet market. Over the years, Par Avion has worked with countless buyers and sellers of pre-owned business jets from all around the world, and today it offers expertise for select Bombardier models, Cessna Citations, Dassault Falcons, Embraer business jets, Gulfstreams, and Hawker models. Par Avion’s founder, Janine Iannarelli, is an industry veteran who has amassed over 35 years’ experience in Business Aviation generally, and aircraft sales specifically. An active participant in the wider Business Aviation community, she is a current member of the National Business Aviation Association (NBAA), European Business Aviation Association (EBAA), and Women in

30 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

Aviation International (WAI). In 2016, Janine was reappointed and named presiding officer by Governor Greg Abbott to the Texas Aerospace and Aviation Advisory Committee, on which she served until last year. She was also invited to serve on the EBAA Associate Members Advisory Council (AMAC) Sales and Acquisition committee in 2016, providing expert input on sales transactions. The following year, she was appointed as its Chair, and elected Vice Chair of the Board by her fellow AMAC Chairs in 2019. Keen to give back to the industry that she, and Par Avion, have enjoyed much success from, last year Janine joined the NBAA Mentoring program, designed to help young aviation professionals become established in the Business Aviation industry. Well placed to offer insights on the pre-owned marketplace, she took a moment to share some of her thoughts with AvBuyer…



www.AVBUYER.com

Elliott Jets May.qxp_Layout 1 19/04/2021 14:24 Page 1

Market Insights 1.qxp_MARKET INSIGHTS 20/04/2021 14:15 Page 2

MARKET INSIGHTS

AVBUYER.com

“The aircraft sales professional is there to showcase the airplane in the best light...” AvBuyer: Is there anything that surprises you about the pre-owned aircraft sales market today? Janine: The thing that surprises me most today is why there still exist prospective buyers and sellers who fail to hire an aircraft sales expert to help them in the process. Just because the pendulum is swinging in favor of sellers in today’s market does not mean the aircraft will sell itself. The aircraft sales professional is there to showcase the airplane in the best light – and sometimes that requires keeping the emotion out of the decision-making. AvBuyer: We are hearing the market has slowed down from the white hot activity reported at the end of 2020. While we understand that’s not entirely unexpected, from your perspective what is causing this? Janine: The fourth quarter in 2020 was undoubtedly ‘white hot’ with a plethora of transactions taking place – some of which carried over into Q1 2021. I would not necessarily say that sales have ‘slowed’, albeit they are not taking place at the pace they were at the end of 2020. Rather, I would say that everyone who carried over a deal [into 2021] was focused on closing that out. There was perhaps a bit of a breather being taken by the remaining prospective buyers who had yet to focus on a particular make, model, and serial number aircraft. The inventory has thinned, and in absence of immediate replenishment, some readjustment must take place before a buyer considers the alternatives. Three months goes by in the blink of an eye, so it’s important not to judge the year by the very early part of it. AvBuyer: Combining the evidence, gut feeling, and your years of experience in pre-owned aircraft sales, what’s your outlook for the coming months of 2021? How do you see the market continuing to play out this year? Janine: There exists the possibility that 2021 will be as good a boom market as we have ever seen. The financial news, regardless of the day-to-day realities of what the pandemic has done to individual households, is 32 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

extremely promising with the US leading an economic recovery. The combination of still-willing and fully-capable buyers, along with diminished inventory, is starting to fuel a seller's marketplace. The greatest challenge to buyers and brokers alike will be available inventory. AvBuyer: Given the way you perceive the current market, what is your biggest tip for buyers and sellers thinking of buying or selling a jet today? Janine: I alluded to it in my reply to the first question: If you are a buyer, hire a broker to help you source a suitable aircraft. Similarly, if you’re selling, hire a broker to help maximize your return on investment! T More information from www.paravionltd.com Matt Harris is commissioning editor for AvBuyer. He is an experienced General and Business Aviation journalist and has edited a variety of titles across the last two decades. These include AvBuyer, BizJet Advisor and GA Buyer Europe. https://www.linkedin.com/in/ matthew-harris-avbuyer/

www.AVBUYER.com

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Market Insights 2.qxp_MARKET INSIGHTS 20/04/2021 14:21 Page 1

MARKET INSIGHTS

What’s the Latest on the Bombardier Challenger Jet Market? Are you thinking of buying or selling a pre-owned Bombardier Challenger business jet? Matt Harris asks Asset Insight’s Tony Kioussis for his perspectives on how these popular Super Mid-Size and Large Jets are performing on today’s market… enerally speaking, buyers in today’s business jet marketplace will note a tight supply of available aircraft, although just how tight could partially depend on the age and pedigree of aircraft you’re willing to consider. For example, a glance at the Bombardier Challenger series, which has been in production for approximately 40 years since the original Challenger 600 was certified, provides a perfect snapshot. According to data from Asset Insight, buyers seeking a newer, in-production Challenger model, such as the Bombardier Challenger 650 Large Jet or Challenger 350 Super Mid-Size Jet, will find just 2.7% and 1.4% of the respective fleets for sale (as of March 2021). Those who are prepared to shop for something a little older will find a slightly larger pool of candidate aircraft in the Challenger 600 family (less so for shoppers of Challenger 300 jets, where a miniscule 3.8% of the fleet was for sale). For a 6-14 year-old Challenger 605, or a 14+ year-old Challenger 604, 6.9% and 7.7% of the respective fleets were up for sale at the time of writing. Notably, these figures still represent a sellers’ market by traditional standards. It’s when you delve into the older Challenger 601 markets that buyers will find a more ready supply of inventory, with 12.5% of the Challenger 601-3R fleet listed for sale.

Space, Performance and Economics…

BOMBARDIER CHALLENGER 605

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“For operations within North America, all of these aircraft offer great cabin volume, www.AVBUYER.com

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BOMBARDIER CHALLENGER 350

performance and operating economics,” Tony Kioussis, President of Asset Insight explains. “The Bombardier Challenger 300 and Challenger 350 have been particularly successful, and the Challenger 605 and Challenger 650 have allowed operators to fly extensively from North America into Europe.” Asset Insight tracks most of the Bombardier Challenger series, starting with the Challenger 601 model, and, according to Kioussis, if you are seeking a new Super Mid-Size or Large Jet with respectable range and cabin comfort, the Challenger 350 and the 650 are more-than-likely to be on your list of aircraft for consideration.

“Similarly, any prospective pre-owned aircraft purchaser would want to review the Challenger 300 and Challenger 604 or 605,” he adds. Kioussis is continually surprised, however, by the level of interest in the older Challenger 601-3A and Challenger 601-3R series jets on the pre-owned market. “Many of these assets are over 30 years of age," he says. When it comes to the Challenger 601, you can certainly spend less to acquire a nice cabin, “but obtaining good overall value may be trickier,” Kioussis warns. Buyers shopping these markets should do due diligence on any potential acquisition, ideally with a team of professionals around them.

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BOMBARDIER CHALLENGER 601-3A

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BOMBARDIER CHALLENGER 300

“...if you are seeking a new Super Mid-Size or Large Jet with respectable range and cabin comfort, the Challenger 350 and the 650 are more-than-likely to be on your list of aircraft for consideration.” “The Challenger 601-3A and -3R models would probably be the better option [within the Challenger 601 series], but buyers should be prepared for some potentially high maintenance costs, along with a steep depreciation curve,” Kioussis says.

Vanishing Price Differentials?

Given the scarcity of inventory at the newer-end of the Challenger market, the Bombardier Challenger range would appear to be ripe for some of the premium prices being reported by some professionals within of the pre-owned industry – but so far, that simply has not been the case, Kioussis reports. “Though supply is tight for most of the Challenger models, we have not seen any Challenger transactions fetching a premium price.” But Kioussis has seen another encouraging

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phenomenon from a seller’s perspective... “We have been seeing the differential shrinking between the seller’s Ask Price and transaction value that is eventually agreed between the seller and the buyer,” he shares. So, based on the evidence, how does Kioussis see Bombardier Challenger business jet sales performing over the rest of the year? “We believe Bombardier Challenger jet transaction levels, and their pricing, will continue to be strong for the remainder of 2021,” he predicts. “If the selection continues to be tight into the fourth quarter of the year, then that could lead to higher pricing for younger, lower-time assets. “However, generally speaking, sellers of younger, lower-time assets usually find that their aircraft simply sell quicker at the present time,” he concludes. T More information from www.assetinsight.com

MATT HARRIS is commissioning editor for AvBuyer. He is an experienced General and Business Aviation journalist and has edited a variety of titles across the last two decades. These include AvBuyer, BizJet Advisor and GA Buyer Europe. https://www.linkedin.com/in/ matthew-harris-avbuyer/

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Buying&Selling 2.qxp_Finance 20/04/2021 12:38 Page 1

BUYING & SELLING AIRCRAFT DAVE HIGDON is a highly respected aviation journalist who has covered all aspects of civil aviation over the past 36 years. Based in Wichita, he has several thousand flight hours, and has piloted pretty much everything from foot-launched wings to combat jets. Contact him via Dave@avbuyer.com

Tips for Buying & Converting Helicopters for Corporate Use Helicopters are versatile by nature, making the same models attractive to more than one user-group. If you’re considering buying a pre-owned helicopter and converting its interior for corporate use, Dave Higdon shares some tips… ircraft lend themselves to fulfilling a variety of roles and missions. Sometimes this is achieved by simply changing the landing gear, while at other times a more comprehensive powerplant swap could be needed. Then there are the occasions when the interior needs to be converted for the aircraft to fulfil a new mission. Helicopters once tasked with monitoring highway traffic may land the role of an aerial news-gathering platform, an airborne lawenforcement tool, or as VIP or Corporate transportation. Given the diversity of roles that helicopters fulfil around the world, there is much to be considered by buyers purchasing an aircraft that performed a role in one sector, to place it in service within another.

while avoiding highway traffic complications in densely populated urban areas. Although the performance characteristics appeal to both sectors, however, the interior requirements are very different. Today, high-standing government officials, CEOs, business executives, and their families frequently travel in executive versions of these aircraft. And, VIP government aircraft not only require luxurious interiors, but the highest safety standards, state-of-the-art communications technology, and amenities. They also need ‘survivability equipment’, and (occasionally) the weapons systems of combat helicopters. Thus, helicopters designed for the military, such as the Sikorsky Black Hawk and the Sikorsky VH-92 (the current Marine One), have been transformed with VIP mission equipment.

The Drive Behind Conversion Demands

Selecting a Conversion Candidate

Today's aircraft used in Helicopter Emergency Medical Services have evolved steadily into the highly equipped flying ambulances that ply our skies today. Of course, what makes the helicopter useful as an aerial ambulance also holds appeal for busy executives needing rapid transportation between offices, airports, or construction sites. Turbine helicopters offer quick transportation, 38 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

More routinely, former offshore oil transportation helicopters, HEMS and news-gathering helicopters are purchased by corporate users, undergoing conversions in keeping with their new role. If you are considering purchasing a helicopter from another sector to place into corporate use, what should you keep in mind? Following are some tips collected from a selection of helicopter professionals. www.AVBUYER.com

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1) Payload: How Much Will it Need to Carry?

Helicopter conversions for corporate roles can add significantly to the aircraft's empty weight. Without certification for a higher gross weight, the weight after the interior conversion may limit the finished aircraft’s ability to fulfil its mission. For this reason, corporate and VIP helicopters tend to offer higher gross take-off weights. After all, you may be able to fit a luxurious leather interior and enough sound insulation to make a light helicopter serve on flights between offices and airports, but that same aircraft might not have enough capacity to then add in-flight connectivity equipment, and other accouterments that are necessary for the corporate user. So, first consider the helicopter’s gross take-off weight, and work with the interior shop to establish whether the candidate aircraft offers the required capability to fulfill the mission at its postconversion weight.

2) Capacity: How Many Will it Need to Seat? The utility helicopter will usually sport a moresparse interior than the purpose-built executive helicopter. To fulfill the mission, in addition to its weightlifting capacity being high enough to accommodate the needed equipment, the cabin should be large enough to handle the seating www.AVBUYER.com

required for the typical mission. And we say “typical mission” because every aircraft faces times when its owner wishes it seated more. Again, speak to the interior shop who should have a variety of excellent suggestions for optimal use of helicopter cabin space. They will help assess whether a candidate aircraft’s cabin will accommodate the desired number of seats, with equipment.

3) Power: Is it Sufficient for the New Equipment?

It almost goes without saying that the engines powering the helicopter under consideration should offer sufficient power for its certificated and demonstrated performance. But the addition of executive hardware could mean higher demands on the helicopter's electrical systems than in its previous role. The user should work with their refurbishment shop to ensure the electrical system can produce enough power to drive not only the executive-chosen upgrades — such as in-flight connectivity — but also any upgrades to the helicopter's avionics systems. (If the helicopter faces a panel makeover to glass from analog, then the helicopter may actually see an increase in useful load.)

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BUYING & SELLING AIRCRAFT

“...you may be able to fit a luxurious leather interior and enough sound insulation to make a light helicopter serve on flights between offices and airports, but that same aircraft might not have enough capacity to then add...other accouterments that are necessary for the corporate user.” 4) Past Environment: What is the Airframe Impact?

Many pre-owned helicopters coming on to the market are from the off-shore energy-production industry and have had considerable exposure to saline operating environments. That exposure makes it essential to ensure the integrity of the structure from the effects of corrosion. If the airframe is going to undergo an interior refit, the airframe inspection should be built into the process early enough to commission any repairs and fresh anti-corrosion treatments before the new interior and paint are applied. Similarly, extra inspections are warranted for helicopters previously used for aerial application work, where it could have had regular exposed to agricultural chemicals. Such inspections should always stringently follow factory guidelines for helicopters used in those two corrosion-sensitive missions.

The Bottom Line

As much as helicopters share in their characteristics and capabilities, not every helicopter can fulfil every mission. Much ultimately hinges on the ship's root capabilities. A new interior won't make the helicopter faster, or increase its hovering abilities, but it could make it a better corporate transport than other candidates on the market. Ultimately, to assure it can fulfil the new mission you must do the groundwork, making sure it possesses the root capabilities, is structurally sound, and, once converted, can fulfil the new mission with the same aplomb it offered in its previous role. T

5) Look Beyond Just the Cabin Conversion…

Helicopters employ a gearbox that splits the power between the main rotor and the tail rotor. Like the engine itself, the gearbox usually carries an overhaul period. A new owner would normally want an engine inspection before committing to the purchase. Helicopters coming from the offshore field should undergo a detailed inspection of both the engine and gearbox, as well as the main- and tailrotor systems to make sure that they’re corrosion-free, and up-to-date on required maintenance. For a helicopter coming from the logging, news gathering, or law enforcement industries, preparation for the conversion should similarly incorporate checks for any extra areas of concern related specifically to those types of flight. 40 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

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Ownership 1.qxp_Finance 20/04/2021 14:27 Page 1

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The Private Jet as an Innovator’s Tool

Are you wondering how a business jet could help you become an innovator, taking your company to the next level of success? Check out these three case studies from Biz Jet TV’s Fabrizio Poli for inspiration... he late Harvard Business School professor, Clayton Christensen, in his 1997 book ‘The Innovator’s Dilemma’, coined the term ‘Disruptive innovation’. But what does this mean, and how does it apply to business jets? Unlike what you might think, disruptive innovations are not just about breakthrough technologies, or changes to improve products. They are about innovations that create accessibility and affordability to products for mass adoption. You may be thinking that private jets are not affordable… While it is important to know how much it will cost to buy a private jet, as well as the annual cost to fly a certain number of hours, it is also important to take a linear approach. A few years ago, Professor Christensen explained how disruptive innovation cannot be measured before, but 12 to 18 months after it has been implemented… That’s a very non-linear approach. This is where a private jet can become instrumental in delivering your company ‘disruptive

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innovation’, especially in a post-lockdown world. In the following three cases you’ll see how private jet ownership did exactly this.

Study 1: Walmart

What many do not know is that use of private aircraft was key to Sam Walton’s business strategy in building his Walmart empire. He was a private pilot and used his Cessna C414 to travel around Arkansas and neighboring states to visit his stores, scout new locations, and recruit staff. Being based in Bentonville, Arkansas, in the early days there was no interstate highway there. Back then, a road trip to visit another store could take eight hours, whereas a short flight could cut that down to one hour. In order to build the business, Sam built a fleet of airplanes to be used as business tools. Today Walmart has over 11,695 stores and clubs across 28 countries. Walmart’s travel program takes employees to locations all over the world, including to cities and towns not always closely served by commercial airports. www.AVBUYER.com

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While the world’s largest retailer still relies heavily on scheduled airlines, it also operates 22 private jets – one of the largest corporate fleets in the world. The Walmart executives very rarely have to stay overnight, and travel on these jets to multiple locations in one day. For a lot of companies, the benefits of the corporate aircraft far outweigh the cost. “Walmart is probably the most penny-pinching, efficient company on the planet,” says Chris MacDonald, an ethics expert and visiting professor at the Keck Graduate Institute in Claremont, California. The Walmart fleet of Private Jets is made-up mostly of Bombardier Learjets (carrying up to 10 people, with a range of around 2,200 miles); one Bombardier Global Express; and one Bombardier Global 5000 with intercontinental range. Incidentally, during the financial crisis of 20082009, Walmart continued to increase its private jet fleet, resulting in it being able to keep prices of groceries low for its customers, as this way of traveling increased efficiency.

Study 2: Only the Brave

Diesel founder Renzo Rosso's laid-back, curly-hair surfer look, jeans, T-shirt, sneakers and ultra-casual motorbiker style are not what you'd expect from an Italian in the fashion business. Then again, Renzo is www.AVBUYER.com

the essence of the unexpected. He revolutionized the fashion industry by “being stupid”, and that remained the cornerstone of his success. “Smart sees what there is. Stupid sees what there could be,” he says. “Only the Brave! has been one of the main pillars of Diesel philosophy from the very beginning – thinking of how things could be, not just of how they are; being so brave to try new things and explore new ideas. “This name is perfect to describe who we are. You have to take risks to succeed, right?” Renzo Rosso explains how the braveness to make stupid decisions and the ability to see things for how they could be helped him build a successful company and become a billionaire. Buying his first private jet, a Bombardier Learjet 45, was what many believed to be a stupid decision. While his CFO told him buying a jet was not a smart thing to do, Renzo Rosso – being the out of the box thinker he is – didn’t listen. He bought the jet and used it as a business tool, flying in and out of different cities with a speed the scheduled airlines couldn’t match. Once he saw his business growing exponentially, he ordered a brand new Dassault Falcon 7X that gave him intercontinental range, and took the Diesel brand global.

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Study 3: 10x Your Business with a Private Jet

Grant Cardone started his career as a used car salesman, investing early into real estate. Today he owns over 6,000 multi-family properties across America, amounting to a net-worth of over USD$1.5 billion. Grant was recently featured as one of the stars in the TV show ‘Undercover Billionaire’. He is also famous for his sales seminars and numerous bestselling books, such as, “The 10x Rule”. Grant had become sick of being on the road for more than 250 days a year, delivering sales training all over the US, Canada and Mexico, with the occasional inter-continental gig. For over 10 years, traveling through airports had become more and more time-consuming and troublesome. As he got married and had a family, he started using video conferencing to reach his clients, and he tried to avoid traveling as much as he could. As his real estate empire grew, however, he saw that if he really wanted to expand exponentially, air travel was necessary. Grant spoke to billionaire friends, those that owned private jets advocated how much easier life was traveling this way, while other billionaire friends reckoned a private jet was a waste of money. Interestingly those against private aviation did not have their own jets. In 2015 Grant bought an eight year-old preowned Gulfstream G200 for USD$8m, and in his first year of operating it, the jet flew 250 hours. He said his jet was like a holiday home: if you own one you’ll use it. However, a private jet depreciates, so he is always thinking of ways of using his jet to make him money – though he doesn’t charter it out, preferring to keep it exclusively available for his own use. A typical day would see him fly to multiple locations, take his wife and kids with him and close a number of deals, getting home in time for dinner 44 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

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in Miami. The flexibility of going when he wants, flying into smaller airports closer to his meetings, adds tremendous edge to his business. Grant also sends his jet out to pick clients up and says this certainly gets people’s attention, increasing the odds of deals going through. He adds a further layer of leverage, by sharing all the above on video with his millions of Instagram and YouTube followers. The fact Grant shows his fans he has a jet, and how he uses it, encourages more people to invest with his Real Estate company, Cardone Capital. Grant defines his private jet as a time machine, and the single best investment he has ever made. In fact in only his second year of bizjet ownership he credited the plane with being the key factor in doubling his business. Three years ago he traded his Gulfstream G200 in for a longer-range Gulfstream G550, allowing him to start travelling internationally, taking his empire into the billions.

