AvBuyer Magazine May 2022 by AvBuyer Ltd.

FC Dassault May 2022.qxp_FC December 06 22/04/2022 09:33 Page 1

Volume 26 Issue 5 2022

™

ACTIONABLE INTELLIGENCE FOR BUSINESS AVIATION

THIS MONTH Jet Comparison: Gulfstream G550 vs Bombardier Global 6500 vs G600 The Pre-Owned Market Today: An Appraiser’s View

FALCON 6X, EXTRAORDINARY EXTRA WIDEBODY

How Private Plane Gave Entrepreneur Time With Kids www.AVBUYER.com

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Editor Welcome.qxp_JMesingerNov06 19/04/2022 10:53 Page 1

Guest Editor’s

VIEWPOINT

Athar Husain Khan

Secretary-General, EBAA

Let’s Reach Higher, Together he value that Business aviation brings to Europe – and beyond – will be on full display during EBACE 2022 this month. Inside the Palexpo halls in Geneva, we will hear plenty about how our industry connects citizens, communities, and companies in a safe, secure, and sustainable way. I’m particularly looking forward to discussing how the dynamic and diverse companies that make up our sector provide highly skilled jobs, support the economy, and drive innovation. But will these important messages and inspiring stories be heard beyond the tradeshow walls? That is certainly what our sector is aiming for. While inside the industry we talk about efficiency, safety, and sustainability, outside the conversations all-too-often focus on the high costs, carbon footprint, and perceived elitism associated with flying on a corporate jet. Therefore it is absolutely crucial that we do everything we can to highlight the immense value that Business Aviation brings to society to attract talent and secure economic growth. Of course, this is by no means an easy task. It also requires a touch of diplomacy – which is where the EBAA Ambassadors come into play.

patients, and ship life-saving PPE and vaccines. And when policymakers point to aviation’s environmental impact, the EBAA Ambassadors highlight that business jets are some of the most efficient aircraft on the market. They also discuss how our sector is at the forefront of the transition to sustainable aviation fuels, and how many Business Aviation companies are going above and beyond by evaluating – and decreasing – their own carbon footprints. Fostering Collective Collaboration In addition to this advocacy work, the Ambassadors are keenly aware of the challenges our industry faces – which touches on another important aspect of the EBAA Ambassadors program: Fostering collective collaboration. From safety to sustainability, we all have a responsibility to address the many challenges surrounding Business Aviation, and what better way to make this happen than to collaborate with colleagues, peers, and fellow Ambassadors? The program is a unique opportunity to exchange experiences and best practices with like-minded industry leaders and to come together to develop a roadmap for taking our message of societal and economic value not only forward, but farther and faster.

A Tour de Force The EBAA Ambassadors work to showcase European Business Aviation as a catalyst for change. Individually, our 24 Ambassadors are leaders in the industry and pillars of their communities. Collectively, they are a tour de force in conveying the positive impact Business Aviation has on both society and the economy. As spokespersons, thought leaders, and community influencers, the EBAA Ambassadors are adept at communicating Business Aviation’s value to those who need to hear it most. For example, when outside stakeholders claim that Business Aviation is really about privately-owned planes, our Ambassadors talk about how, during the pandemic, companies used their business jets to fly stranded citizens back home, transport medical teams, airlift

Amplifying our Message It’s been a particularly challenging couple of years for everyone, which further drives home the need to amplify our message – not only during EBACE and other tradeshows, but on an ongoing basis and throughout the communities in which we do business. By becoming an EBAA Ambassador, I wholeheartedly believe that we can improve the sustainability, safety, and perception of this vital and important industry – allowing all of us to reach higher together. Interested in supporting the responsible and sustainable growth of Business aviation? To learn how you can become an EBAA Ambassador, visit www.ambassador-ebaa.org. ❙

Athar Husain Khan is Secretary-General of the EBAA, standing at the helm of Europe’s leading aviation association, strengthening the voice of Business Aviation in Europe at the highest EU political and institutional levels. More information from www.ebaa.org

The current EBAA Ambassadors are: AMAC Aerospace, Air BP, Bombardier, Cat Aviation, Dassault Aviation, DC Aviation, Duncan Aviation, Elit’Avia, FlightSafety, FlyingGroup, GlobeAir, Jet Aviation, Jetcraft, JSSI, Krimson, MedAire, Luxaviation, Netjets, SD, Sparfell, Textron Aviation, UAS and Vistajet.