The Innovation Approach to BizAv

The common denominator in these three stories is the ‘innovative approach’ all three entrepreneurs had. They didn’t buy their aircraft after they made the ‘big money’, they used business aircraft as a ‘strategic tool’ to build their empires. Most people think once someone makes a lot of money, they buy a private jet, making it a ‘luxury item’. Sam Walton, Renzo Rosso, and Grant Cardone clearly used the private jet as a business tool, and consequently built empires in three very different sectors. To further back this up, the NBAA published some interesting data in its 2014 Fact Book, revealing that business jet travelers generated 245% higher return for their shareholders (dividends plus stock price appreciation) than those traveling by other modes of transportation. During the lockdown period many have had time to re-evaluate their lives and how they do

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Action Aviation May.qxp_Layout 1 19/04/2021 14:28 Page 1

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“They didn’t buy their aircraft after they made the ‘big money’, they used business aircraft as a ‘strategic tool’ to build their empires.” business. While some have traveled for leisure, most business meetings have been happening virtually. As business travel resumes and many realize the scheduled airlines have scrapped many routes, and reduced frequency on others, you are faced with three options: • • •

Continue meeting virtually Fly with the airlines and deal with the extra traveling time Fly private

Option #1 is the cheapest in terms of cost and time, and it’s effective to an extent. But sometimes face-to-face meetings are necessary to get things done. If you go for Option #2, you will be faced with fewer choices than you had pre-lockdown. The number of airlines has shrunk, and the number of frequencies on certain routes has been reduced.

How About ‘Option #3’?

Knight Frank's Wealth Report 2020 stated the total number of UHNWIs globally is 513,244, with this number predicted to grow over the next 10 years. According to Business Aviation intelligence

company, JETNET iQ, there are 21,985 business jets in the world, and around 18,000 owners. If we divide the number of current UHNWIs worldwide by the number of private jets (18,000/513,244) we see that only 3.5% of them owns a business jet. With that in mind, I predict one of two things: • •

Those that already have a jet (the 3.5%) will travel less, having now discovered more about the digital world. More of those that don’t have a jet, but have the money to buy one (the 96.5%) will start to move into private jet ownership. These people will have developed more of an innovator’s mindset, and their businesses will “10x”, as Grant Cardone likes to call it.

So, from a non-linear perspective; after 18 months of using their private jet, most people realize it has created accessibility, at a faster speed, to deals that otherwise would have not been done. The private jet is the ultimate disruptive business tool, and with supersonic travel and Electric Vertical Take-Off & Landing (eVTOL) flying machines coming to the market in the near future; these innovations will cause even more disruption… T

FABRIZIO POLI is Chairman and Co-CEO of Kaizen Aerospace LLC. He is also an Airline Transport Pilot. Mr. Poli has over 35 years experience in the aerospace sector, both as an aviator and in business. Fabrizio is also founder of popular YouTube channel, Biz Jet TV. Visit Biz Jet TV at www.youtube.com/channel/UCavizueJievdH4TwxiSlX3g

46 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

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General Aviation May.qxp_Layout 1 19/04/2021 14:47 Page 1

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When to Consider Aircraft Management Solutions

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Is an aircraft management solution right for everyone? How do you know whether it is right for your aircraft? René Armas Maes explores the types of management solutions, and who they are ideally suited to. n aircraft management solution offers plenty of advantages to the right type of aircraft owner. These include ‘peace of mind’ in terms of record-keeping and regulatory oversight, among others. Owners may also enjoy many of the same advantages of having an in-house flight department, without the same responsibilities and overhead costs. Moreover, having an airplane registered on an aircraft management company’s certificate can bring operational flexibility in terms of access to supplemental lift should an unexpected maintenance issue occur, and the use of additional aircraft if more than one is required at the same time. Aircraft management solutions not only take care of the aircraft’s management itself, but also provide benefits on the services side of aircraft ownership. With your aircraft placed on the certificate of a larger fleet operator, the management company can leverage bulk purchase discounts on fuel, parts, maintenance services and insurance (to name a few), passing those discounts on to you. For all of the advantages, though, aircraft management solutions do not necessarily suit everybody. An analysis needs to be made on a case-by-case basis to determine how far the benefits would apply to specific operators’ needs. When should an aircraft management solution be considered? What number of annual flight hours is ideal for you to consider placing your aircraft on the certificate of a management company? Let’s consider…

Aircraft Management & Co- or Joint-Ownership

The co-ownership and joint ownership options available in Business Aviation today do a tremendous job in bridging the gaps between charter and whole aircraft ownership. They often serve as a stepping-stone for owners to move into full aircraft ownership at a later time. These solutions are gaining in popularity, but they can be complex – and if an owner fails to find the right partner to manage their aircraft, or is unable to be flexible, aircraft management solutions may create more problems than benefits. www.AVBUYER.com

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Under a co-ownership structure, multiple entities can share ownership of the aircraft, and typically the flight crew is provided by the management company. In a joint-ownership structure, registered owners can charge each other owner for certain operating costs. (This type of agreements is defined in 14 CFR §91.501(c)(1) of the Federal Aviation Regulations.) Therefore, owners should be prepared to invest plenty of time and effort in identifying the best management company and solution for their needs. Aircraft Management with Charter Revenue: This strategy works best for owners who typically fly between 75 and 150 hours per year. Since owning an aircraft can be logistically complex, most “concept buyers” prefer not to handle all of the operational details themselves. A Part 135 charter management program run by the management company allows the owner to maximize the value of the aircraft when it is not in their use, generating charter revenue to help offset some of the aircraft’s operating and ownership costs. This may also sometimes yield certain tax benefits. Scheduling conflicts may arise under this type of arrangement, so owners will need to be flexible if they are to maximize their return on investment and generate revenue when the aircraft is not being used (assuming the goal is to make the aircraft available for revenue flights). Aircraft Management Program with a Dedicated Crew: This strategy tends to work well for owners typically flying 150 to 200 hours per year, and who require personalized service by a dedicated flight crew, often for security reasons. In this case, the 50 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

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management company sources and screens potential crew, before presenting them for the aircraft owner’s approval. Alternatively, the owner may choose to run its flight department in-house, but outsource a number of services (such as the maintenance) to the thirdparty management company.

Fractional Ownership

Through this option, the aircraft is owned and managed by a large company that operates and manages a fleet of aircraft. Along with other owners, a fractional share owner will have the right to use any comparable aircraft from within the company's fleet, on demand, for a pre-determined number of hours each year. Fractional Ownership is an ideal solution for those who are looking to avoid the many operational concerns associated with business aircraft operation, and who typically fly more than 75 hours, but less than 200 hours annually.

Whole Aircraft Ownership

Aircraft Management with Charter Revenue: This strategy works best for whole aircraft owners who fly fewer than 200 hours per year. The owner will need to be flexible enough to allow a third-party management company to provide the pilots and maintenance personnel. They will also need to be flexible enough to allow the aircraft to be used for Part 135 revenuegenerating flights, which will help offset some of the aircraft’s ownership and operating costs, and increase the aircraft’s utilization up to 250 hours, or more, per year. Aircraft Management without Charter Revenue: This ownership structure works best for owners who fly

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OWNERSHIP

AVBUYER.com FIGURE 1: Annual Flying Hours & Ideal Ownership and Aircraft Management Structures

between 200 to 250 hours per year, and need a third-party to manage the aircraft. The aircraft will primarily already be used as a productivity enhancer, but may not be considered an integral part of the business. Typically, a dedicated flight crew will be supplied by the management company. Under these two options, an individual or entity owns 100% of the aircraft. In addition, it completely relieves itself of the burden of managing the business aircraft. The aircraft management company will provide regulatory oversight, and 24/7 monitoring of every aspect involving the aircraft’s operation – from flight planning, to maintenance. In-House Flight Department: The economics will tend to favor this ownership and management structure if the owner typically flies more than 250 hours per year. Maintaining an in-house flight department provides the greatest level of flexibility and control over the aircraft’s operation, but the owner will also be responsible for all aspects of its operation.

Plentiful Choices

As shown in Figure 1 (above), first-time buyers (i.e. “concept buyers”) who are entering the market have a number of options available, when it comes to Business Aviation, in terms of ownership and management structures. The best option will ultimately depend on what the potential owner’s objectives are, and how well they can work together if a shared ownership structure is being considered.

Other Aircraft Management Considerations

Use of an aircraft management evaluation software 52 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

that provides five- to ten-year asset management, cost information and life cycle data will enable a potential owner to conduct a thorough analysis of every option and cost, including which type of aircraft, ownership and management solution offers the highest return, based on the investment planned. The analysis should include: • • • • • • • • •

The annual variable and fixed cost Acquisition cost Finance/lease costs Eventual resale value of the aircraft (if owned) Estimated annual revenues (generated from Part 135 charter management) Taxes After-tax cash flow and Net Present Value (NPV) Average variable and fixed cost per hour, and Other costs (total per nautical mile, cost per seat.

Software is available to help you understand the cost of operating an aircraft under certain ownership and management structures, while reviewing what the impact is to your bottom-line. The user-friendly platforms use a series of in-built databases that help minimize the required user-input. To execute a thorough evaluation, though, the following information will be needed: 1)

Date of the analysis (for reference purposes) and the numbers of years the analysis should run, the type of aircraft, aircraft status (factory new or pre-owned?). In the case of a preowned asset, the software should allow entry of key data such as the airframe total time, age, total landing cycles, and more.



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GLOBAL EXPRESS

S N 9 12 8

GULFSTREAM G280

GULFSTREAM IVSP

FALCON 7X S N

S N 146 4

S N 92 2 5

GULFSTREAM G200

FALCON 900LX

FALCON 2000

192

HAWKER 900XP S N

PILATUS PC-24

SN 2072

GLOBAL XRS

H A - 17 1

S N 2 80

S N 1 46

CITATION SOVEREIGN S N

KING AIR 200

S N 181

S N 1 87

S N B B -2 46

INFO@AVPROJETS.COM WWW.AVPROJETS.COM l Annapolis, MD 21401 l (410) 573-1515

900 Bestgate Road, Suite 412

Ownership 2.qxp_Finance 20/04/2021 14:38 Page 5

OWNERSHIP

AVBUYER.com

2) 3) 4) 5) 6)

7) 8) 9)

Currency type and conversion rate (where required). Aircraft’s home base (sales and use tax implications). Total fixed and variable cost information. Yearly inflation escalation. Type of acquisition (i.e. cash purchase, debt financing, operating lease, including monthly rate and balloon payment information, etc.). The full acquisition price, and downpayment (where applicable). Tax depreciation method. Type of operation (corporate, government, charter, etc.).

In the case of a Co-ownership or Joint Ownership structure, the evaluation software should allow you to specify what percentage of the aircraft’s operation will be used by you. How much of that will be for personal use, how much for business use (taxation implications), and how much for revenue-generating – charter – trips annually (operational implications)? What are the number of cycles projected for the engines/airframe, and how many landings that are projected for the operation annually. What is the anticipated cost of spare parts, ground support equipment, and pilot and mechanics training? How about the cost of insurance? Or the cost of enrolling the aircraft’s engines, avionics and airframe on an hourly maintenance program? Extra consideration should be given when it comes to evaluating a fractional ownership aircraft management strategy: • • • •

What is the size of the share being acquired? How long is the share purchased for (in years)? What are the annual ‘occupied hours’ available to you? What is the share cost/down payment (is it a cash purchase, or is

• •

it financed – including a down payment)? At the end of the agreement, will there be a trade-in value? What will the monthly fixed cost and occupied flight hour charge be?

In Summary…

The facts should speak for themselves: There are many options available to aircraft operators today. Each is tailored to the needs of a slightly different group of aircraft owner. Only by conducting a thorough analysis of the options and costs, will you truly ascertain the type of aircraft management solution (outsourced or in-house) that is right for your planned usage. Fortunately, in addition to the highly sophisticated software available, there are some highly-knowledgeable and skilled aviation consultants available to help. Their fees will be well justified once you have tailored the right type of operation and management structure for your Business Aviation need. T

RENÉ ARMAS MAES is Vice President, Commercial at Jet Link International LLC and an international consultant with a broad experience in business aircraft sales. He has developed multiple analyses and studies for a number of US Fortune 500 companies and Venture Capital firms, and participated as keynote speaker at a number of business aircraft conferences. https://www.linkedin.com/in/ren%C3%A9-armas-maes-4935b842/

54 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

MAKE MORE INFORMED AIRCRAFT OWNERSHIP DECISIONS with AvBUYER.com www.AVBUYER.com

Jet Management Group April.qxp 19/04/2021 14:49 Page 1

Finance 1.qxp_Finance 20/04/2021 13:05 Page 1

FINANCE

New Jet, Same Lender? What to Consider Should you arrange your next aircraft purchase with the same lender that financed your last business jet, or source a new provider? Dave Higdon highlights some of the key points to consider... he make and model of your next aircraft has been chosen, and a candidate identified on the pre-owned market. As an existing aircraft owner, your operational base is already established, and you have a preexisting relationship with a maintenance provider and fuel supplier. Assuming you will be financing this next aircraft acquisition, the time has come to speak to a lender. But which one? It may be that you also financed your previous aircraft and have a pre-existing relationship with a finance provider. Like any savvy financier, that institution would undoubtedly love to retain your business and finance the next jet, too. But should that mean you borrow from the same lender by default? Over the intervening years, a lot will have changed in the economy and the credit market. What should you do?

56 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

Review the Previous Deal

At this point an historical review of that prior deal would be a good starting point, according to executives of companies which are active in underwriting aircraft finance deals. But keep in mind, this is only a starting point. You want to get as good a deal as possible, whether you are buying something different or merely looking to refinance the existing airplane. The existing agreement may have been signed at a time when interest rates and terms were much less consumer-friendly. How do they stand up by today’s standards?

Review Your Business-Specific Needs

To prepare for a productive discussion, outline the business-specific needs for which an aircraft helps. •

Prepare a synopsis of the aircraft's operating history at its current age www.AVBUYER.com

Finance 1.qxp_Finance 20/04/2021 13:06 Page 2

AVBUYER.com

•

Review the type, and maintenance status of the aircraft Provide a snapshot of how you plan to fly the jet Include an estimate of the number of hours per year you’ll fly Project how long you plan to own the aircraft.

Moreover, try to include in your calculations your company's growth expectations – and how growth may impact your aircraft's utilization. If your company already knows it will expand or add facilities, factor in that information, with a snapshot of the locale, the nearest airports, and how added facilities may impact aircraft use. Armed with such information, you are ready to shop the aircraft finance market.

will have changed. That's a certainty. Determining whether those factors changed for the better means gauging the depths of today's finance market. Today's historically low interest rates have translated into much more favorable financing deals, which is especially good news for operators seeking to buy, or trade-up. It's also welcome news for operators with old notes with steep down-payments, shorter loan terms and higher interest rates. The combination of better terms and lower interest rates may also combine to encourage refinancing for extra capital that can be used to pay cash for required upgrades. These could include adding or upgrading in-flight connectivity, the inflight entertainment system, or having a refurbishment done.

Much Has Changed, Much Hasn't

Review the Terms

• • •

Depending on how long ago your company closed on its current aircraft, many factors in aircraft finance www.AVBUYER.com

Demand for some business aircraft models currently may tempt some operators to sell their existing jet,



AVBUYER MAGAZINE Vol 25 Issue 5 2021

Finance 1.qxp_Finance 20/04/2021 13:07 Page 3

FINANCE

AVBUYER.com

picking up something newer, bigger, and faster. Leading brokers and dealers suggest first pinning down a deal on the replacement aircraft (advantageous with today's better terms and lower interest rates). With an active market for pre-owned business aircraft finance, institutions are finding themselves competing more to make loans, which helps keep interest rates low, and also keeps pressure on the terms offered. Ultimately, though, the decision to refinance ought to be based on some old-fashioned analysis. Is somebody offering better terms at the same interest rates? Then you need to look at the costs of refinancing. If the refinancing adds appreciably to the cost, those higher costs may neutralize any savings made from a lower rate. If, however, the refinancing shortens the loan term, costing less thanks to the lower interest rate, then you have a deal worth pinning down as quickly as both parties can complete their due-diligence examination. Remember, the goal of refinancing should be to reduce the operator's costs, or to cover the costs of any needed upgrades to the aircraft.

DAVE HIGDON is a highly respected aviation journalist who has covered all aspects of civil aviation over the past 36 years. Based in Wichita, he has several thousand flight hours, and has piloted pretty much everything from foot-launched wings to combat jets. Contact him via Dave@avbuyer.com

58 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

It’s All About the Bottom Line

Every finance executive we spoke to made their first piece of advice straightforward and unequivocal: The decision to refinance should not cost anything. It should actually pay… Refinancing the company’s airplane shouldn't be used as a way to add cash to the company's coffers. It should be used as a way to pay for needed upgrades or maintenance, or as a vehicle for reducing the cost of owning the aircraft. That last goal will appeal to a lot of operators who bought and financed their business aircraft back before terms and interest rates started their downward trajectory. There's simply no good reason to stick with a high interest package when lower-cost options abound. So, when talking to your existing lender about a new financing package, you should check that their terms stack favorably compared to what other lenders are offering. For those who are not yet believers in private aviation, but who are weighing it as an option in the near future, it may be prudent to start shopping sooner rather than later. Interest rates and loan terms are unlikely to get much better than this. T

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P059.qxp 19/04/2021 14:59 Page 1

JETAPPRAISALS Performed by Accredited Senior Appraisers

877.531.1450 jetappraisals.com

Desktop Aircraft Appraisals / On-Site Asset Verification and Logbook Review Residual Values / Customized Analysis www.AVBUYER.com

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Finance 2.qxp_Finance 20/04/2021 13:12 Page 1

FINANCE

Aircraft Financing: How Long Does it Take? In answer to a frequently asked question in their field of expertise, National Aircraft Finance Association members offer a standard financing timeline — and outline the factors that could delay the process… 60 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

ith interest rates at historic lows, buyers are increasingly turning to finance as a way to manage expenses and preserve liquidity, when buying business aircraft. Following, NAFA members answer the most frequently asked questions about the financing timeline, including when you need to start, what you need to accomplish (and when), and the factors that could delay the process.

How Long Does the Process Take From Start to Finish?

“Unfortunately, there’s no short answer to this question, as it depends on several factors,” says Michael Smith, President of Scope Aircraft Finance. “I’d say the biggest factor for timing is how complex the financial picture is for the applicant.” However, as a safe bet, both Adam Meredith www.AVBUYER.com

Finance 2.qxp_Finance 20/04/2021 13:13 Page 2

AVBUYER.com

What Does the Financing Process Look Like (and When Does Each Step Need to be Completed?)

“Essentially, it’s a two-part process,” says Meredith: Approval, and Closing (assuming you’ve already determined what person or entity will own the aircraft).

Approval Process - 30 days out: • Collect and submit financial documents (tax returns, pay stub, W2, personal financial statements, etc…) • Choose a specific aircraft, and provide a spec sheet for valuation • Provide answers or additional documentation to any follow-up lender questions Funding: • Obtain aircraft-specific items (purchase agreement, logs, photos, clean title search, signed inspection report, etc…): 1 week prior to closing • If registered to an LLC or corporation, send lender organizational documents: Immediately upon approval • Execute loan documents and send to lender/escrow: 2-3 days in advance of closing • Provide escrow with documents/authorizations/wiring instructions needed to close For an easy way to remember the process, Smith recommends mnemonic devices — “a play on the aviation acronym, CTAF.”

(President of AOPA Aviation Finance Company) and Keith Hayes (Senior Vice President and National Sales Manager of PNC Aviation Finance) advise 3-4 weeks from initial inquiry to funding — with select exceptions in our current environment of limited inventory. Dave Labrozzi and Andrew Farrant, Vice Chairman and Chief Marketing Officer of Global Jet Capital, respectively, echo that same sentiment. “When a client should start thinking about their financing options is typically tied to market conditions. In a slow market with plenty of inventory, getting out in front of the financing question may not be so critical. “On the other hand, in our current market — where we have limited inventory — successfully moving on a desirable aircraft that suddenly comes to market may be directly tied to having strong financing partners in place who are ready to act on your behalf.” www.AVBUYER.com

Call: • •

Reach out to the lender, learn about their program, and obtain a quote. Timing: As soon as you know you want to finance the purchase.

Turn in: • Turn in the application and required financials. • Timing: As soon as you are comfortable with the lender. Approve: • Answer any follow-up questions to ensure a smooth approval process. • Timing: At least two weeks before closing. Fund: • Provide details needed for closing. • Timing: Plan on 1-2 weeks to allow time for all parties of the transaction to co-ordinate paperwork and communicate efficiently.

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AVBUYER MAGAZINE Vol 25 Issue 5 2021

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FINANCE

AVBUYER.com

What Common Errors or External Factors Could Delay the Financing Timeline?

There are a few common errors and external factors to be aware of and avoid (where possible) that could delay the financing timeline. The main ones are as follows: • Aircraft Inspection Results & Issues “If the financing company finds damage history when doing its due diligence, they could request a modification to the structure,” Hayes explains. “So if you’re buying an airplane that has damage history you are aware of, but you’ve done your research and are comfortable with it, then be sure to share that with your finance partner early on.” • Not Providing Organizational Information Early Enough “Over the course of my career, I have always said...come early and come often,” explains Hayes. “In other words, the longer you wait, the more difficult the process can be. In order for your bank to be as aggressive as possible with the highest level of confidence that they’ll be able to close the deal, the buyer should be prepared to provide the financials upfront.” “Remember,” adds Smith, “we as a lending institution can only work as efficiently as we are provided answers and information. So it’s important to provide the details and transparency necessary to make a lending decision.” • Issues with Obtaining a Clean Title, Lien Release, or Other ‘Clouds’ Needing Resolution The most common aircraft title issues include unreleased liens/security agreements (many of these liens can be 20+ years old, which means locating the parties involved can be difficult, resulting in a cloud that is difficult to remove). Moreover, document errors (which can be as 62 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

minor as a missing or incorrect signature, or inconsistent owner information on a bill of sale), and break in ownership (caused by a missing bill of sale or missing signature of one of the previous owners of the plane, or an incorrect title in the signature line of a bill of sale anywhere in the chain of title) are among the fairly common issues. • Internal Legal Issues “If something unique is going on within the business — whether it be a lawsuit or change of ownership — it will eventually come out,” says Hayes. “So be sure to share it upfront. Even if you don’t have concerns about it, your financing partner might.” • International Deals “US financing tends to be fairly straightforward and predictable,” explain Labrozzi and Farrant. “On the other hand, international deals can run into a multitude of complex issues related to aircraft import and tax regulations, regional operating requirements, and regional registration. “The common error in all of this tends to be not getting out in front of the client’s objectives and mission profile early enough to clear these potential roadblocks.” • Improperly Executed Loan Documents In order to prevent this from happening, it’s important to work with a lending institution that specializes in aviation finance. “This is not like financing real estate, which is a fairly common department in any bank,” warns Hayes. “It’s important to partner with someone who understands the documentation and filing process unique to aviation. This will also be a partner that you can grow with as you progress through your aviation life.” T More information from www.nafa.aero www.AVBUYER.com

\ BUSINESS AVIATION SIMPLIFIED.

THE KEY TO SIMPLIFYING YOUR NEXT TRANSACTION IS OUR EXPERIENCE.

The goal of every business aviation transaction is the same—to get people from point A to point B as quickly and efficiently as possible. On the other hand, the needs of each business aviation client are unique. Which is why we focus on creating customized financial solutions designed to meet your unique requirements. From freeing up cash to meeting aggressive deadlines, our goal is simple: to provide the most straightforward process in the industry and make aircraft financing simpler. It’s what happens when you’re only focused on one thing.

844.436.8200 \ info@globaljetcapital.com \ globaljetcapital.com LEASING & LENDING SOLUTIONS

HONG KONG \ NEW YORK \ ZURICH

AirCompAnalysis.qxp_ACAn 21/04/2021 10:19 Page 1

JET COMPARISON

CITATION M2

HONDAJET ELITE

Jet Comparison:

HondaJet Elite vs Cessna Citation M2 How do the HondaJet Elite and the Cessna Citation M2 compare side-by-side? What are the advantages offered by each model and to whom do they most appeal? Mike Chase analyses the performance and productivity parameters. ver the following paragraphs we’ll consider key productivity parameters for the HondaJet Elite and Cessna Citation M2 (including payload, range, speed, and cabin size) to establish which aircraft provides greater value in the Light Jet market, and in which areas. Does speed drive the decision to buy a jet, or is cabin volume or longer range more important to you? It is hoped that the following comparison will help.

HondaJet Elite

As an upgrade on the HondaJet HA420, the HondaJet Elite is Honda’s second aircraft. The HondaJet Elite has noise-reducing engine inlets, and a Garmin 3000 avionics system designed to improve flight planning, stability, and safety. As well as offering a reduced cabin weight, the HondaJet Elite has auxiliary tanks that increase the fuel capacity. The result is a

17% increase in range over the original HondaJet model. As of this writing, there were 51 wholly-owned HondaJet Elite business jets in operation worldwide, with four in shared- and seven in fractional-ownership, making a total of 62 jets in operation.

Cessna Citation M2

The Cessna Citation M2 was launched in September 2011 and is based on the Citation CJ1+, while featuring a new cabin layout and more efficient FJ44 engines. It became Cessna's entry-level jet, once the Citation Mustang ceased production in mid-2017. The aircraft is equipped with modern Garmin G3000 avionics that replaced the Rockwell Collins Pro Line 21. At the time of writing there were 258 wholly-owned Citation M2s, and a further 12 in shared-ownership – making a total 270 units in-operation worldwide.

MIKE CHASE Mike’s analytical and consultancy services are highly valued within the Business Aviation industry. He is founder and president of Chase & Associates, and works closely with several respected sources to compile his unique Aircraft Comparative Analysis features. Contact Mike via mike@avbuyer.com

64 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

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AirCompAnalysis.qxp_ACAn 21/04/2021 12:35 Page 2

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CESSNA

HONDA

HondaJet Elite

Citation M2

vs.

(Manufactured between 2018-Present)

(Manufactured between 2011-Present)

HOW MANY

EXECUTIVE

SEATS

4-5

$5.300 Million (2020 Model)

4-5

$5.305 Million (2020 Model)

WHICH OF THESE LIGHT JETS WILL COME OUT ON TOP?

HOW FAR

CAN WE GO?

4 Pax with Available Fuel 1,171

HondaJet Elite Citation M2

1,183

WHAT’S THE

HOW MUCH

PAYLOAD CAN WE TAKE?

HondaJet Elite

(Lbs) 1,552

1,510

Citation M2

HOW MANY

OPERATION?

EACH MONTH?

UNITS IN

NEW/USED SOLD

270

LONG RANGE CRUISING SPEED? HondaJet Elite Citation M2

www.AVBUYER.com

360 323

WHAT’S THE

COST PER HOUR?

2 (3.3%) 5 (4.4%)

HondaJet Elite Citation M2

Sources used: JETNET, B&CA and Chase & Associates.

(Knots)

12-Month Average Figure

(% = Global Fleet For Sale)

$1,378 $1,402

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AirCompAnalysis.qxp_ACAn 21/04/2021 10:21 Page 3

JET COMPARISON

AVBUYER.com

Table A - Payload & Range Comparison

Payload & Range Comparison

HondaJet Elite Citation M2

10,700 10,700

2,944

3,296

1,510

Max Payload (lb)

Max Fuel (lb)

MTOW (lb)

1,552

488

641

514

Avail Payload w/Max Fuel (lb)

Source: OEMs, B&CA

Chart A - Cabin Comparison Cessna Citation M2

4.83 ft

4.75 ft

Honda Aircraft HondaJet Elite

4.83 ft

Source: UPCAST JETBOOK

Chart B - Range Comparison )

)

!!!!!

1,171 (nm) 1,183 ) (nm) ))))))))-

))))))9,(%:"#);<)))))))))))))-

When comparing business jets, an important area for potential operators to focus on is payload capability, and especially the ‘Available Payload with Maximum Fuel’. Table A (left) shows the Citation M2 ‘Available Payload with Maximum Fuel’ to be 514lbs, which is slightly greater than the 488lbs offered by the HondaJet Elite.

Cabin Comparison

As shown in Chart A (left), the cabin height of the HondaJet Elite is 4.83ft, which is more than the Cessna Citation M2 (4.75ft). The cabin width is also more for the HondaJet Elite (5.0ft vs 4.83ft). Not depicted on the graphic, the HondaJet Elite offers more than a foot of additional cabin length compared with the Citation M2 (12.1ft vs 11ft), and its overall cabin volume measures 225cu.ft. The Citation M2 offers 201cu.ft of cabin volume by comparison. While neither jet offers in-flight accessible luggage space, the HondaJet Elite provides more external luggage volume (66cu.ft versus 43.1cu.ft).

Range Comparison

5.0 ft

HondaJet Elite Citation M2 )

751

Max Payload w/Avail Fuel IFR Range (nm)

1,312

4 Pax w/avail fuel 4 ) Pax )w/avail fuel ) ) )

)

Using Wichita, Kansas as the start point, Chart B (left) shows the Citation M2 offers a range of 1,183nm (with four passengers and available fuel), which is slightly more than the HondaJet Elite’s 1,171nm range. Note: For business jets, ‘Four Pax Range’ represents the maximum IFR range of the aircraft at long range cruise. The NBAA IFR fuel reserve calculation is for a 100nm alternate (under Part 23) and 200nm (under Part 25), per B&CA. This range does not include winds aloft or any other weatherrelated obstacles.

Powerplant Details

The HondaJet Elite has two GE Honda HF120-H1A engines, providing 2,050 pounds of thrist (lbst) each. These burn 103 gallons of fuel/hour (gph). In comparison, the Citation M2 flies with two Williams International FJ44-1AP-21 engines, producing a greater 1,965lbst each, and burning a higher 112gph fuel.

Cost per Mile Comparison

Source: Chase & Associates C

66 Vol 25S Issue 5 2021 AVBUYER MAGAZINE

Chart C (overleaf) details the ‘Cost per Mile’, comparing the HondaJet Elite and the Citation M2, and factoring direct costs with each aircraft flying a 1,000nm mission and an 800lbs (four passengers) payload. The HondaJet Elite has the lowest cost per mile at $4.50 per nautical mile, which is 2.4% less expensive to operate than the Citation M2 ($4.61 per nautical mile).

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JET COMPARISON

AVBUYER.com

Variable Cost Comparison

Chart C – Cost Per Mile Comparison

HondaJet Elite

The ‘Variable Cost’, illustrated in Chart D (middle, left), is defined as the estimated cost of fuel expense, maintenance labor expense, scheduled parts expense, and miscellaneous trip expense (e.g. hangar, crew and catering). These costs DO NOT represent a direct source into every flight department and their trip support expenses. For comparative purposes, the costs presented are the relative differences, not the actual differences since these may vary from one flight department to another. The HondaJet Elite ($1,378/hr) has a lower variable cost than the Citation M2 ($1.402/hr) – a difference of $24, or 1.7%.

$4.50

Citation M2

$4.61 $0

$2.00

$4.00

$6.00

US $ per nautical mile Source: JETNET * Based on a 1,000nm mission

Aircraft Comparison Table

Table B (below, left) contains the new 2020 prices (per B&CA) for the HondaJet Elite and the Citation M2 ($5.3m and $5.305m, respectively). Also listed are the long-range cruise speed and range numbers, per B&CA, while the number of aircraft in-operation, the percentage for sale, and average new and used jets sold are from JETNET. At the time of writing, the HondaJet Elite had two aircraft ‘for sale’ on the used aircraft market (representing 3.3% of the fleet). By comparison, there were 12 Citation M2 ‘for sale’ (4.4% of the fleet). The average number of used transactions (units sold) per month over the previous 12 months was two for the HondaJet Elite, and five for the Citation M2.

Chart D – Variable Cost Comparison $1,378

HondaJet Elite Citation M2

$1,402

$600

$800

$1,000

$1,200

$1,400

$1,600

US $ per hour

Source: JETNET

Asking Prices & Quantity

At the time of writing, there were two HondaJet Elite business jets available for sale on the used aircraft market that invited offers with no asking prices provided. There were also 12 Citation M2 business jets for sale, with four showing ask prices ranging from $3.1m to $3.8m. While each aircraft serial number is unique, the Airframe Total Time (AFTT) and age/condition will cause great variation in the price of a specific aircraft – even between two aircraft from the same year of manufacture. The final negotiated price remains to be decided between the seller and buyer before the sale of an aircraft is completed.

Table B - Market Comparison Table

HondaJet Elite Citation M2

360

323

Long Range Cruise Speed (Kts)

225

201

Cabin Volume Cu Ft

1,171 1,183

$5.300 $5.305

4 Pax w/Avail Fuel IFR Range (nm)

New Price (2020 Model) $USm

*Average Full Sale Transactions in the past 12 months, as of March 2021; Source: JETNET Data courtesy of B&CA; JETNET

68 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

270

In Operation

3.3% 4.4% % For Sale

New/Used Average Sold per Month*

Maximum Scheduled Maintenance Equity

Chart E and Chart F (overleaf) represent the HondaJet Elite and Citation M2, respectively. They depict (and project) the Maximum Maintenance Equity each jet has available, based on its age. • The Maximum Maintenance Equity figure is achieved the day an aircraft



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JET COMPARISON

Chart E - HondaJet Elite Maximum Scheduled Maintenance Equity HondaJet Elite Assumed Annual Utilization: 200 Flight Hours Pct of Avg Max Mtnc Equity vs. Aircraft Age 100% 90% 80%

70%

Depreciation Schedule

Pct of Max Mtnc Equity

60% 50% 40% 30% 20% 10% 0%

Aircraft Age (Years)

Source: Asset Insight (www.assetinsight.com)

Chart F - Citation M2 Maximum Scheduled Maintenance Equity Citation M2 Assumed Annual Utilization: 360 Flight Hours Pct of Avg Max Mtnc Equity vs. Aircraft Age 100% 90% 80%

Pct of Max Mtnc Equity

•

comes off the production line (since it has not accumulated any utilization toward any maintenance events). The percent of the Maximum Maintenance Equity that an average aircraft will have available, based on its age, assumes: Average annual utilization of 200 flight hours (in the case of the HondaJet Elite), or 360 flight hours (Citation M2); and All maintenance is completed when due.

70%

60% 50% 40% 30% 20% 10% 0%

Source: Asset Insight (www.assetinsight.com)

70 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

Aircraft Age (Years)

Aircraft that are owned and operated by businesses are often depreciable for income tax purposes under the Modified Accelerated Cost Recovery System (MACRS). Under MACRS, taxpayers can use accelerated depreciation of assets by taking a greater percentage of the deductions during the first few years of the applicable recovery period. In certain cases, aircraft may not qualify under the MACRS system and must be depreciated under the less favorable Alternative Depreciation System (ADS), based on a straight-line method meaning that equal deductions are taken during each year of the applicable recovery period. In most cases, recovery periods under ADS are longer than recovery periods available under MACRS. There is a variety of factors that taxpayers must consider in determining if an aircraft may be depreciated, and, if so, the correct depreciation method and recovery period that should be utilized. For example, aircraft used in charter service (i.e. Part 135) are normally depreciated under MACRS over a seven-year recovery period, or under ADS using a twelve-year recovery period. Aircraft used for qualified business purposes, such as Part 91 business use flights, are generally depreciated under MACRS over a period of five years or by using ADS with a seven-year recovery period. There are certain uses of the aircraft, such as non-business flights, that may have an impact on the allowable depreciation deduction available in any given year. The US enacted the 2017 Tax Cuts & Jobs Act into law on December 22, 2017. Under the Act, taxpayers may be able to deduct up to 100% of the cost of a new or pre-owned aircraft purchased and placed in service before January 1, 2023. This 100% expensing provision is a huge bonus for aircraft owners and operators. After December 31, 2022 the Act decreases the percentage available each year by 20% to depreciate qualified business jets until www.AVBUYER.com

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Productivity Comparison

The points in Chart G (below, right) are centered on the same aircraft. Pricing used in the horizontal axis is as published in B&CA. The productivity index requires further discussion since factors used can be somewhat arbitrary. Productivity can be defined (and it is here) as the multiple of three factors: 1. 2. 3.

Four Passenger Range (nm) with available fuel The long-range cruise speed flown to achieve that range The cabin volume available for passengers and amenities.

Others may choose different parameters, but serious business aircraft buyers are usually impressed with price, range, speed, and cabin size. The HondaJet Elite offers more speed and a greater cabin volume than the Cessna Citation M2. The Cessna Citation M2, meanwhile, has a higher ‘Available Payload with Maximum Fuel’ and a nominal 12nm longer range when carrying four passengers than the HondaJet Elite. The HondaJet Elite is purchased at a slightly lower price ($5.3m vs $5.305m) when new. These two Light Jets are very closely matched, and it is clear that would-be buyers should weigh the capabilities of each model very carefully against their own specific mission need to determine which one is the best choice for their own flight operation. Within these paragraphs we have $ that touched upon several of the attributes business jet operators value, although there are other qualities, such as airport performance, terminal area performance and time-to-climb that might factor in a buying decision. Ultimately, there is plenty for a prospective buyer to consider when deciding which performance criteria is better suited to them in an aircraft. Both the HondaJet Elite and Cessna Citation M2 offer great value in the Light Jet market today. T

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Table C - HondaJet Elite MACRS Depreciation Schedule 2020 HondaJet Elite - Private (Part 91) Full Retail Price - Million $5.300 Year

Rate (%)

20.0%

Depreciation ($M)

Depreciation Value ($M) Cum. Depreciation ($M)

32.0%

$1.060

$4.240

11.5%

$1.018

$0.611

$2.756

$3.774

$4.384

$4.995

$1.526

$0.916

11.5%

$1.696 $2.544

$1.060

19.2%

5.8%

$0.305

$0.000 $5.300

2020 HondaJet Elite - Charter (Part 135) Full Retail Price - Million $5.300 Year

Rate (%)

24.5%

14.3%

17.5%

12.5%

8.9%

4.5%

Depreciation ($M)

$0.757

$1.298

$0.927

$0.662

$0.473

$0.236

Cum. Depreciation ($M)

$0.757

$2.055

$2.982

$3.644

$4.118

$4.590

$5.064

$5.300

Depreciation Value ($M)

$3.245

$4.543

$2.318

$1.656

$1.182

$0.710

$0.236

$0.000

Source: B&CA

Table D - Citation M2 MACRS Depreciation Schedule 2020 Citation M2 - Private (Part 91) Full Retail Price - Million $5.305 Year

Rate (%)

20.0%

32.0%

19.2%

11.5%

5.8%

Depreciation ($M)

$1.061

$1.698

$1.019

$0.611

$0.306

Cum. Depreciation ($M)

$1.061

$2.759

$3.777

$4.388

$4.999

$5.305

Depreciation Value ($M)

$4.244

$2.546

$1.528

$0.917

$0.306

$0.000

2020 Citation M2 - Charter (Part 135) Full Retail Price - Million $5.305 Year

Rate (%)

14.3%

24.5%

17.5%

12.5%

8.9%

4.5%

Depreciation ($M)

$0.758

$1.299

$0.928

$0.663

$0.474

$0.473

$0.474

$0.237

Cum. Depreciation ($M)

$0.758

$2.057

$2.985

$3.648

$4.121

$4.595

$5.068

$5.305

Depreciation Value ($M)

$4.547

$3.248

$2.320

$1.657

$1.184

$0.710

$0.237

$0.000

Source: B&CA

Chart G - Productivity Comparison Prices (millions)

December 31, 2026. Table C (right) depicts an example of using the MACRS schedule for a 2020model HondaJet Elite in private (Part 91) and charter (Part 135) operations over fiveand seven-year periods. The price is as published by B&CA at the time of writing. Meanwhile, Table D (middle, right) depicts an example of using the MACRS schedule for a 2020-edition Cessna Citation M2 in private (Part 91) and charter (Part 135) operations over five- and seven-year periods. Again, the price is per B&CA.