4 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

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How to Get the Best Value for Money for Your Business Jet The key to success in any active market regardless of sector, has to be the ability to sift through the noise and make an informed decision. This point cannot be overemphasized, when it comes to acquiring and managing a complicated asset such as an aircraft.

What are the total hours flown/landings? What equipment options are there? And what due maintenance work need to be taken into consideration? There are many subtleties only an operator can relate to, which are not typically listed on the aircraft specification sheet.

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Pedigree Equal to Price When acquiring an aircraft, the company believes the pedigree of an aircraft is equally as important as the price. The way the aircraft has been managed and maintained is directly benchmarked against Global Jet’s managed fleet, since this has a direct impact on value. Does it have comprehensive program coverage?

Distinct Management Approach Global Jet manages and operates a large fleet of over 25 different types of jet on behalf of large corporations and entrepreneurs. And the company has a distinct approach to management, based on a model of ‘one-to-one’ billing (i.e. a fixed management and dispatch fee, based on the level of flying, plus all operating expenditure invoiced with no administration fees or financial incentives from third party suppliers). The Aircraft Management team has developed a proprietary intranet platform allowing clients to view all expenditure at any time of the day. There’s no need to wait till the end of the month to determine your total ownership cost – it’s all at the client’s finger tips, similar to on-line banking. This is the future of aircraft management, and originally pioneered by Global Jet.

Size Has Benefits In the business of high capital expenditure, size does have its benefits. Based on Global Jet’s fleet, the company is able to negotiate volume discounts (on fuel, maintenance, pilot training,

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Reduced Carbon Footprint Environmental impact has been at the forefront of development at Global Jet, with an emphasis on investing in technology to reduce its carbon footprint. The company has led the way, with proprietary software with reporting applications based on the feedback and requirements of each specific client. These innovations and digital tools improve efficiency, enhance passenger safety and comfort, increase reliability, reducing operating costs and ultimately, having a positive environmental impact. Additionally, Global Jet offers sustainable solutions such as Sustainable Aviation Fuel (SAF), carbon emission rights acquisitions, and voluntary contributions to offsetting programs, allowing clients the opportunity to personalize their contribution towards the wellbeing of our environment.

Global Jet will be exhibiting be at EBACE, Geneva, May 23-25, 2022 on stand No.V111 (opposite the Gulfstream stand) For further information contact +352 49 80 89 (Aircraft Management), or +377 97 77 0104 (Aircraft Sales and Acquisitions).

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Vol.26 Issue 5

Contents

2022

4 12

28 32 38 44 50 56 60 64 70

Guest Editor

Athar Husain Khan, EBAA

Market Indicators

Trends and Observations from Leading Business Aviation Analysts

Market Insights

Market Insights of Tom Crowell, Jr. - JetBrokers The Pre-Owned Market Today: An Appraiser’s View

Buying & Selling Aircraft

Aircraft Buyer Questions, Part 4: Setting Timelines Buying Tips: Rules for a Successful Jet Transaction

Ownership

How Private Plane Gave Entrepreneur Time With Kids Who’s Managing Your Aircraft Management Company?

Aircraft Profile

Piper M600: Vive La Revolution

Aircraft Price Guide Large Jets Values

Jet Comparison

Gulfstream G550 vs Bombardier Global 6500 vs Gulfstream G600

Flight Department Management

Electronic Technical Logbooks: Overcoming the Challenges

SAF in BizAv: What’s the Industry Doing to Help?