$12.0 $8.0

$4.0 $0.0 0.000

2020 Citation M2

0.040

2020 HondaJet Elite

0.080

0.120

0.160

Index (Index = Speed x Range x Cabin Volume / 1,000,000,000)

AVBUYER MAGAZINE Vol 25 Issue 5 2021

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VALUES - LARGE JETS

Business Aircraft Values: The Large Cabin Choice There are occasions when the operator’s mission dictates an aircraft of larger capacity. This month our value study focuses on our definition of Large Cabin and Ultra-LongRange business jets. he average Large Cabin and Ultra-Long-Range jets share more in common than they differ, with similar cabin sizes and comparable cruise speeds ranging roughly between 450-500kts. For the purpose of this month’s focus, we’ll categorise Large Cabin and Ultra-Long-Range jets under the generic category of ‘Large Cabin jets’, on the basis of their shared characteristics, and MTOWs that generally range between 38,000-100,000 pounds. Large Cabin jets have much in their favor. Seatsfull range capabilities typically go up to, and into the 6,000nm range, making these effective nonstop continent and ocean-crossing machines. The fewer the stops, the shorter the overall trip time! One disadvantage the Large Cabin jets have over their Small and Medium jet kin is their need for runways longer than 6,000ft, which restricts the number of airports they can use by comparison. Nevertheless, for the trans-oceanic traveller, the advantages offered by these airplanes far outweigh the negatives. Where the Large Cabin airplanes really excel (as the name would suggest) is in their cabin capacities. A cabin will typically stretch from 30-40 feet or more, enabling operators to enjoy a wider array of finishing options and office capabilities than jets in the smaller segments can provide.

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Cabin heights in excess of six feet guarantees stand-up cabin comfort, while seating capacity of 8-18 is typical. Naturally, the size and range capabilities of Large Cabin jets don’t come cheaply, and you’ll need a larger fuel budget, more hangar space and a larger maintenance budget. Yet for the company with the need, the Large Cabin jet will rarely prove too small, and only occasionally be too large for an airport you’d prefer to access. In these situations, supplemental charter is the answer.

Large Cabin Jet Price Guide

The following Large Jets’ Average Retail Price Guide represents current values published in the Aircraft Bluebook–Price Digest. The study spans model years from 2002 through Spring 2021. Each reporting point represents the current average retail value published in the Aircraft Bluebook by its corresponding calendar year. For example, the Gulfstream G550 values reported in the Spring 2021 edition of the Bluebook show $29.0m for a 2017 model, $26.0m for a 2016 model and so forth. Aircraft are listed alphabetically. With the reader’s knowledge of aircraft, equipment, range and performance, the following Guide allows the reader to determine the best value aircraft for consideration.

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AVBUYER MAGAZINE Vol 25 Issue 5 2021

Retail Values May2021.qxp_RPG 21/04/2021 13:19 Page 1

VALUES - LARGE JETS

Large Jets: Average Retail Price Guide MODEL YEAR $

2021 US$M

2020 US$M

2019 US$M

2018 US$M

2017 US$M

2016 US$M

2015 US$M

2014 US$M

2013 US$M

2012 US$M

MODEL 10.0

BOMBARDIER CHALLENGER 850ER 23.0

BOMBARDIER CHALLENGER 650

19.0

17.0

15.0

14.0

BOMBARDIER CHALLENGER 605

9.0

10.5

10.0

9.5

9.0

13.0

BOMBARDIER CHALLENGER 604 BOMBARDIER GLOBAL 7500

70.0

62.0

BOMBARDIER GLOBAL 6500

46.0

42.0

BOMBARDIER GLOBAL 6000

38.0

35.0

31.0

29.0

27.0

24.0

22.0

20.0

19.0

BOMBARDIER GLOBAL 5000

36.0

28.0

26.0

23.5

21.5

19.5

17.5

15.5

13.5 17.0

BOMBARDIER GLOBAL EXP XRS BOMBARDIER GLOBAL EXPRESS DASSAULT FALCON 8X

60.0

51.0

45.0

40.0

38.0

36.0

DASSAULT FALCON 7X

53.8

40.0

35.0

31.0

28.0

25.0

24.0

22.0

21.0

DASSAULT FALCON 2000LXS

35.1

30.0

26.0

24.0

22.0

20.0

19.0

18.0

16.5

DASSAULT FALCON 2000S

28.8

26.0

21.0

19.0

18.0

17.0

16.0

14.0

12.0

20.0

14.5

DASSAULT FALCON 2000LX DASSAULT FALCON 2000DX EASy DASSAULT FALCON 2000EX EASy DASSAULT FALCON 2000EX DASSAULT FALCON 2000 44.0

DASSAULT FALCON 900LX

36.0

31.0

26.0

24.0

22.0

20.5

19.5

18.5

17.5

39.0

36.0

34.0

30.0

26.0

24.0 22.0

20.0

19.0

18.0

17.0

16.0

15.0

14.0

13.0

12.0

10.0

9.0

7.5

DASSAULT FALCON 900DX DASSAULT FALCON 900EX EASy DASSAULT FALCON 900EX DASSAULT FALCON 900C EMBRAER LINEAGE 1000E EMBRAER LINEAGE 1000 EMBRAER LEGACY 650 EMBRAER LEGACY 600 EMBRAER LEGACY 135BJ GULFSTREAM G650ER

62.0

53.0

43.0

40.0

38.0

36.0

34.0

32.0

30.0

GULFSTREAM G600

54.0

49.0

GULFSTREAM G550

39.0

35.0

32.0

29.0

26.0

24.0

22.0

20.0

19.0

GULFSTREAM G500 (NEW MODEL)

43.0

37.0

35.0 15.0

GULFSTREAM G500 (OLD MODEL) 19.0

GULFSTREAM G450

17.0

16.0

15.0

14.0

13.0

GULFSTREAM G400 9.5

GULFSTREAM G350 GULFSTREAM G300 GULFSTREAM GV GULFSTREAM GIV-SP AIRCRAFT BLUEBOOK DATA - CHRIS REYNOLDS, EDITOR. EMAIL: CHRIS.REYNOLDS@INFORMA.COM

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What your money buys today

Spring 2021 2011 US$M

2010 US$M

2009 US$M

2008 US$M

2007 US$M

2006 US$M

8.0

7.0

6.0

5.0

4.0

3.0

8.5

8.0

7.5

7.0

6.5

2005 US$M

2004 US$M

2003 US$M

2002 US$M

MODEL YEAR $ MODEL BOMBARDIER CHALLENGER 850ER BOMBARDIER CHALLENGER 650

5.9

BOMBARDIER CHALLENGER 605 5.6

5.3

5.0

4.7

4.5

BOMBARDIER CHALLENGER 604 BOMBARDIER GLOBAL 7500 BOMBARDIER GLOBAL 6500 BOMBARDIER GLOBAL 6000

12.5

11.5

10.5

9.5

8.5

7.5

7.0

16.0

15.0

14.0

13.0

12.0

11.0

10.0 8.5

BOMBARDIER GLOBAL 5000 BOMBARDIER GLOBAL EXP XRS 8.0

7.5

7.0

BOMBARDIER GLOBAL EXPRESS DASSAULT FALCON 8X

18.0

17.0

16.0

15.0

14.0

DASSAULT FALCON 7X DASSAULT FALCON 2000LXS DASSAULT FALCON 2000S

12.5

16.5

10.5

10.0

9.5

9.0

8.5

8.0

9.5

9.0

DASSAULT FALCON 2000LX DASSAULT FALCON 2000DX EASy

8.5

8.0

7.5

6.0

5.5

5.0

7.0

DASSAULT FALCON 2000EX EASy

6.0

5.5

4.5

4.3

DASSAULT FALCON 2000EX 4.0

15.5

DASSAULT FALCON 2000 DASSAULT FALCON 900LX

11.5

11.0

10.5

10.0

9.0

8.0

14.5

14.0

13.5

13.0

12.0

11.0

6.4

DASSAULT FALCON 900DX 10.0

6.2

9.0

DASSAULT FALCON 900EX EASy

8.0

7.5

6.0

5.8

DASSAULT FALCON 900EX DASSAULT FALCON 900C EMBRAER LINEAGE 1000E

18.0

16.0

10.0

9.0

7.0

14.0

EMBRAER LINEAGE 1000 EMBRAER LEGACY 650

6.5

6.0

5.5

EMBRAER LEGACY 600 5.0

4.5

4.0

3.7

3.5

EMBRAER LEGACY 135BJ GULFSTREAM G650ER GULFSTREAM G600

18.0

17.0

16.0

15.0

14.0

13.0

12.0

11.0

10.0

GULFSTREAM G550

14.0

13.0

12.0

11.0

10.0

9.0

8.0

7.0

6.0

GULFSTREAM G500 (OLD MODEL)

12.0

11.0

10.0

9.0

8.5

7.5

6.5 7.5

7.0

GULFSTREAM G400

5.0

4.5

GULFSTREAM G300

GULFSTREAM G500 (NEW MODEL)

8.5

8.0

7.5

7.0

6.5

6.0

GULFSTREAM G450

5.5

GULFSTREAM G350

9.0

GULFSTREAM GV

5.1

GULFSTREAM GIV-SP

AIRCRAFT BLUEBOOK DATA - CHRIS REYNOLDS, EDITOR. EMAIL: CHRIS.REYNOLDS@INFORMA.COM

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AVBUYER MAGAZINE Vol 25 Issue 5 2021

Flight Dept 1 MAy21.qxp_Finance 20/04/2021 13:52 Page 1

FLIGHT DEPARTMENT MANAGEMENT

The Roadmap to Resuming Flight Activity

Are you ready for your flight department to return to its pre-covid levels of flying? Have you planned for a surge in demand for your aircraft and pilots? Andre Fodor shares tips from his own operation...

uring the enforced hiatus in flying activity for many Business Aviation flight departments over the past several months, we have all been doing our best to stay proficient. Many of us will be trained and ready, ever eager, filled with anticipation for the day that we can return to normal life (and operations) again. Speaking with colleagues in the charter and fractional ownership business, I am assured there’s plenty of pent-up demand for Business Aviation. Those charter and fractional ownership contacts are reporting that demand is up to nearly 100% of its pre-Covid levels, and that they are adding airplanes, pilots and new customers to their businesses. That demand EXCLUDES business travel. Until now, people have primarily been flying for personal reasons. During the recent spring break in the United States, my charter brokerage contacts reported being unable to support any additional requests. Charter availability was sold out – with most clients flying to tropical and coastal destinations.

76 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

With that in mind, this is clearly the time to start preparing for the forecast high demand, ahead of when the world (and our executives) resume flying again.

Step 1: Proficiency, First and Foremost

As we ramp-up post-Covid, proficiency should become a key focus. With so much latency from the slow down, it’s possible that pilots, mechanics and flight department office staff could have become a little rusty. From a flight crew standpoint, there are legal currency matters to address. Let’s make sure our pilots are current for day (and night) flight. Check IFR currency, and review everyone’s medical certificates for validity. You may find it useful to gather everyone together for an enhanced safety brief.

Step 2: Mental and Physical Stock-Taking

This is the ideal time for the maintenance staff to bring up any new operational topics that have arisen during the downturn. It’s also the time for crew to remove expired, or

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soon-to-expire, goods from the catering closets and check that all on-board equipment is operational, clean and sanitized.

Step 3: Rebuild Your Endurance

Any swimmer would know that after a time without swimming, their endurance in the water is reduced. It’s worth applying similar logic when scheduling long duty days, or lengthy night time flights, after our long hiatus. It takes time for us to get our work endurance levels back. And as we get vaccinated, plan on most regulatory agencies requiring a minimum 48 hours of ground time before returning a pilot to flight status – and that’s not counting the potential for side effects that could confine your pilot to their bed for several days.

Step 4: Maintain Covid Procedures

Another core element of endurance, as people return to flying, is towards the precautionary safety requirements. We may well experience disregard for wearing masks, hand-washing, and

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social distancing. The crew must remain alert, sticking rigidly to Covid-protection guidelines. The position of my flight department for the foreseeable future is that we will continue to greet our passengers wearing masks, refrain from handshaking, and continue to practice social distancing as much as possible. We will explain that we are acting in the passengers’ best interests. Our procedure for crew hotel bookings will also continue. We only book known hotels, with detailed Covid sanitizing procedures. We provide each of our crew with a sanitizing kit containing viral spray, chlorine-based wipes, and gloves. We require that before they relax in their hotel rooms, they take time to clean their environment. We also require that our crew refrain from going to crowded restaurants, and ideally choose to sit outside and in well-ventilated areas. Our airplanes continue to be sanitized and cleaned according to our original pandemic plan. We use an anti-viral spray after every flight, and fumigate every 14 days using a product designed to create a viral barrier on all surfaces. The goal is to keep everyone healthy without compromising.

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FLIGHT DEPARTMENT MANAGEMENT

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Step 5: Vaccination

The media has been reporting the possibility of vaccine passports being required to travel. There is a strong possibility that without a vaccination, access to many destinations could be limited. It is worth encouraging your teams to be proactive in getting vaccinated. Issues about vaccination requirements for crews could certainly become contentious at some operators. It may not work for everyone, or every operation, but creative solutions and incentives may be the way to go in this regard.

In Summary…

Gradually, we will see business-related flight operations return to their pre-Covid levels. The question is, how will your flight operation have prepared – will you be ready to hit the ground running? The above steps have been kept deliberately simplistic, to provoke thought that can be tailored to individual flight departments. You may have your own ideas to add to the ‘roadmap’. If so, we’d love to hear them. T

ANDRE FODOR With a focused approach on global excellence and creativity, Andre Fodor has managed flight operations for the U.N. and Flight Options as well as being a senior demonstration pilot and instructor for Embraer Aircraft. He is the Aviation Director for his current employer. https://www.linkedin.com/in/andrefodor/

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“There is a strong possibility that without a vaccination, access to many destinations could be limited. It is worth encouraging your teams to be proactive in getting vaccinated.”

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Flight Dept 2.qxp_Finance 20/04/2021 14:01 Page 1

FLIGHT DEPARTMENT MANAGEMENT

Three Aircraft Insurance Tips for a Tight Market While there’s not much a flight department manager can do about the rising cost of airplane insurance currently, Benjamin Peterson of Sunset Aviation shares tips on how to qualify for the best premiums available… ou’ve probably already noticed an uptick in aviation insurance rates recently. Premium costs in some cases have increased by 20%, while others have seen an almost 100% spike in premium rates. These price fluctuations lead to a tighter aviation insurance market, which is why many are finding it challenging to find the best coverage for their aircraft at a desired rate. But where does this premium value come from? Are underwriters throwing a dart at the wall and making up numbers? What constitutes a fair deal, and why? And what are the factors considered when determining a premium rate? Let’s find out…

80 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

Aviation Insurance Premiums are Cyclical

Like all other insurance products, aircraft insurance is based on the idea that the losses of the few are covered by the premiums paid by the many. If you ask veteran pilots, they’ll tell you that the past decade has been a decade of extremely low aviation premiums. Prices reached this all-time low due to competition between insurance companies vying for more business. However, catastrophic disasters like hurricanes and wildfires have caused losses in the insurance sector over the last few years and have forced insurers to increase their premiums to respond effectively to future incidents. www.AVBUYER.com

Flight Dept 2.qxp_Finance 20/04/2021 14:02 Page 2

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“Are underwriters throwing a dart at the wall and making up numbers?” To make matters worse, significant numbers of aircraft have remained mostly grounded in 2020/2021 due to COVID-19 lockdown restrictions. Many insurers have had to start refunding premiums as aircraft stand parked in hangars. The overall macro trend of low interest rates means property and casualty insurance companies will have to replace their fixed income yield with higher insurance rates. The tightening of the market has also forced many underwriters to leave the aviation sector. As a result, the competition has dropped, and now only a handful of insurance companies serve aircraft owners. Naturally, premium rates are shooting up. While this upward trend in premium rates is a matter for concern, the good news is that aviation insurance premiums are cyclical in nature. These prices will come down again over the next few years, once the market stabilizes – although the higher rates are likely to stay, at least for the short-term and until insurance companies figure out the right price point to ensure stability and predictability in the event of future catastrophic losses. So, if you’re looking to get coverage for your aircraft in this turbulent season, there are a few crucial factors you need to consider. www.AVBUYER.com

1. Ensure Your Aircraft is Properly Valued

If you’re buying insurance for your business jet or turboprop, a major chunk of your total annual premium will go towards hull value insurance. Hull premiums usually account for 60-70% of your total premium, depending on the policy you choose. While hull insurance is necessary to cover physical damage to your airplane, the coverage you’ll get depends on your aircraft’s current market value. By making sure that your aircraft is appropriately valued (not over- or under-insured), you’ll have a better chance of getting the top underwriting interest every year. Underwriting companies usually evaluate the value of an aircraft using varied sources, including Vref and Aircraft Bluebook. However, aircraft insurance is different from car insurance in that it’s insured for an ‘Agreed Value’, as opposed to Aircraft Bluebook value alone. The reason for this is because aircraft values vary widely, based on airframe and engine time, and modifications. Getting hull insurance, in this case, may require you to explain why your airplane value is higher than standard, based on modifications and upgrades you have made. The insurance company may require proof of purchase price or maintenance receipts.

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Flight Dept 2.qxp_Finance 20/04/2021 16:53 Page 3

FLIGHT DEPARTMENT MANAGEMENT

Hull insurance also takes pilot experience, local hazards, and other factors into consideration, which is why it is usually individually underwritten. Therefore, a knowledgeable insurance broker, who can help you get properly insured, will be crucial.

2. Complete Your Pilot Proficiency Training

Your annual premium will largely depend on your proficiency as a pilot, especially related to the aircraft you want to insure. Premium rates are inversely proportional to your experience — more flight hours tend to lead to lower premium rates. Since the market is hardening, it is also a good idea to get a commercial or ATP license if you don’t have one already. Underwriters usually prefer a new, advanced license or an additional rating that you may have acquired during the past year. A commercial license can give you access to higher liability options. At the same time, your regular participation in safety training will be taken into account the next time your policy is due for renewal.

3. Review the Experience of the Other Pilots

Your aircraft insurance premium is always decided based on the pilot with the lowest experience. If you’re needing to include other pilots from your

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flight department, make sure that they, too, have enough experience, and have logged substantial training hours. Also, having too many fractional partners and/or dry leases to third parties will also increase your risk profile and may attract an additional premium.

In Summary…

As a pilot, you have little-to-no control over the increasing cost of aviation insurance, due to the tightening of the market. However, as we’ve explored, there are ways you can navigate this turbulent season, getting the best coverage for your aircraft while keeping control of the premium cost. When the market hardens, insurance companies seek out the lowest risks. So, anything that you can do to make yourself look more appealing will help you get the best quotes from insurance companies. A broker can be your helping hand in grooming your profile by suggesting necessary actions that impress insurance underwriters. Need help in getting your aircraft insured effectively and affordably? Reach out to team@sunsetais.com or call +1-310-453-3355. T

BENJAMIN PETERSON has been a commercial pilot and flight instructor for over 15-Years. In 2012, Ben started Sunset Aviation to help aviation clients around the world with their insurance needs. https://www.linkedin.com/in/ben-peterson-64505720/

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FLIGHT DEPARTMENT MANAGEMENT

How to Better Understand RNP AR Approaches (Part 1)

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What are RNP AR Approaches, why are they beneficial, and who can execute them? Mario Pierobon provides answers to these questions and more in this two-part article… erformance Based Navigation (PBN) has been one of the main evolutions of navigation in Business Aviation over the last several years. Today, under the PBN umbrella, there is a particular type of navigation specification that has started to develop critical mass: The RNP AR approach requires a higher level of performance, and allows for a reduced protected area for obstacle clearance. In this two-part feature, we will look at the definition of the navigation specifications and the aspects related to obstacle clearance and operational approval.

Defining RNP AR APCH

Required Navigation Performance (RNP) enables an aircraft’s navigation system to monitor the navigation performance it achieves, and inform the crew if the requirement is not met during an operation. This onboard monitoring and alerting capability enhances the pilot’s situational awareness. The amount of clearance required over obstacles is the same but the area evaluated for obstacles is reduced. Certain RNP operations require advanced features of the on-board navigation function, and approved training and crew procedures. These operations must receive approvals that are characterized as Authorisation Required (AR), similar to approvals required for operations to conduct Instrument Landing System (ILS) Category II and III approaches. “An RNP AR APCH (approach) is a procedure that allows for narrow, linear obstacle clearance corridors in the procedure design, due to the assurance of specific navigation performance provided by aircraft on-board position monitoring and alerting systems,” summarizes Jim Johnson, Senior Manager of Flight Technical Services at Honeywell Aerospace. What makes RNP AR APCH unique is the authorization. Moreover, RNP AR could also include curved flight paths – called radius-to-fix (RF) legs – in any segment of the flight procedure, including final approach. “This provides added flexibility to implement approach procedures where traditional straight-in procedures could not be accommodated,” Johnson highlights. “The regulatory authorities have labelled these procedures as AR, because of the monitoring and www.AVBUYER.com

alerting systems required on the aircraft, as well as the pilot training required for the approaches. A formal approval in the form of a letter of authorization or operation specification is required for operators wanting to fly these approaches,” he clarifies.

Obstacle Clearance

The RNP AR APCH has been developed to allow procedures to be implemented in challenging obstacle environments where conventional obstacle protection surfaces limit the possibility of implementation. According to EUROCONTROL, the dimensions of the obstacle clearance surfaces are reduced, but the risk is mitigated by imposing specific aircraft performance requirements, additional crew training and targeted flight operational safety assessments. Procedures are designed according to criteria described in ICAO Doc 9905 – the RNP AR procedures design manual, while the operational approval process is described in ICAO Doc 9997 – the PBN Operational Approval Manual. The FAA uses FAA Order 8260.58 for RNP AR APCH procedure development. There are similarities between the documents, but there are some minor differences too. In an RNP AR APCH, obstacles can be located as close as two times the RNP value, relative to the centerline of the lateral path, and RNP values can be as low as 0.1nm. There is also a target level of safety set at 10-7 for the procedure, says Garmin, where 10-7 represents “the probability that the aircraft could ever deviate outside the 2 x RNP obstacle clearance surface for any reason”. In addition, RNP AR allows for turns to be implemented after the Final Approach Fix (FAF), allowing even greater flexibility for the trajectory design. According to NAVBLUE, an Airbus company specializing in RNP AR implementation projects, given the high-performance requirements from the aircraft and crew, and the highly accurate nature of the instrument flight procedures, to fly such procedures an operator must obtain approvals from their regulator and the regulator who oversees the airport concerned (if different). This is the meaning of ‘Authorization Required’.

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“...one needs the avionics, the aircraft, and the aircrew all to be authorized to do an RNP AR APCH.” Operational Approval

The approval to perform RNP AR approaches depends on certain conditions that need to be met, according to Tom Harper, Director of Marketing at Avidyne. “The aircraft must be ‘qualified’, and include dual FMS/GPS, dual air-data computers, dual autopilots, and a single IRU, and where no single-point failure can cause loss of RNP-compliant guidance with system monitoring of Total System Error (TSE) of 10-5”, he adds. “The crew must also have authorization similar to those for CAT II/III ILS operations. The key here is that one needs the avionics, the aircraft, and the aircrew all to be authorized to do an RNP AR APCH,” he underlines. Operators who want to fly RNP AR procedures must first obtain an operational approval. The FAA process for obtaining such is described in AC 90-101A (Approval Guidance for RNP Procedures with AR). To obtain the approval, Garmin says operators must prepare and submit information on the following:

The RNP AR pilot training program The dispatcher/flight follower training program, and The maintenance procedures. There is also the need for a description of the RNP AR monitoring program, including the data collected on RNP AR operations, the Minimum Equipment List (MEL), and validation test plan, demonstrating the capability to conduct RNP AR approach operations and proposed operating conditions or limitations, Garmin adds. Finally, under EASA air operations requirements, the operator needs to perform a Flight Operational Safety Assessment (FOSA), notes EUROCONTROL, which adds that this might be necessary for every individual RNP AR approach procedure that they wish to be authorized to fly. “The crew need specific training on RNP AR, and the operators must also have procedures in place to ensure, for every AIRAC, that the RNP AR procedure in the database is exactly the same as the RNP AR procedure that was initially validated.”

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Coming in Part 2

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A description of the aircraft equipment and its qualification for RNP AR Operating procedures and practices, processes and procedures associated with a navigation data validation program

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In the next instalment of this article, we will explore where RNP AR approaches can be found, looking in a little more detail at the enabling on-board systems and technology, and the operating procedures required. T

MARIO PIEROBON is a safety management consultant covering both fixed- and rotary-wing operations. He writes broadly on safety-related topics, with expertise of air operations and crew training safety regulations. As a consultant, Mario helps companies improve procedures. His knowledge of safety is valued by several industry-leading publications, including AvBuyer. More information from: https://www.linkedin.com/in/mario-pierobon-85991319/

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How to Build Maintenance Relationships (Aircraft Certification) Ken Elliott continues his series on MRO relationships with aircraft owners and operators, addressing the general aspects of aircraft certification.

he saying “it’s all in the fine print” is so relevant when it comes to aircraft certification. Aircraft transactions can move from easy to difficult based on one unfortunate lapse, or unexplained statement in an aircraft logbook. Equally an aircraft service event or upgrade can grind to a halt because of a paperwork error, a missing document, or a minor step not taken.

Two Primary Certification ‘Buckets’

Initial Airworthiness: Airworthiness is a ‘condition statement’ and always followed by ‘in accordance with’, so there exists a traceability to the standards with which the aircraft’s owner has complied. Whoever the aircraft is registered to is responsible for it, including its airworthiness. Initial Airworthiness can be understood to be the flight-readiness of the aircraft upon delivery to its new (and first) owner. That initial status ends at Day One, because specific future inspections are based on time, irrespective of whether the aircraft has flown or not. The document that declares this initial airworthiness is called the Certificate of Airworthiness, and must 88 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

always be present in the aircraft. Most certificates are known as ‘Standard’, but can be issued as ‘Special’. The Airworthiness Certificate is issued based on the manufacturer’s Type Certificate, specific to each of the different models of aircraft built. So, the aircraft manufacturer is responsible for providing the aircraft with the initial Certificate of Airworthiness, and the new or subsequent owner is responsible to maintain its currency. From a relationship perspective, the aircraft OEM will encourage owners to continue with their service programs, providing a seamless transition from initial, to continued airworthiness. Because of the structure of OEM warranty and service programs, customers will stick around a while. Third party MROs usually become the continued airworthiness provider after the end of warranty coverage, if at all… Continued Airworthiness: After the aircraft is certified as ‘ready for service’, the clock begins ticking and its new owner becomes subject to ensuring continued airworthiness. Suddenly, a whole new world of maintenance, inspection, service, modification, factory www.AVBUYER.com

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bulletins and operational approvals present themselves to the unsuspecting owner. Many owners will rely on the OEM, a management company, or a private or corporate flight department to handle the airworthiness process for them. Still, it is good to know a little about the world of certification. After all, continued airworthiness does not alter the Certificate of Airworthiness, it maintains the right to retain it…

Return to Service (RTS)

Here is a statement you will hear so many times whenever your aircraft is due home from any kind of service, beyond that received at your favorite FBO. Major upgrades, paint, interior, engine work, and more all require Return To Service. To understand RTS better, it helps to know how maintenance and other work is handled within a typical aircraft Maintenance Repair and Overhaul (MRO) shop. Apart from those working on your aircraft there are support personnel, including inspectors, often assigned to each brand of aircraft that is serviced. This allows them to become very familiar with the practices www.AVBUYER.com

and nuances of an OEM. There will be, at least, one inspector assigned to your aircraft and that person is the final authority on your aircraft’s airworthiness status. This is useful, because the inspector is ultimately looking for many minor ‘inspection sign-offs’. These minor checks are the stamped line items on a complex work-scope document, and permit a final sign-off. Of course, there is much more activity being monitored, and paperwork required to obtain RTS, but for most inspections, the inspector is looking for task signatures and other documentation supporting any repairs or modifications. From an operational perspective, RTS includes current Certificates of Airworthiness and Registration, operating limits and weight and balance, all onboard the aircraft. These are independent of Flight Manual, Radio License, Pilots License and any other flightrelated documents.

Repair Stations

Even aircraft OEMs are repair stations. These are carefully created around an operating process that must be rigidly followed. When a new MRO is formed,

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FIGURE 1 : Airworthiness Switches from ‘Initial at Build’ to ‘Continued at Ownership’

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Missing entries are a bane and will create significant delays at inspection time. Aircraft transactions include logbook searches. Ideally those searches are satisfied with reliable, complete and accurate records.

Life-Limited Components

Many aircraft components, or parts – especially those that endure wear and tear – are life-limited. They will be linked to airframe or engine hours. Items such as landing gears are overhauled, based on landings. These are also known as cycles. Airframe hours are measured from take-off to landing. That is from weight off the wheels to weight on the wheels. Engines are measured from cycle-on to cycle-off, with each engine counted independently. APU and other motorized items will be timed from their own on- and off-cycles.

Maintenance Tracking

it must develop a Repair Station Manual (RSM) that meticulously describes its work processes, including inspection and RTS. The conformance to its RSM is how a Repair Station is judged by the airworthiness authority. This is pretty much the same approach taken anywhere around the world. Simply put, a Repair Station operates to its RSM. If it wants to add practices, or do things differently, it must modify its RSM and have those changes approved. Airworthiness, established via RTS, traces itself through all the tasks of a work scope. These cover the ‘What, Who, Why, Where and When?’ scenarios, protecting aircraft owners from liability, and creating a permanent record.

Logbooks

Not to be confused with flight logs, charts and flight manuals that form the backbone of your aircraft’s operation, the logbooks are the permanent record of an aircraft’s airworthiness history, right back to that first day of delivery. Logbooks are separate for airframe and engine (also for APU, propellers and accessories). They can be multiple, as they fill up over time. •

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Tip 1 – Always scan your records and keep a copy in a safe place, not with the aircraft or in a rusty hangar closet. The scan results may be stored in an electronic memory device. Tip 2 – Never ship an airframe or engine logbook. When any of these go missing – and it happens – the heavens will descend and a frantic search begins that could extend across the globe!

Logbook records are permanent and should not be tampered with. 90 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

Most business aircraft operators today are subscribed to some form of maintenance tracking software service. These services will manage the lifecycle of your aircraft for you, providing a virtual, real-time status of all your inspections and major airframe, engine and other components checks. However, engine providers do have their own inhouse tracking, and aircraft manufacturers will provide initial service contracts that use the same major tracking providers. Some products will accept feeds from Satcom Direct which provide accurate aircraft times and cycles information, downloaded from each flight leg. Although Satcom Direct is mostly a connectivity company, it has thoughtfully included most aspects of an aircraft’s in-flight operation, including maintenance and health monitoring of onboard systems. Its services are modular, and ‘Satcom Direct PostFlight’ was released with an emphasis on data useful to flight departments, tracking programs and MROs alike. MROs are very familiar with tracking programs and work directly within them, once authorization is provided by the owner. One can easily see how flight and maintenance status data are migrating seamlessly into maintenance programs. Flight activity is linked to the very operations that provide the maintenance, saving time, effort and cost across the industry. For so long flight activity has been separate from the service side. Now they are coming together.

Different Levels & Areas of Scrutiny

Based on how you use your aircraft, there are different ways to operate and maintain it. Typically, the more passengers and cargo you carry for hire and reward, the higher the level of airworthiness standards you will be required to maintain. That also translates into a greater degree of scrutiny. There are three distinct, informal categories that are applicable to aircraft…

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FIGURE 2: Routine Maintenance is predictive and can be included in estimated fixed operating costs

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1) Build This relates to the standards and guidance that provide a path for the issue of the aircraft’s Certificate of Airworthiness. • • • • • • • •

Part 21: Certification Procedures for Products and Parts Part 23: Airworthiness Standards for Normal Category Airplanes Part 25: Airworthiness Standards for Transport Category Airplanes Part 27: Airworthiness Standards for Normal Category Rotorcraft Part 29: Airworthiness Standards for Transport Category Rotorcraft Part 31: Airworthiness Standards for Manned Free Balloons Part 39: Airworthiness Directives Part 43: Includes Annual and 100HR Inspections

2) Operate • Part 91: Operating Flight Rules (General Operations) • Part 91K: Operating Flight Rules (Fractional Ownership) • Part 135: Operating Flight Rules (Charter Type Services) • Part 121: Operating Flight Rules (Regularly Scheduled Air Carriers) 3) Maintain All of Part 21 through Part 31 are to be complied with to maintain airworthiness currency and: • Part 39: Airworthiness Directives • Part 43: Includes Annual and 100HR Inspections • Part 145: MRO Repair Station authorization via the issuance of an Air Agency Certificate with six separate Ratings: 92 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

Airframe Powerplant Propeller Radio Instrument Accessory.

There are different Classes within these Ratings. Examples are large and small aircraft; composite or metal fuselage; or reciprocating and turbine. The Air Agency Certificate is the maintenance equivalent of the Air Operators’ Certificate issued to aircraft operators, because both are considered operations relating to aircraft. The OEM for your aircraft is the default for service, especially during the warranty period. The same OEM will have its owned service facilities which are strategically placed, both domestically and internationally. A second tier of OEM-approved service facilities will also be accessible to you. Be careful to ensure that the particular kinds of service, inspection and repair you are interested in are covered by the approved facility. There may be an offset to your decision-making here, as the location of factory-owned (versus the factory approved) may sway the decision in favor of less coverage. Ultimately, look for the overall capability and experience of any MRO as it pertains to your aircraft. This becomes especially important as the aircraft ages, as airframe hours mount, and as major infrequent overhauls or inspections become due. Always poll your fellow operators and fliers for a second opinion on using a particular MRO under consideration. Any other MRO that is not approved by the aircraft OEM, can be considered a Third-Party MRO. Some of these may have limited capabilities, covered by the aircraft OEM. Some are very proficient and have broad aircraft capability, which is useful if you are not seeking OEM recompense. As can be expected, the ease of certification goes hand-in-hand with an MRO’s capability. However, having the data to support both the work and its certification is so important. OEMs, understandably, treat data as proprietary, carefully controlling any sharing. Make sure any MRO you select has the necessary access to data for the type of service you may need.

Selecting the MRO for Your Equipment Service

Equipment service can include engines, APU, generators, landing gear, avionics and accessories. All of these are, in themselves, specialties. As with all specialties, the ability of companies to perform them is variable. Both the equipment OEMs and some maintenance tracking companies offer coverage programs. It is important to check that an MRO of interest has the

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FIGURE 3: Non-Routine Maintenance can be included in variable operating costs and be a contingency in your operating budget.

capability, experience and administrative know-how to perform the work and then bill it to your equipment service plan. Most equipment service plans, and the different levels of coverage within them, are optional. So, always be cognizant of the MRO’s depth of capability and what you will need to pay for, with respect to the overall plan coverage, when selecting an MRO. Equipment certification comes in the form of tags that allow the MRO to install the equipment to the aircraft. Tags reference the equipment in isolation, while the RTS for the aircraft, assumes the equipment has been correctly fitted and tested, in accordance with the original type design or subsequent modification approval.

Additional Relevant Certification Requirements

Instructions for Continued Airworthiness (ICA): These are special instructions issued to an aircraft or its equipment, where a routine inspection or service is required, often as a result of a change to the aircraft. They should be maintained in a dedicated folder and handed in with the aircraft log books for maintenance and inspection events.

Airworthiness Directives: These are crucial requirements that are issued by Airworthiness Authorities to inspect, repair or service a specific aircraft system or item, because of an occurrence that is concerning enough to create one. Usually, an aircraft accident or incident will attract the attention of those who oversee. Even though the OEM will develop recommendations for corrective action, the Airworthiness Authority will deem it necessary to issue its own required action that is to be accomplished within an often immediate timeframe. Service Bulletins, Letters and Alerts: Both the aircraft and equipment OEMs will, sometimes, issue various service instructions that MROs closely track. Aircraft owners should always check whether these instructions are optional, and if they apply to your aircraft type, model and serial number. For the various equipment on board the aircraft, the same applies. Even though a bulletin may have been issued, it may not apply to your system. It’s common for service instructions and notifications to be issued shortly after new equipment is introduced. So, if you have recently upgraded or taken delivery of a new aircraft, look out for these and understand whether they apply to you.

In Summary

If there is one take away, it is to preserve your aircraft certification records as though they are gold. Aircraft transactions quickly unwind if important documents are missing. These are the equivalent of provenance in the art world – in other words, the value of your aircraft depends on it! Keep a copy of your records. Some flight departments will either hire an outside party, or have their administrator scan important documents into a dedicated, secure drive. Books and papers go missing, endure tears or stain with coffee spills. Try to digitize where you can and do not rely on the FAA’s Oklahoma City Records, to recover lost documents; they only maintain certain records. When selecting an MRO, their service ability includes certification. That certification is a function of their quality control and maintenance of records. Always consider the Inspection Department of an MRO as part of your selection criteria. How their inspectors integrate with aircraft service teams and engineering will be an indication of how your service experience is likely to be with that center. T

KEN ELLIOTT is an industry veteran with 52 years of aviation experience focused on avionics in General and

Business Aviation. Having a broad understanding after working in several countries on many aircraft types and avionics systems, he has contributed to several work groups and committees, including for NextGen, Airport Lighting, Human Factors, Unmanned Aircraft and Low Vision Technology. In retirement, he is striving to give back the knowledge gained with an eye on aviation’s future direction.

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Avionics 1.qxp_Finance 20/04/2021 15:32 Page 1

AVIONICS CHRIS KJELGAARD has been an aviation journalist for more than 40 years and has written on multiple topics relating to the industry during that time. From the balancing of engine rotor stages, space-based ADS-B, double-dip tax-based leveraged lease financing transactions, or any number of topics in between, Chris has written on it over the years.