P&WC at EBACE

Meet Pratt & Whitney’s Growing PT6 E-Series Family at EBACE

Engines

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 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 AVBUYER.COM Michas Rapf michas@avbuyer.com Emma Davey emma@avbuyer.com

Avionics

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Showcases

USA OFFICE 1210 West 11th Street, Wichita, KS 67203-3517

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Marketplace

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Advertisers’ Index

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Aircraft for Sale Index

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How BizAv’s Top Engine OEMs are Cutting Emissions

A Review of Recommended and Required Avionics

Next Month • How Does Aircraft Maintenance Status Impact Value? • BizJet OEM Analysis: Battle for the Large Cabin Jet Market 8 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

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

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MARKET INDICATORS

Business Aviation Market Overview Just when industry veterans think they have it all figured out, something new pops up that upends traditional thinking. Brian Foley reviews some areas where new paradigms are presenting…

12 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

ne notion that needs to be recalibrated relates to the pre-owned aircraft sales market. A favorite metric has always been the percent of the fleet for sale, which normally indicates how tight the market is. If the percentage is high, there are choices aplenty for buyers. When low, there’s nothing much around to buy. Historically, the number of pre-owned aircraft for sale have averaged around 10-12% of the fleet at any given time. However, pandemic-driven first-time buyers drove this number into the ground, and a record low inventory level of just 5% of the fleet was available for sale in 2021. That’s where the next juxtaposition

becomes obvious: While 2021 set a record for the number of pre-owned aircraft transactions, industry metrics indicated there were very few aircraft actually listed for sale. There’s clearly something unusual happening if brokers were able to find an unheardof 3,000 units to sell, while the available inventory was decimated to levels that were less than half of normal… The answer is that brokers are better networked than ever before and were able to facilitate deals even before airplanes hit the market. Thus, if the number of publicly-listed used aircraft for sale really isn’t a real measure of available inventory anymore, a rethink is needed. 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. 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/

“The real number for sale is actually much higher than is tracked because aircraft are sold well before hitting the open market.”

The real number for sale is actually much higher than is tracked because aircraft are sold well before hitting the open market.

Higher Numbers, Lower Utilization

Lastly, there is a lot of industry talk about private jet utilization reaching all-time highs. At least for the US, there has never been more jet operations (measured as the number of monthly take-offs and landings). One might naturally assume that we’re suddenly flying the life out of each individual business jet now, and that yearly usage must be well above any time in the past. It’s time to review… www.AVBUYER.com

Each year the business jet fleet grows in size, with the delivery of new aircraft minus a few retirements. As an example, back in 2005 the US business jet fleet size stood at 9,800 units, whereas today it has grown to over 14,600 jets. Thus, even though today the total number of business jet operations are at all-time highs, on a per-aircraft basis their usage is much lower because of the much larger fleet size. To illustrate, there were 4.728m US business jet operations in 2005. Dividing this by 9,800 aircraft equates to 480 annual operations per aircraft. In contrast, in 2021 US business jet operations jumped to a record 5.1m – but dividing this by the 14,600 aircraft

now in the fleet yields an average utilization of 350 operations per aircraft. Thus, despite a record number of operations, the utilization of each aircraft is actually 25% below what it was in 2005. So, if lower pre-owned inventory levels really mean fewer listings, and record business jet operations really signify lower utilization due to a larger fleet, it could be time to let go of a few of the age-old ‘rules of thumb’ applied to the industry and be open to new paradigms.