BizAv and CPDLC: Seven Things to Know For business aircraft owners considering installing Controller-Pilot Datalink Communications (CPDLC) capability in their flight deck, there are seven key factors they should consider before making a final decision. Chris Kjelgaard elaborates... s operational benefits increase in international and domestic airspace worldwide and mandatory equipage has become necessary in a crucial area of international airspace, many business aircraft owners are becoming convinced that installing Controller-Pilot Datalink Communications (CPDLC) capability on their flightdeck is worth the investment. Indeed, owners who buy many of the Mid-Size and Large Jets factory-new will find that their aircraft comes fully equipped already. This is because equipage is mandatory in vastly important areas of international upper airspace: from flight level 290 to 410 in all North Atlantic Mandate airspace. Although for the time being most business jets appear to be exempted from a mandatory requirement for aircraft above a certain size to be CPDLC-equipped when flying at altitudes above FL285 in all airspace controlled by Eurocontrol, mandatory equipage could be extended in the future to include Business Aviation operations. Most business aircraft pilots will be highly familiar with

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the operational procedures required by CPDLC operation, but the aircraft owners themselves should be aware of seven basic equipage and operational factors that are associated with CPDLC usage, giving them all the key information they need to decide whether to invest in CPDLC installation. According to four avionics experts interviewed by AvBuyer, following is what owners should know about installing and using CPDLC…

1. The Equipment Required

While CPDLC is ultimately a software-driven capability which is inherent — but sometimes activated as an option, for a price — in modern integrated flightdecks such as Collins’ Proline series and the Garmin G5000, it requires three basic building blocks. First is a dual-channel VHF Digital Data Link (VDL) Mode 2 or Mode 0 radio. VDL Mode 2 equipage is mandatory for some CPDLC uses (for instance in Eurocontrol airspace and for FAA Data Comm Enroute clearances in US domestic airspace), according to www.AVBUYER.com

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Christian Renneissen, Product Manager for Flight Deck Connectivity at Collins Aerospace. Similarly, the DCL digital-text departure clearances transmitted by FAA controllers at an increasing number of US airports (the number is currently 62) requires VDL Mode 0 or VDL Mode 2 equipage. These radios can receive and transmit the data bursts which contain the text messages transmitted by air traffic controllers to flight decks of aircraft using CPDLC, according to Conrad Theisen, Director of Avionics Sales at Elliott Aviation. For CPDLC operation in international airspace (such as North Atlantic Mandate airspace) under the FANS 1/A+ standard, equipage with an Inmarsat or Iridium satcom router-and-transceiver combination is also at least advised. The second building block for CPDLC equipage is a data entry-and-controller device loaded with the software which provides the CPDLC capability, says Theisen. This controller device is typically the Flight Management System (FMS), with both FMSs in modern integrated flightdecks being capable of controlling the CPDLC function. The third building block is a display by which the pilots can see and verify (or otherwise) the ATC instructions controllers are sending to the flightdeck via CPDLC. In a modern flightdeck the required display is likely to be a touchscreen display, one for each FMS, by which both www.AVBUYER.com

pilots in a two-crew aircraft can verify, accept and activate CPDLC instructions.

2. ‘Push To Load’ Required for Some CPDLC Uses

Flight Management Systems in various modern integrated flight decks offer a ‘Push to Load’ button function, by which, after the pilots verify a CPDLC text message from a controller, they can then load it directly into the FMS as a navigational instruction which the FMS will then have the aircraft perform. The ‘Push to Load’ capability is a requirement for any aircraft wishing to use the FAA’s Data Comm Enroute CPDLC clearance service, says Renneissen. However, it is not required for aircraft wishing to make use of the FAA’s DCL digital CPDLC departure clearance service.

3. Installation Requires Some Other Equipment Changes

One other very important modification required for any aircraft in which CPDLC capability is installed is for its Cockpit Voice Recorder (CVR), one of the two mandatory ‘black boxes’ all aircraft above a certain size are required to contain, to be upgraded so that it can record digital text messages, says Theisen. This is required so that investigators can find out all the text instructions transmitted to the aircraft by controllers in cases when CPDLC has been used to replace ATC instructions transmitted by voice.

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Some other minor flight-deck panel modifications might be required in the form of installing additional annunciator signs such as ATC/FAIL or CVR PASS/FAIL, adds Melissa Raddatz, Regional Sales Manager for Flying Colours Corp.

4. Some Flight Decks Will Require a Third FMS

Older business aircraft that don’t have integrated flight decks could require a third FMS to be installed, specifically to handle CPDLC control and data entry, according to Adrian Chene, Senior Avionics Sales Representative for Duncan Aviation. Depending on the aircraft type involved and the radio transceiver units it contains, the aircraft’s original two FMSs might not have the capability to verify, control, input and display CPDLC messaging. In such cases the pilots would continue to use the two primary FMSs to control and navigate the aircraft and use the newly-installed third FMS to handle all CPDLC messaging functions. However, while the aircraft typespecific CPDLC solution might require installation of a third FMS, using it also increases pilot workload, and it can reduce the overall safety of operating the aircraft, “because it builds the potential for error,” Chene highlights. Three-FMS CPDLC flight deck solutions are usually also likely to be more expensive to install than adding CPDLC capability to an integrated flight deck, Chene and Theisen explain. Adding CPDLC to an integrated flight deck — which sometimes can be accomplished merely by inputting a paid-for encrypted software-

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activation code — can cost from $50k to about $350k depending on the aircraft’s overall avionics fit. In general, CPDLC installation in a typical mid-size business jet might average between $250k and $350k, Theisen shares. Depending on how it was originally equipped, full installation in a large, long-range jet might cost up to $600k, in part because the CPDLC digital protocols employed by ICAO’s FANS 1/A+ standard and Eurocontrol’s ATN 1B standard are different. Many long-range business jets have to be equipped for both, and also must have satnav capability.

5. CPDLC Pricing is Often Inelastic

Unfortunately, owners might find they don’t have much leeway in terms of a lower CPDLC installation price. That’s because the installation of CPDLC capability in a given aircraft type usually requires that a Supplemental Type Certificate (STC) be obtained for the modification, notes Chene. STC certification is an expensive process and only one STC solution has been developed for most business aircraft CPDLC upgrades. In many cases, CPDLC capability is contained in a package of FANS 1/A+ mods which are available either as STCs, or (for the lucky owners of some aircraft types) as slightly less certification-onerous Service Bulletins (SBs), says Raddatz. (The Bombardier Learjet 40/45 family has an STC available specifically for adding CPDLC, with the STC also offering the option to add full FANS 1/A+ capability for additional cost.)

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AVIONICS

6. The Benefits of CPDLC Will Grow Over Time

While in many cases CPDLC already offers significant operational benefits in terms of expedited departure, enroute clearances, and access to the much preferred upper-airspace flight levels, some of the benefits that equipage will eventually offer are still years away. For instance, notes Chene, thanks to the Covid-19 pandemic, to date the FAA has only rolled out its En route CPDLC service at three of its many Air Route Traffic Control Centers (ARTCCs), the air traffic control facilities which control all upper airspace over the United States. Eventually all FAA ARTCCS will be equipped and so CPDLC-capable aircraft will be able to request and receive expedited clearances and dynamic re-routes in all US domestic upper airspace. Additionally, the FAA is working on a long-term plan to provide a massive networked real-time weatherinformation service, taking data inputs from the highly advanced 3-D weather radars it now operates and merging that with an enormous mass of real-time data fed to the FAA from the advanced weather radars now being installed in today’s aircraft. To that highly detailed picture, the FAA will also eventually be able to add inputs from other weathersensing technologies such as satellite pictures and lidar detection of Clear Air Turbulence (CAT), and the conditions inside convective weather fronts. The result, perhaps still two decades away according to Chene, is that the FAA will be able to advise all CPDLCequipped aircraft in US airspace of exactly where, and at what altitudes CAT and convective turbulence is

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occurring, and be able to route aircraft dynamically away from it. “In 15-20 years it might become rare that you ever run into turbulence,” he says. The more operationally useful that CPDLC becomes, the more likely it will be that owners who haven’t installed the capability in their aircraft will be affected adversely when they want to sell their aircraft. Even in today’s pre-owned aircraft market, Large Jets (such as the various Falcon 900 models) are expected to have CPDLC, according to Chene. “If you don’t, the buyer will go to the most expensive vendor and get a $400k$500k quote” for CPDLC equipage — and as the owner of the aircraft, you will be expected to reduce your sale price accordingly.

7. Important Regulatory Considerations Exist for BizJets

Most crucially for business aircraft owners and operators, four highly important regulatory considerations exist when installing and using CPDLC, according to Renneissen. Two of these concern the FAA and two concern Eurocontrol. Consideration 1: From the FAA regulatory standpoint, it is vital for owners and operators to know that a current FAA Notice to Airmen (NOTAM) specifically excludes business aircraft from using the FAA’s En route CPDLC service. Officially, access to the service is restricted at present to commercial aircraft. However, this does not mean that US-registered business aircraft cannot use the FAA’s En route CPDLC service at all. Instead, owners/operators have to apply to

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“In a modern flightdeck the required display is likely to be a touchscreen display, one for each FMS, by which both pilots in a two-crew aircraft can verify, accept and activate CPDLC instructions.” the FAA by means of a specific application process to obtain approval to use it on a trial basis. Each application must be for a particular individual aircraft, identified by its tail number. The FAA uses the operational En route CPDLC usage data from each business aircraft application that it grants to expand its overall knowledge of CPDLC operations. Ultimately this should help the FAA improve and expand its En route CPDLC service offering. Consideration 2: Also vitally important for business aircraft owners and operators to know is that they will only be able to obtain FAA approval for CPDLC operations if the specific avionics units with which their aircraft are fitted are all present in a list of FAA-approved avionics units. That list is published by L3Harris, and is publicly available via the web page https://www.l3harris.com/datacomm, by clicking on the t ad re ou Re Mo Ab

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AVIONICS

‘Recommended and Required Avionics Version List v1.63 20210114 (En Route)’ URL link under the heading ‘US Domestic En Route CPDLC’ on that page. Consideration 3: Eurocontrol, meanwhile, maintains a ‘Logon List’ (formerly known as its ‘White List’) of aircraft types which have demonstrated an unacceptably high ‘Provider Abort’ (PA) rate of CPDLC communication failures. All blacklisted aircraft types cannot be considered for addition to the Logon List, unless they replace their avionics installations with different ones. While the White List is confidential to members of the Eurocontrol Data link Performance Monitoring Group, Eurocontrol has made public a useful list of CPDLC-unacceptable avionics here: https://ext.eurocontrol.int/WikiLink/index.php/Logon_List. Consideration 4: And finally, while the situation presumably could change, the EU provided some good news in February 2020 to owners and operators of business aircraft. Although Eurocontrol at that point had mandated CPDLC equipage to its ATN 1B standard for operations in all EU upper airspace above flight level 285, aircraft with gross weights below 100,000lbs, and/or carrying fewer than 19 passengers, were exempted. This very wide exemption appears to exclude most of private aviation from the CPDLC-equipage requirement, allowing them to fly at altitudes above 28,500 feet in Eurocontrol airspace. However, that situation should be monitored continuously, because it could eventually change. ❙

on AVBUYER.com

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JetNet April.qxp_Layout 1 20/04/2021 14:31 Page 1

TAKE A TEST FLIGHT OF THE WORLD’S PREMIER BUSINESS AVIATION RESEARCH. A JETNET subscription will provide you with original, extensive and continuous research on jets, turboprops, pistons and helicopters. Our products and services are tailored to your needs, giving you relevant results, daily. When you know more, and know it sooner, you’ll be ahead of the competition every time. If you’re ready to take the next step, we’re here to help your business grow. Request a demo today at JETNET.com.

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OEM Bites

Bombardier celebrated the completion of the one hundredth wing for its ultralong-range Global 7500 business jet – a significant milestone for the industryleading aircraft, and for the company’s facility in Red Oak, Texas, where the advanced wing is manufactured. www.bombardier.com

Cessna SkyCourier Certification Program Builds Momentum The twin-engine Cessna SkyCourier turboprop aircraft continues to surpass significant milestones as it begins the certification flight test phase of the program.

he fleet of three flight test aircraft has completed over 700 flight test hours, and FAA certification and first deliveries are expected later in the year. Since the third aircraft joined the flight test program, the Cessna SkyCourier team has gained momentum through several substantial accomplishments. These include: • Envelope expansion to all corners of the speed, altitude, and structural design. • Extreme hot and cold weather testing, ensuring aircraft systems are functional and operational at extreme temperatures. • Bird strike testing. • Certification of the Pratt & Whitney Canada PT6A-65SC engine through Transport Canada Civil Aviation (TCCA). • Natural icing certification. “The SkyCourier is designed to fulfil a need in the marketplace for a flexible, reliable, high-utilization aircraft for customers around the world, and its versatility makes it a great fit for a wide range of operations,” says Chris Hearne, 104 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

senior vice president, Engineering & Programs. “The aircraft has performed exceptionally well through every phase of testing, and we’re pleased by its progress.” The Cessna SkyCourier aircraft will deliver a combination of robust performance and lower operating costs. It features the Garmin G1000 NXi avionics suite, offers a maximum cruise speed of 200ktas, and has a top range of 900nm. Production final assembly has already started, and the SkyCourier will be offered in two configurations, including a 6,000lbs payload-capable freighter or a 19-seat passenger version. …Textron Celebrates Two Citation Milestones Meanwhile, Textron celebrated milestones for two of its Cessna Citation business jets, including the delivery of the 600th aircraft from the Cessna Citation CJ3 family, and the 1,000th delivery of its best-selling 560XL-series Mid-Size business jet. More information: https://txtav.com

Embraer’s Phenom 300 series has become the world’s best-selling Light Jet for a ninth year in a row. Embraer delivered 50 Phenom 300 series light jets during 2020 and, overall, the company has accrued more than 590 deliveries since bringing the Phenom 300 into the market in December 2009. https://executive.embraer.com

Gulfstream Aerospace made the one hundredth customer delivery of the nextgeneration Gulfstream G500 and Gulfstream G600 program recently. The milestone aircraft was a G500. “Gulfstream saw great demand for the all-new G500 and G600 right out of the gate,” noted Mark Burns, president, Gulfstream. www.gulfstream.com

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THE

FUTURE

OF THE

AEROSPACE INDUSTRY

14-18 November 2021

Helping drive recovery and future growth at the most anticipated point of convergence for the aviation industry in a live format

DWC, Dubai Airshow Site

www.dubaiairshow.aero Book your space today: sales@dubai.aero

Supported by:

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OEM Bites

Leonardo and ENAV have tested and validated the PBN procedure for the Foggia–Tremiti S. Domino Island route in Southern Italy. Testing was carried out with an AW169 helicopter. The route is the first in a network being developed locally to support the helicopter operations of the regional heliport network called Rete Eliportuale Puglia. www.leonardocompany.com

Daher Launches Enhanced Kodiak 100 Series III The Kodiak 100 Series III version of Daher’s turboprop utility aircraft was unveiled recently, and incorporates enhancements and standard features for improved flight safety, greater cabin comfort, and more... arking its official launch, Daher announced the first Kodiak 100 Series III delivery to Rick and Adam Ross in Sandpoint, Idaho. “This latest version [of the Kodiak] underscores Daher’s commitment to continual improvement for its airplane family, and further aligns the Kodiak’s attributes with those of our TBM very fast turboprop aircraft,” said Nicolas Chabbert, Senior Vice President of Daher’s aircraft division and CEO of Kodiak Aircraft. Offered aboard the Series III aircraft is the eight-seat Executive Edition cabin with club-type seating for passengers, air conditioning with controls for both the cockpit and cabin zones, as well as an increased oxygen capacity. Enhanced quality exterior paint is also an option.

Enhanced Safety & Situational Awareness Among the Kodiak 100 Series III’s 106 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

upgrades for improved flight safety and enhanced situational awareness is the first integration of Garmin’s GWX 75 Doppler-capable, fully stabilized color weather radar on a Kodiak. This enables more detailed contouring of storm cells, which is combined with its exceptional range and adjustable scanning profiles. Also contributing to the Kodiak 100 Series III’s augmented flight safety is standard equipment that includes Garmin’s G1000 NXi fully-integrated flight deck, the GFC700 autopilot with full envelope protection and level mode, an angle of attack (AOA) indicator, and more. Meanwhile, the Kodiak’s alreadyexcellent versatility is further improved with incorporation of the largest tire size available for this aircraft (29ins), a higher landing weight (7,255lbs), and a lower zero-fuel weight that allows for more payload, particularly on shorter missions. More information: www.daher.com

Piaggio says that while the sale of the business complexes of Piaggio Aerospace is in its final stages, one more order has been received from a US customer for the purchase of a new Avanti EVO. Off The Chain Capital, based in Orlando, Florida, and specializing in blockchain and digital assets, will receive its new aircraft by Q1 2022. www.piaggioaerospace.it

Pilatus announced a new first for Venice-Lido, when a Pilatus PC-24 Light Jet landed on the grass runway of the airport closest to the Italian city of Venice. The PC-24 landed safely on the grass strip measuring just under 1,000 metres. The PC-24 is the only business jet in the world to be able to fly into such airfields. www.pilatus-aircraft.com

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Amstat May.qxp_Layout 1 20/04/2021 14:34 Page 1

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Business Aviation Entrepreneur Tom Crowell, 84 homas J. “Tom” Crowell, who founded JetBrokers after nearly three decades in various Business Aviation sales and management roles, died peacefully at home on January 1 in Chesterfield, Missouri. He was 84. Born in New Jersey, Tom grew up in Woodside in New York City (NYC). His lifelong interest in aviation began with the PanAm Clipper flying boats at nearby LaGuardia Airport Marine Terminal. This early fascination with aviation continued throughout his life. After graduating from Power Memorial Academy, Tom began his career at General Motors Overseas Operations in NYC. Taking a leave of absence from GM, he enlisted in the Army — serving in the US Zone in Occupied Austria working as an aircraft mechanic on the Russian Front in Linz on the Danube. Following his military service, Tom returned to GM. He graduated from City University of New York, Bernard M. Baruch School of Business, with a degree in International Trade & Marketing. After 15 years at GM, Tom followed his love of aviation to AirResearch at MacArthur Airport in Long Island, NY. His adventurous career rose to executive-level marketing and sales positions at Rockwell International, Falcon Jet (Dassault), Aviall, Sabreliner Corporation and MidCoast Aviation, and culminated with the founding of JetBrokers in 1993. Tom’s legacy continues at JetBrokers, an international jet brokerage firm with offices in the US and Europe, which has successfully sold more than 480 aircraft in 27 years.

Gregarious, Personable and Hard-Working

Tom was a people-person with extensive knowledge of all aspects of the business jet

108 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

industry. He generously shared this knowledge with the next generation: by encouraging people to start their own companies, by being a good friend and by mentoring their careers (including those of his son, Tom and his sales team, as well as his daughter, Debbie.) Tom is a former Director and Vice President of the Westchester Aviation Maintenance Association (WAMA), and President of the Greater St. Louis Business Aviation Maintenance Association (GSLBAA) in Spirit of St Louis Airport, Chesterfield, MO. He travelled the world for business, and had many adventures with his wife, Carol, seeing the world by cruising the Pacific and Atlantic Oceans, from New Zealand to Alaska, from the Baltic and Maritime Provinces to South America and more. Tom’s life-long motto, “Good, better, best — never let it rest — until good is better and better is best,” was well practiced. Mr. Crowell, Sr. is survived by his wife, Carol; children Debbie, Tom, and Patty; and grandchildren Will and Eliza.

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ABS Jets Raises IS-BAH Standard in Europe ABS Jets Prague recently raised the bar when it became the first European FBO to receive IS-BAH Stage III certification…

horough preparations were essential to ensure a smooth communication flow, since the audit was conducted remotely, due to the Covid-19 pandemic. Various communication channels were used to walk the auditors through the facility, and observe real-time operations and implemented safety standards. The accreditation process involved an audit of compliance with emergency procedures, training protocols, safety and security regulations, operational procedures and FBO safety management systems. “I am pleased with the results of this audit, which showed zero findings,” Michal Pazourek, Director of Ground Operations for ABS Jets, said after the process. Since launching as a full FBO service provider at Bratislava airport last year, the company has also been awarded IS-BAH Stage One certification for its Bratislava base. “The ABS Jets team rigorously continues to build on the safety culture already in place. Indeed, we will keep

investing in safety and risk management to prove our commitment to clients, employees, partners and shareholders,” Pazourek promised. The IS-BAH (International Standard for Business Aircraft Handlers) is based on the long-established format and structure of the IS-BAO (International Standard for Business Aircraft Operations) program, developed by the International Business Aviation Council (IBAC) in collaboration with the National Air Transportation Association (NATA). It features a safety management system (SMS) at its core, helping promote progressive SMS, and setting the threshold for best practices in Business Aviation ground handling. IS-BAH Stage III certification confirms that safety management activities are fully integrated into the operator's business, and that a positive safety culture is being sustained. More information: www.absjets.com

Community Appointments

Andrew Broom

Bryan Dunn

Michimasa Fujino

Dustin Johnson

Donald Synborski

Andrew Broom joins the National Business Aviation Association as its new Senior Vice President for Strategy, Marketing and Innovation. Since 2016, Broom was CEO at the Citation Jet Pilots Association.

Centers in April, replacing Bob Hazy who retired after a 21-year stint with the company. Gancarz was previously the Crew Leader, and has been with Duncan for 13 years.

Bryan Dunn joins the Leading Edge Aviation Solutions team as its new Vice President of Aircraft Sales. He previously spent seven years with StandardAero as the Northeastern Regional Sales Manager (United States).

Dustin Johnson was recently appointed as the Component Shop Supervisor for Duncan Aviation’s Component Repair and Overhaul Services. As the Shop Supervisor, Johnson leads more than 160 technicians to inspect, install, troubleshoot, service, and repair virtually every type of equipment an aircraft might require.

Michimasa Fujino, lead HondaJet designer and President and CEO of Honda Aircraft Company, will receive the 2021 Reed Aeronautics Award “for the invention of advanced aerodynamic and structural techniques”. Fujino will be presented with the award during the AIAA Aerospace Spotlight Awards Gala in August. Greg Gancarz became the Manager of Duncan Aviation’s Sacramento and Hayward Satellite Service 110 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

Donald Synborski is the new Director of Finance at Avpro, Inc. He brings over 30 years of equipment finance experience to the team. Over the last 10 years, Mr. Synborski managed both the Corporate Aircraft and the Capital Market Teams at Citizens Asset Finance, and in his new role will interface with the aircraft lending community on a day-to-day basis, providing a full range of operational and financial solutions for Avpro clients. T www.AVBUYER.com

Mesotis Jets May.qxp_Layout 1 21/04/2021 10:45 Page 1

1994 Bombardier Challenger 601-3R S/N: 5148

AIRCRAFT HIGHLIGHTS • ADSB out • FMS 6.1

• GE On Point (Engines)

• MSP Gold (APU)

• Airframe: 10.589 hours / 7365 cycles

• Fresh 12 & 24 months • inspection

SMS 2005 Bombardier Global Express April.qxp_Heeren Cit Ultra sep 21/04/2021 10:46 Page 1

S H O W C A S E

MAKE OFFER 2005 Bombardier Global Express Serial Number: 9148 Registration: VH-LBU Airframe TT: 3,930.6 Landings: 1240  SUBSTANTIAL PRICE REDUCTION, PLEASE CALL FOR DETAILS  BATCH 3.3 AVIONICS UPGRADE COMPLETED  ENROLLED ON ROLLS-ROYCE CORPORATECARE, HONEYWELL MSP, AND SMART PARTS PLUS  EXTERIOR REPAINT AND INTERIOR REFURBISHMENT COMPLETED NOVEMBER-2015  INCREASED MTOW TO 98,000 LBS. (SB 700-11-016)  CREW FORCE MEASURING SYSTEM (SB 700-31-020)  AUTOPILOT EMERGENCY DECENT MODE (SB 700-22-003) Engines Rolls Royce BR700-710A2-20 Left engine Right engine S/N: 12409 12410 THSN: 3,760.7 Hours 3,760.7 Hours TCSN: 1177 Cycles 1177 Cycles HSI DUE/OVERHAUL DUE On Condition PROGRAM COVERAGE RRCC APU Honeywell RE220(GX) Program Coverage Honeywell MSP Avionics & Connectivity EFIS (Electronic Flight Instrument System) 6-Tube 8”x7” Honeywell DU-870 Color Displays

FMS (Flight Management System) Triple Honeywell NZ-2000 GPS (Global Positioning System) Dual Honeywell GP-550 IRU (Inertial Reference Unit) Triple Honeywell Laseref IV MADC (Micro Air Data Computer) Triple Honeywell AZ-840 NAV (Navigation Radio) Dual Honeywell RNZ-851 Interior & Entertainment NUMBER OF PASSENGERS Sixteen (16) GALLEY LOCATION Forward FWD CABIN CONFIGURATION Four (4) Place Executive Club MID CABIN CONFIGURATION Four (4) Place Conference Group Opposite Two (2) place divan Exterior BASE PAINT COLOR(S) Matterhorn White STRIPE COLOR(S) Anthrocite Grey/Silver Grey LAST PAINTED DATE November-2015 Serial number 9148 is an excellent 2 owner from new, fully programmed, up to date on all AD’s / SB’s, well cared for aircraft, in excellent condition with no known damage history. Currently the latest model lowest time Classic GLEX available for sale. Official ask is “Make Offer” Including 180 Month inspection, Phase 1 Ovation CMS install, and 6 months projected forward maintenance recently completed at Execujet MRO Sydney in December 2020

SMS Aircraft Suite 1108, Level 11 St Kilda Road Towers 1 Queens Road, Melbourne Victoria, 3004, Australia

112 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

Tel: +613 9863 9550 Cell: +61 417 727 727 E-mail: gsvensen@smsaircraft.com www.smsaircraft.com

www.AVBUYER.com

Dassault Falcon 7X April.qxp 21/04/2021 10:51 Page 1

S H O W C A S E

2013 Dassault Falcon 7X One Fortune 100 Owner Since New Serial Number: Airframe: Landings:

211 2690 1872

Engines #1 Engine PCE-CH0667: 2693 Cycles: 1873 #2 Engine PCE-CH0657: 2693 Cycles: 1873 #3 Engine PCE-CH0666: 2693 Cycles: 1873 APU s/n P-324: Honeywell GTCP36-150(FN) - Enrolled on MSP Gold Engine Type Pratt & Whitney Canada PW307A - Enrolled on ESP Platinum Maintenance Inspections Due: 12 Month/800FH Dec. 2021 & 24 Month/1600FH Dec. 2022; 1B/2B at 4683 hours; 1C November 2021. FalconCare (Parts Only) coverage. Contract Expires November 1, 2021 Exterior Overall White with Orange, Medium Blue and Green custom accent stripes (Original) Interior Beige leather seats, Beige lower sidewall, Pale Beige Ultra-leather headliner, 24K Gold Dark Aged plating (Antique), Olive Longwood Ash veneer with custom stain / high gloss (Original) Seating 13 passengers: 4-place forward club, 4-place mid-cabin dining group with opposing credenza, aft 3-place divan and opposing 2-place club, forward and aft lavatories

Avionics (EASy II Cert 4 with SB’s 301, 302, 303, 304, 305, 306, 308, 309, 310, 552, 553) Flight Management Systems (FMS) triple Honeywell EASy Central Maintenance Computer Honeywell EASy VHF Communications & VHF Data Radio – “VDR” triple Honeywell TR-866B VOR/ILS/Marker/GPS dual Honeywell DME Systems dual Honeywell DM-855 ADF Systems dual Honeywell DF-855 Mode S Transponder Systems dual Honeywell Color Weather Radar System Honeywell Primus 880 TCAS II System ACSS TCAS 3000 (w/ Change 7.1) Radar Altimeter System dual Honeywell KRA-405B Enhanced GPWS with Windshear Honeywell EASY Head-Up Guidance System (HGS) Rockwell Collins HGS-5860 Enhanced Flight Vision System (EFVS) Rockwell Collins EFVS-5860 High Frequency Communication Systems dual Honeywell KHF-1050 Additional Equipment Honeywell: triple AV-900 Flightdeck Audio Systems, SELCAL, Attitude Heading Reference System, Standby Instrument Display, SmartRunway RAAS, LSS-860 Lightning

www.dassaultfalcon.com

www.AVBUYER.com

Sensor System. Honeywell EASy: Modular Avionics Unit (MAU), Communications Management Function (CMF). Rockwell Collins FCMS HD+: 3D Interactive Map, two (2) 22 inch HD LED monitors, 10.6 inch Plug-in HD LED monitor and receptacles, dual Blu-Ray player. Goodrich Air Data SmartProbes, Goodrich Ice Detectors Asking Price: MAKE OFFER Dassault Falcon Pre-Owned Department USA Tel: + (1) (201) 541-4556 FR Tel: + 33 1 47 11 60 71 E-mail: andrew.stark@dassaultfalcon.com

AVBUYER MAGAZINE R Vol 25 Issue 5 2021 R

113

Clip Group 2020 Bell 505 Jet Ranger X May.qxp_Heeren Cit Ultra sep 21/04/2021 10:58 Page 1

S H O W C A S E

2020 Bell 505 Jet Ranger X Serial Number: Registration: Airframe TT:

65253 SP-MRW 16

 As owner, we are proud to present  this BRAND NEW Bell 505  Price from Bell in this configuration  (including ferry to EU) was $1,85M  Now reduced to $1,75M Airframe Delivery hours: 16 hours Dual Pilot Controls Wire Strike protection Engine Dual-channel FADEC engine control system Auxiliary Control Unit (backup for HMU) Automatic startup Surge and flame-out protection Engine parameter recording for maintenance (BOOST compatible) Automatic cycle and flight hour counting

ADS-B GPS / WAAS receiver VHF COM transceiver VHF NAV and glideslope receivers Exterior Painted 2020 Metallic Black with Dynamic White Bell 505 logo Interior 2020 Premium interior with black leather seats Floor protectors: Baggage bay, Cockpit & Cabin A20 Bose headsets w/Bluetooth Air-Conditioning Location Swarzędz Gmina, Greater Poland, Poland Contact: Agnieszka Hips

Avionics ADS-B Equipped Garmin G1000H™ avionics suite Integrated on PFD / MFD Traffic Information System (TIS) Moving Map Fuel and NAV range HTAWS, and Synthetic Vision System

STS Centrum Dystrybucji Samochodów Sp. z o.o. Swarzedz, Poland

114 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

Tel: +48 663 792 802 E-mail: agnieszka.hips@clip-group.com

www.AVBUYER.com

Jetsense Aviation January.qxp_Empyrean 21/04/2021 10:59 Page 1

S H O W C A S E

1997 Beechcraft King Air 350 Serial Number: Registration: Airframe TT: Landings:

FL-175 SE-LLU 6670 6159

 ADS-B Out Compliant  RaisbeckNacelle Wing Lockers  FrakesExhaust Stacks  TCAS II  EU OPS 1  UNS 1E FMS  11 Passenger Interior  Basic Empty Weight: 9908 lbs  Rosen Passenger Audio and Video Entertainment –Incl Moving Map & Briefing System  Gill Lead Acid Battery STC  Enrolled on CAMP Engines Description: S/N: THSN: TCSN: THS OHI:

Left engine PT6A-60A PCE-PK0075 6545 Hours 5765 Cycles 2379 Cycles

Props Description: HC-B4MP-3 TSOH: Left: 828. Right: 828

Right engine PT6A-60A PCE-PK0072 6597 Hours 6007 Cycles 2500 Cycles

Avionics & Connectivity ADS-B Out Compliant EFIS System 1 Collins Pro Line II EFIS 85 3 Tube VHF Communication 2 Collins VHF-22C VHF Navigation 2 Collins VIR-32A FMS/GPS 1 UNS-1E Flight Director 1 EFIS 85 Autopilot 1 Collins APS-65 ELT 1 Artex ELT C406N Automatic Direction Finder 1 Collins ADF-60A Distance Measuring Equipment 2 Collins DME 42 Multi-Function Display 1 Universal MFD-640 Radio Altimeter 1 Collins ALT 50A HF Radio 1 King KHF 950 (Provisions) Cockpit Voice Recorder 1 Fairchild S-100 Traffic Collision Avoidance System 1 Collins TCAS 4000 Version 7.1 Flight Data Recorder 1 Fairchild F1000 SSFDR Transponders 2 Collins TDR-94D EGPWS 1 Honeywell Mark VIII (Class A) RVSM 1 Elliott STC SA2264CH Compliant Weather Radar 1 TWR-850 Color Radar Interior & Entertainment Year Refurbished: March 2015 at Elliott Aviation w/ new Headliner and EMTEQ Lighting Installed Number of Passengers: Eleven (11) including Belted Lav and Dual Aft Foldup Seats Lav Location: Aft (Belted) Exterior Painted at Elliott Aviation March 2015 Base Color: Matterhorn White. Accent and Stripe Colors: Flight Red and Taxiway Yellow Call for Pricing

Jet Sense Aviation, LLC Contact: Brett Forrester Contact: Pat Mitchell 1 Golfview Rd, 2nd Floor, Lake Zurich, Illinois 60047 www.AVBUYER.com

Tel: +1 (847) 550 4660 Email: brett@jetsenseaviation.com Email: pat@jetsenseaviation.com www.jetsenseaviation.com

AVBUYER MAGAZINE Vol 25 Issue 5 2021

115

Marbale Universal December.qxp_Empyrean 21/04/2021 11:01 Page 1

S H O W C A S E

2020 Gulfstream G500 • Brand new, 13 passenger aircraft, under 40 hours of flight time • EASA Certified & FAA Compliant • Aircraft registered in Austria • Vinyl Flooring in Entryway and Gallery Area • Removable Acoustic Curtain between Cabin 2 and 3 • Espresso Maker • 4-inch HD LCD Monitor on the Aft Right-Hand Bulkhead • Electric Wine Chiller • Honeywell SwiftBroadband Data System (WiFi) • DVD, HDMI, USD and iPod/iPhone ports to enable a wide variety of entertainment options • Fully equiped kitchen with convection oven and microwave oven. • Extra counter space to make food and drink preparation easier • Electric Lumbar Support on 6 selected single seats and 2 selected double seats. • Protective coating to exterior paint

Location: Europe, Russian Federation

Email: KOKOLOFF@gmail.com

116 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

Vasily

UK Mobile: +44 7500 5549 57 Russian Mobile +7 915 294 74 55 WhatsApp Only: +1 765 705 01 14

www.AVBUYER.com

P118-121.qxp 22/04/2021 11:39 Page 1

M A R K E T P L A C E

Cessna Citation Sovereign

The Ritchie Group Price:

For Sale/Lease

Year:

2005

S/N:

0029

Reg:

TTAF:

13,009.5

Location: USA & Canada

Tel: +1 (314) 409-4791 E-mail: sales@jet-transactions.com Available For Sale or Lease. INQUIRE TODAY! New Paint Completed December 2020 at King Aerospace. Gogo 3G and ATG 4000. ADS-B OUT / WAAS. P&W ESP Silver Lite Engine Program. Eight Passenger with Double-Club Configuration, Forward Galley and Aft Lav. No Known Damage or Accident History. Total Landings Since New 8,637. CESCOM Maintenance Tracking. Pratt & Whitney 306C Engines.Honeywell RE-100 APU. Honeywell Primus Epic Avionics System. Dual Nav, Dual Comm, Dual DME, Single ADF. Dual integrated FMS with Dual MCDUs. Exceptional Service Bulletin Upgrades.

www.jet-transactions.com

Cessna Citation XLS+

The VanAllen Group Price:

USD $5,750,000

Year:

2012

S/N:

560-6120

Reg:

N224JW

TTAF:

2,235

Location: USA

Airbus ACJ318

Alexander Neumann Price:

Make offer

Year:

2011

S/N:

4650

Reg:

TTAF:

2840

Location: Switzerland

Airbus/Eurocopter AS 365N-3

Nigel Watson Price:

Please call

Year:

2008

S/N:

6815

Reg:

M-LVIA

TTAF:

955

Tel: +1 (770) 507-5001 E-mail: info@vanallen.com This 2012 Cessna Citation XLS+, serial number 6120, is currently owned and operated by a long-time Citation operator. The current owner acquired the aircraft in 2016 and is the second owner of this aircraft. Operated predominately in the US (with occasional trips to Canada), the aircraft is currently based in Redmond, Oregon and always hangered. As a result, this aircraft is cosmetically in great shape inside and out. The aircraft recently completed a 96 month inspection making this a turnkey opportunity. EQUIPPED WITH COLLINS PRO LINE 21 AVIONICS PACKAGE. AIRCELL AXXESS II IRIDIUM SATCOM PHONE SYSTEM PLUS GOGO WIFI ATG4000 Price Reduced

Tel: +43 (0) 664 430 1227 E-mail: sorens@sorens.aero Sorens Aero is proud to present this beautiful and especially wellmaintained ACJ318 to the market. Aircraft is always hangared and has one owner since new. Aircraft, its exterior and interior are in perfect condition. Cycles: 999. Engines: CFM56-5B9/3. APU: HAMILTON SUNDSTRAND AS3200. TT: 4137. Cycles: 2295. Avionics: ADF Receiver Rockwell Collins ADF-900 x1; ATC Transponder Rockwell Collins TPR-901 (-225) x2. DME Interrogator Rockwell Collins DME-900 x2. Int: Configuration for 19 Passengers. Private Entertainment System. Airshow System. Ext: New livery application in 2018. Wing is painted in silver. Additional: CHELTON Swift Broad Band (SBB) Satcom System. FTIS. QUAD Camera installed on the Lower Fuselage

Tel: +44 (0)162 488 0135, +44 (0)776 544 4043 E-mail: emma@nigelwatson.im 5 passenger VIP Cabin, blue and silver paint. Has exclusively been for VIP operation. Immediately available to view. Full valuation report and equipment lists available to interested parties. Well maintained; airworthy & operational with no damage history; fresh annual 4/19. Fully enrolled on PBH and SBH since new. Eng #1 - 3240h; Eng #2 - 955. Proposals for refurbishments to paint and interiors available.

Location: France

Airbus/Eurocopter EC 145

Nigel Watson Price:

Please call

Year:

2009

S/N:

9242

Reg:

M-LUNA

TTAF:

1455

Location: France

118 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

Tel: +44 (0)162 488 0135, +44 (0)776 544 4043 E-mail: emma@nigelwatson.im Only 1455TT, 7 passenger VIP Cabin, blue and silver paint. Has exclusively been for VIP operation. Available from November 2019. Full valuation report and equipment lists available to interested parties. Well maintained; airworthy & operational; fresh annual 9/20. Fully enrolled on PBH and SBH since new. Eng #1 - 1455h; Eng #2 - 1449h. Proposals for refurbishments to paint and interiors available www.nigelwatson.im/brokerage/ec145

www.AVBUYER.com

P118-121.qxp 21/04/2021 14:21 Page 2

Beech Premier 1A

AUGSBURG AIR Price: Year:

2011

S/N:

M A R K E Tel: +49 821 7003 143 T SERVICE E-mail: sales@aas-augsburg.de P L A C EU-Reg, Engine TSOH 1500 hrs / 500 hrs, Pro Line 21, 2x TDR94 - D XPDR, ADS-B, Single Point Refueling, E Ground Aux Heating, Engines on TAP Blue, Avionics on CASP!

Reg: TTAF:

4200

Location:

Citation Mustang

AUGSBURG AIR SERVICE

Tel: +49 821 7003 143 E-mail: sales@aas-augsburg.de

Price: Year:

2009

S/N: Reg: TTAF:

N-Reg, EngineS TT 2380 h, Garmin 1000 Suite Syn. Vision, 2x GTX33D Mode-S XPDR, ADS-B, TAS KTA870, Jeppesen Charts, XM Weather, no further programs. Maint by AAS Augsburg!

3430

Location:

Airbus/Eurocopter AS 350B-2

Helicentre Liverpool Price:

Please call

Year:

1999

S/N:

3187

Reg:

G-OGUN

TTAF:

2905

Tel: +44 (0)151 448 0388 E-mail: mtonks@helicentre.com A well appointed AS350B2 operated on AOC. 4 rear seat configuration with dark blue leather interior. Night light. Radalt. HSI. SFIM autopilot 2 axis. 2 x 8.33 nav/comm. ELT. Skymap IIIC. Dual wipers. Date of refurbishment 2016. Float hardpoints fitted

Location: United Kingdom

Beechcraft King Air B200

Jean Claude BILLOT Price:

$1,850,000No VAT

Year:

2005

S/N:

BB1903

Reg:

BB1903

TTAF:

3433

Tel: +33 (0) 607 707 566 E-mail: jcbillot@constel.aero Inspections status : Phases 2 et 3, Continuous Corrosion Control Inspection, lubrication 200 et 400h completed 01/2021. Avionics/Radios : Collins Pro Line 21 Avionics Dual Collins VHF4000 Coms Collins NAV-4000.... Additional Equipment : RAISBECK Wing Lockers, RAISBECK dual AFT body strakes, Propeller : Hartzell Four Blade.Internal : VIP leather seats and bench (8 places).

Location: Australia & NZ

Bell 407GX

Uldis Dzenis Price:

$3,000,000

Year:

2011

S/N:

54311

Reg:

YL-ERA

TTAF:

1495

Location: Latvia

www.AVBUYER.com

Tel: +371 26 40 58 72 E-mail: u.dzenis@gmail.com Attractive Bell 407GX Helicopter, Excellent Condition, No Damage History, Always Hangared, Great Avionics (Autopilot, IR Vision System, Tail Rotor Camera), 7-Place Tan Leather Seats, Beautiful High Visibility Tinted Windows & Doors, Cabin AUX Power Plugs, Only Corporate Owners, ADS-B Out/8.33kHz/ELT Compliant, Flown Only by Professional Pilots, All AD’s and Mandatory Bulletins Complied With, Fresh 12 Month Inspection (Feb-2021). Avionics: HeliSAS Coupled 2 Axis Autopilot with Auto-Recovery. Max-Viz EVS-1000 IR Enhanced Vision System

AVBUYER MAGAZINE R Vol 25 Issue 5 2021 R

119

P118-121.qxp 21/04/2021 14:21 Page 3

M A R K E T P L A C E

Bombardier Learjet 36A

Tel: +1 (806) 662 5823 Email: ronfernuik@hotmail.com

Leonard Hudson Drilling Price:

USD $695,000

Year:

1977

S/N:

36A-030

Reg:

N160GC

TTAF:

15,600

Learjet 36A, Long range capability, as configured 2,400 nautical miles. Can be upgraded to 2,600 mile range. Recent paint and interior, RVSM. Would consider trade for KingAir 200/300 Price Reduced

Location: USA

BELL 412EMS

Leonard Hudson Drilling Price:

Offer

Year:

1981

S/N:

33017

Reg:

N554AL

TTAF:

15265

Tel: +1 (806) 662 5823 Email: ronfernuik@hotmail.com

Full EMS Medical 4 patient and 4 attendant interior. Recent ‘no expense spared’ airframe refurbishment at Acro Helipro within the last 100 hours. Both engines are fresh Pratt and Whitney overhauled. Immediate delivery, Meticulous records. Current with medical interior and 13 passenger utility interior are included, aircraft is ‘turn-key’ will provide Fresh annual /Export C of A

Location: USA

BELL 212 (Five Available)

Leonard Hudson Drilling Price:

Please Call

Year:

1991-1996

S/N:

Call for details

Reg:

Call for details

TTAF:

Call for details

Tel: +1 (806) 662 5823 Email: ronfernuik@hotmail.com

Five, Late Model, Bell 212s In 'Off Shore’. Available for immediate use. Asking $3.1M to $3.6M USD. Serial numbers: 35034, 35048, 35060, 35088 and 35096

Location: USA

Airbus/Eurocopter AS 365N-2

Angelo Rinaldi Price:

€550,000

Year:

1995

S/N:

6494

Reg:

I-CGFE

TTAF:

7757

Location: Italy

Bristell LSA

Tel: +39 (0) 856 922 725 E-mail: angelo.rinaldi@hoverflysam.it CERTIFICATIONS: I.F.R. Single Pilot – CAT”A”. EQUIPMENTS: Emergency Floatation Gear Fixed Parts + Removable Parts (SLL Reached). OPTIONALS: Air Conditioning System. LAST MAIN INSP. PERFORMED (at EASA Part 145 Approved Maintenance Organization) • 600FH/24M Inspection (Airframe) April 2017 at 7435 FH • 1200FH/48M April 2017 at 7435 FH • 72 M (Airframe) April 2017 • 600FH Engine_1 at 7157FH• 600FH Engine_2 at 6963FH. BASIC CONFIGURATION Standard cabin configuration Helicopter powered by 2 Turbomeca Arriel 1C2 engine BASIC ADDITIONAL EQUIPMENTS - Pilot/Copilot Headphone Set - Magnetic Particle detector System - Portable Extinguisher - First Aid Kit - Pilot and Copilot seats with 3 point Restraint/Harness. PRICE REDUCED

Tel: +1 516 658 1847

Bristell LSA 915 Turbo 141 HP 1500 FPM Climb - 160 KTS True Airspeed at 18,000 feet Call Lou www.sportflyingusa.com 120 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

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P118-121.qxp 22/04/2021 11:40 Page 4

Simon Lambert

1995 Sikorsky S-76B

Price:

$1,175,000Excl. VAT

Year:

1995

S/N:

760430

Reg:

HB-ZMS

TTAF:

1684 :47

Location: Switzerland

Aircraft Spare Parts

Wheels, Starters, Brakes, etc. Outright and Exchange

M A R K E Tel: +44 (0)203 290 3311, +44 (0)771 732 7065 T E-mail: slambert@auraaviation.com P L VIP configured Sikorsky S76B - 6 Pax. EASA maintained to the A highest standard by RUAG. Supplied with 12 / 24 month C inspection just completed, plus a 200 hour look forward. 5 Seat E VIP Cabin with leather Interior in impeccable condition. 2 Seats with Credenza plus bench seat. Cocoon Cabin - Cockpit Divider Exceptionally smooth aircraft flight. Engine Configuration: 2 Pratt & Whitney Canada PT6B-36B, 732 kW rated. Air conditioning. Emergency Floats. Certification: Transport helicopter cat. A + B. Category : Type Certificate Data Sheet No. H1NE IFR – Certified

Par Avion Ltd

Cessna, Learjet, Hawker, Westwind, Falcon, Gulfstream, Global Express

FALCONS • HAWKERS • LEARS

Tire Inflation Cage, Hydraulic Wheel Dolly, Lav Cart Brake Bleed Kits, O2 & N2 Single Bottle Carts, Socket Kits Mobile A/C Cart, Oxygen Fill Adapter, Jack Adapters

www.paravionltd.com

Manufacturer of Select GSE & Speciality Tooling Preowned GSE also available

www.AlberthAviation.com

Buy * Sell * Trade

SALES • ACQUISITIONS • CONSULTING

832-934-0055

The best aircraft for sale search anywhere, everywhere - on pc, smartphone and tablet Advertiser’s Index 1st Source Bank ................................................. 59

Duncan Aviation ......................................... 14 - 15

JETNET ............................................................... 103

Action Aviation ..................................................... 45

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Jet Management Group ..................................... 55

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ElliottJets .............................................................. 31

Jet Sense Aviation ............................................ 115

Aircraft Blue Book............................................... 59

Engine Assurance Program .............................. 21

Jet Values .............................................................. 79

Airline Transport Professional........................... 51

Freestream Aircraft..................................... 22 - 23

Lone Mountain Aircraft Sales........................... 33

AMSTAT .............................................................. 107

General Aviation Services ................................. 47

Marbale Universal ............................................. 116

Aradian Aviation .................................................. 87

Global Jet Capital ............................................... 63

Mesotis Jets ....................................................... 111

Asset Aeronautics .............................................. 83

Global Jet Monaco ................................................ 5

OGARAJETS ....................................................... 37

Avpro ..................................................................... 53

Gogo Business Aviation.................................... 99

Pratt & Witney...................................................... 91

Central Business Jets ..................................... 123

Hatt & Associates................................................ 17

SMS Aircraft ...................................................... 112

Clip Aviation ...................................................... 114

Jetbrokers.............................................................. 41

Sparfell & Partners ..................................... 26 - 27

Concorde Battery .............................................. 79

Jetcraft Corporation...........................1, 8 - 9, 124

Stevens Aerospace ............................................ 93

Dubai Airshow .................................................. 105

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The Jet Business......................................... 28 - 29

Dassault Falcon Pre-Owned ........................ 2 - 3

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The Private Jet Company................................... 69

Dassault Falcon ............................................... 113 PROUD MEMBERS OF

British Business & General Aviation Assoc. • British Helicopter Assoc.• European Business Aviation Assoc. • International Aircraft Dealers Assoc. • National Aircraft Finance Assoc. • National Business Aviation Assoc.

AvBuyer (USPS 014-911), May 2021, Vol 25 Issue No 5, is published monthly by AvBuyer Ltd, 1210 West 11th Street, Wichita, KS 67203-3517 and has a targeted circulation to decision makers within business and corporate aviation throughout the world. It is also available on Annual Subscription @ UK £40 and USA $65. POSTMASTER: Send address changes to: AvBuyer Magazine 1210 West 11th Street, Wichita, KS 67203-3517. Postage is paid at Wichita, KS and additional mailing offices © Copyright of AvBuyer Ltd. Every effort is made to ensure the accuracy of material published in AvBuyer Magazine. However, the publishers cannot accept responsibility for claims made by manufacturers, advertisers or contributors. The views expressed are not necessarily those of the Editor or the publishers. Although all reasonable care is taken of all material, photographs, CD & DVDs submitted, the publishers cannot accept any responsibility for damage or loss. All rights reserved. No part of AvBuyer Magazine - Advertising, Design or Editorial - may be reproduced, stored in a retrieval system, or transmitted in any other form, or by any other means, electronic, mechanical, photographic, recording or otherwise, without prior written permission of the publishers.

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AVBUYER MAGAZINE R Vol 25 Issue 5 2021 R

121

P122 MAY21.qxp 22/04/2021 10:58 Page 1

Aircraft For Sale • AIRCRAFT • HELICOPTERS

PAGE

AIRCRAFT

AIRBUS

AIRCRAFT

CESSNA Citation

A318 . . . . . . . . . 118 A318 Elite . . . . . 5 A319 VIP . . . . . . 5

BOEING/MCDONNELL DOUGLAS BBJ . . . . . . . . . . . 23 BBJ3 . . . . . . . . . 9, 124 737 . . . . . . . . . . . 83 787-8 . . . . . . . . . 9, 124 787-8 VIP . . . . . . 23 787-9 . . . . . . . . . 9

BOMBARDIER Global 5000 . . . . 8, 9, 124 Global 6000 . . . . 5, 8, 9, 22, 29, 124 Global 6500. . . . 5 Global Express . 5, 53 Global Express XRS. 5, 28, 53, 112, . . . . . . . . . . . . . . . 124

II . . . . . . . . . . . . . .83 III . . . . . . . . . . . . 41 VII . . . . . . . . . . . . 15 X . . . . . . . . . . . . . 19, 123 XLS . . . . . . . . . . . . 118 XLS+ . . . . . . . . . . . 7, 72 CJ4. . . . . . . . . . . . 26 Bravo . . . . . . . . . 17 Encore . . . . . . . . 15 Excel . . . . . . . . . . 27 Grand Caravan EX. 9, 124 Jet. . . . . . . . . . . . . 83 Mustang. . . . . . . . 83, 119 Sovereign. . . . . . 7, 31, 47, 118 Ultra . . . . . . . . . . . 26 340A RAM VI . . . 7 421C . . . . . . . . . . . 83 421SN . . . . . . . . . 83 500 . . . . . . . . . . . . 41

CIRRUS

Challenger

SF50 . . . . . . . . . . 33 SF50G2 . . . . . . . 33

300 . . . . . . . . . . . 8, 47 601 3A/ER. . . . . 41 601 3R . . . . . . . . 111 604 . . . . . . . . . . . 124 605 . . . . . . . . . . . 8 650 . . . . . . . . . . . 9 850 . . . . . . . . . . . 83

DASSAULT FALCON

Learjet 31 . . . . . . . . . . . . 19 31A . . . . . . . . . . . 15, 41 35A . . . . . . . . . . . 83 36A . . . . . . . . . . . 120 40XR . . . . . . . . . . 37 45 . . . . . . . . . . . . 47 45XR . . . . . . . . . . 14, 15, 17, 19 60 . . . . . . . . . . . . 9 60SE . . . . . . . . . . 9, 123 60XR . . . . . . . . . . 9, 124 75. . . . . . . . . . . . . 9, 124

BRISTELL LSA 915 Turbo . 120

PAGE

6X . . . . . . . . . . . . 13 7X . . . . . . . . . . . . 2, 3, 5, 9, 22, 45, 53, . . . . . . . . . . . . . . . 113, 123 8 X. . . . . . . . . . . . 3 50 . . . . . . . . . . . . 41, 83 50EX . . . . . . . . . . 37 900B . . . . . . . . . . 9, 124 900EX EASy . . . 2 900LX . . . . . . . . . 9, 28, 53, 124 2000 . . . . . . . . . . 14, 45, 47, 53 2000EX. . . . . . . . 123 2000LX . . . . . . . 7

EMBRAER Legacy 500 . . . . 69 Legacy 600 . . . . 9, 26 Legacy 650 . . . . 27, 124 Phenom 100E . . 13, 123 Phenom 300 . . . 14, 27, 47, 72

PAGE

AIRCRAFT

PAGE

GULFSTREAM IV . . . . . . . . . . . . . 27 IV SP . . . . . . . . . . 53, 72 V. . . . . . . . . . . . . . 72 100 . . . . . . . . . . . 9 150 . . . . . . . . . . . 41 200 . . . . . . . . . . . 9, 53, 124 280 . . . . . . . . . . . 31, 53, 123 450 . . . . . . . . . . . 5, 13, 45, 72, 123 500 . . . . . . . . . . . 116 550 . . . . . . . . . . . 1, 5, 9, 26, 29, 72 . . . . . . . . . . . . . . . 124 650 . . . . . . . . . . . 22, 45 650ER. . . . . . . . . 5

PIAGGO P180 Avanti EVO. . .13

PILATUS PC12/47E. . . . . . 9, 124 PC-24 . . . . . . . . . 45, 53

PIPER Cheyenne IIIA . . 41

SOCATA TBM 700B . . . . . 7 TBM 930. . . . . . . 31 TBM 940. . . . . . . 31

HAWKER BEECHCRAFT King Air 200 . . . . . . . . . . . 53 350 . . . . . . . . . . . 7, 31, 115 350i . . . . . . . . . . . 33 A100 . . . . . . . . . . . 83 B200 . . . . . . . . . . 72, 119 C90GTi . . . . . . . . 72 E90 . . . . . . . . . . . 7

Beechcraft 1900D . . . . . . . . . 13 Duke B60 . . . . . . 41 Premier IA . . . . . 119

HELICOPTERS AIRBUS/ EUROCOPTER AS 350B-2 . . . . . 83, 119 AS 365N-2 . . . . . 120 AS 365N-3 . . . . . 118 EC BO 105. . . . . 83 EC 120B . . . . . . . 72 EC 135T2 . . . . . . 72 EC 145 . . . . . . . . 83

AGUSTAWESTLAND

Hawker 400A . . . . . . . . . . 19, 31, 41 800A . . . . . . . . . . 41 800XP . . . . . . . . . 15, 19, 27, 72 900XP . . . . . . . . . 53 4000 . . . . . . . . . . 17, 69

HONDA Jet . . . . . . . . . . . . 67

IAI Westwind . . . . . . 83

AW109E Power . 26 AW109S Grand. .26 AW109SP. . . . . . 8

BELL 206B. . . . . . . . . . 83 206BIII. . . . . . . . 83 407GX. . . . . . . . . 119 412 . . . . . . . . . . . 83 412EP . . . . . . . . . 72, 83 412EMS . . . . . . . 120 505 . . . . . . . . . . . 114

NEXTANT 400XT . . . . . . . . . 9, 124 400XTi . . . . . . . . 19

SIKORSKY S-76B . . . . . . . . . 121

The best aircraft for sale search anywhere, everywhere - on pc, smartphone and tablet

Copy date for the June 2021 Issue - Wednesday 12th May 2021

122 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

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CBJ April.qxp_CBJ November06 24/03/2021 10:18 Page 1

General Offices

Germany Office

Minneapolis / St. Paul TEL: (952) 894-8559

TEL: +49 151 15295243

E-MAIL: julian@cbjets.com

FAX: (952) 894-8569 EMAIL: INFO@CBJETS.COM

2012 Gulfstream G450 SN4263

2014 Gulfstream G280 SN2039

Gulfstream Maintained – 8C Heavy Check 07/20, RRCC, HAPP, ASC 912C – PlaneView software update, ASC 037B – Synthetic Vision System 2.0, Near Perfect Paint & Interior, GOGO Wi-Fi, HD710 High Speed Data, 8 Monitors with DVD & Blu Ray

Single owner since new, Enrolled in all Programs (Honeywell MSP Gold & Gulfstream Planeparts), 1744 Hours, 568 Landings, 4 Year Heavy Check completed at Gulfstream Appleton, FANS/CPDLC, ADS-B, WAAS/LPV, Well maintained, 9 place interior

Embraer Lineage 1000E SN190-00611

2015 Falcon 7X SN267

Only 1324 Hours and 562 Cycles Since New; Preferred 19 Passenger Interior, World Wide Ready, Transferrable Warranty and Maintenance Programs

8X Replacement makes this Aircraft Available Now, Will Deliver with United States C of A, Will Deliver with New Paint and Interior, Heads Up Display / Enhanced Vision / Synthetic Vision / Etc / Etc / Etc…

D L SO 2003 Falcon 2000EX SN14

2004 Falcon 900C SN199

ProLine 21 Avionics Upgrade, All new soft goods throughout with Led wash lights, all plating is new. The interior of all drawers were redone to match new colors throughout the aircraft. Synthetic Vision System, Electronic Charts, FANS 1/A, CPDLC, ADS-B Out V2, WAAS/LPV, Gogo Advance L5 WIFI, ESP Gold, MSP Gold, CASP, 10 PAX Configuration (Preferred)

Primus 2000XP Avionics Suite, Triple IRS, Aircell ATG 4000, Honeywell SATCOM, FANS-1A/CPDLC, WAAS/LPV, ADS-B Out

Citation X SN281

2005 Lear 60SE SN282

Honeywell Primus Elite DU-875 LCD Displays, Engines on Rolls Royce Corporate Care, Winglets, WAAS (Wide Area Augmentation Service), ADS-B Out, XM Weather, Airshow 4000, AGT-4000 GoGo with Talk & Text, Aircell Axxess II Iridium Satcom System

Artex 406 ELT w/ Nav Interface, WX 1000E Stormscope, Lightning Detection System, Ice Detection System, Extended baggage space, WAAS/LPV, Collins ADS-B Out

www.cbjets.com

The smoothest connection to your next aircraft.

2010 DASSAULT FALCON 900LX S/N 246 • 4,933 Hours; 2,375 Landings • Engines and APU Enrolled on MSP • EASy II Avionics w/ EVS

A passionate team of aviation experts, our strategic approach and action-oriented thinking have made us the global leader for aircraft sales and ownership services. With our worldwide network and inventory, industry connections and regional presence, we are the difference between getting an aircraft… and getting your aircraft.

2008 GULFSTREAM G550 S/N 5181 • 3,805 Hours; 2,145 Landings • Fully Enrolled on Programs • FANS/CPDLC & ADS-B Out Compliant

2017 BOMBARDIER GLOBAL 6000 S/N 9762

2011 EMBRAER LEGACY 650 S/N 14501142

• 1,703.59 Hours; 601 Landings • Ka-Band Internet •1 5 Pax Configuration with Shower

• 2,509.02 Hours; 1,343 Landings • Engines Enrolled on RRCC • Fresh 96 Month Inspection

ALSO AVAI L ABL E

2011 BOMBARDIER GLOBAL XRS S/N 9362

2014 BOEING 787-8 2015 BOEING 787-9 2008 BOEING BBJ3 2018 CHALLENGER 650 2013 GLOBAL 5000 2015 GLOBAL 5000 2017 GLOBAL 6000 2018 GLOBAL 6000

1997 FALCON 900B 2016 FALCON 7X 2013 CESSNA CARAVAN EX 2007 LEARJET 60XR 2019 LEARJET 75 2007 GULFSTREAM G200 2012 NEXTANT 400XT 2016 PILATUS PC12/47E

2006 BOMBARDIER CHALLENGER 604 S/N 5627 • 4,719.3 Hours; 2,716 Landings • Gogo AVANCE L5 WiFi • ADS-B Out V2 / WAAS

ALSO AVAILABLE

I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I

• 2,326 Hours; 683 Landings • Fresh 120 Month Inspection • Primus Elite DU-875 Upgrade

I N FO @ JETC RAF T. CO M

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JETCRAFT HAS ONE OF THE LARGEST INVENTORIES IN THE INDUSTRY. Use the QR code or visit Jetcraft.com/Inventory to view our full list of available aircraft.

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