MI www.brifo.com

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page 16

AVBUYER MAGAZINE Vol 26 Issue 5 2022

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MARKET INDICATORS

AVBUYER.com

Global Flight Activity Report

How did the war in Ukraine impact flight activity around the rest of the world during March 2022? Richard Koe and WingX Advance provide details… The war in Ukraine continued to significantly impact Business Aviation activity out of Russia, Belarus, and Ukraine during March. Compared with flight activity in March 2021, business jet sectors originating in these countries fell by 65%. The drop in business jet activity was particularly acute in light of some very strong trends in 2021. Compared to March 2019, however, business jet flights from these countries were down ‘only’ 57%. Focusing solely on Russian business jet departures, sectors flown in March 2022 were down 57% compared to last year, and down 45% compared to March 2019. Domestic Russian bizjet trips made up 63% of the sectors flown in March 2022, and despite a 40% decline compared to March 2021, these were up by 11%, compared to March 2019. Unsurprisingly the biggest declines in Russian flight activity during March were international sectors, which were 70% lower than pre-pandemic March 2019. (By far the most resilient international connection from Russia is to United Arab Emirates.)

North America

Europe

“Repercussions from the Ukraine crisis have started to affect business jet demand outside the immediate conflict zone,” said Richard Koe, Managing Director, WingX Advance. “The US market has yet to see any slowdown, with more charter operator consolidation reflected in very strong Part 135 trends. “Other regions are also seeing strong growth in bizjet demand, with China being a big exception…as new Covid lockdowns ramp up.”

Despite the ongoing Ukraine crisis and deepening economic concerns, business jets flew more sectors in Europe in March 2021 than in pre-pandemic March. There were 45,000 bizjet sectors originating in Europe, 42% more than last year, and 13% more than three years ago in March 2019. March saw wide disparity in European country trends. With business jet demand in Russia collapsing, flight activity in France and Germany recorded single-digit growth compared with March 2019 and was well above March 2021. The UK ranked third for bizjet departures in March 2019, and in March 2022 it was second, flying 14% more sectors than in March 2019.

16 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

The United States hosted 91% of business jet activity in March 2022, and demand soared 30% above March 2019, and 28% ahead of March 2021. The month ended with Florida continuing to be the hub of US bizjet activity, with almost 41,000 departures, almost 50% more than in March 2019, and 20% more than March 2021.

Rest of the World

Outside of Europe and the United States, Business Aviation users flew 10% more sectors in March 2019, and 30% more than March 2021. • • •

Despite strong growth compared to March 2021, Canada, and Mexico – the two largest markets – still failed to recover to pre-pandemic activity. Three countries saw a doubling in their business jet activity since March 2019, including Brazil, Nigeria, and the United Arab Emirates. Demand in China languished at approximately half of what it was in March 2019.

MI www.wingx-advance.com

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page 19

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MARKET INDICATORS

In-Service Aircraft Maintenance Condition & Marketability Pre-owned aircraft availability is beginning to demonstrate some stability, with Asset Insight’s tracked fleet decreasing only 0.7% (five fewer aircraft) during March, although listings are still 58.5% below their June 2020 peak. Asset Insight’s March 31 analysis examined 134 models equating to 698 inventory assets. However, many young, lower-time unlisted aircraft continue to transact without ever being listed for sale.

Aircraft Values

Ask Prices for the listed fleet increased 21.9% during March, 38.7% during Q1, and 14.2% year-over-year (YoY), with all four groups posting gains. As stated in previous reports, actual transaction values for young, low-time aircraft are generally higher.

Inventory Fleet Maintenance Condition

On the surface, the Quality Rating and Maintenance Exposure values appeared to contradict each other. However, they make perfect sense when one recognizes the significance of each figure. Quality Rating: Posted three consecutive monthly improvements to reach a 12-month high figure in March. At 5.308 on Asset Insight’s scale of -2.5 (low) to 10 (high), inventory assets moved into the ‘Excellent’ range (from February’s ‘Very Good’ status), signifying fewer near-term maintenance events and proving, yet again, that Maintenance Status does not directly relate to aircraft age. The figure was also relatively unchanged YoY. Maintenance Exposure: On the other end of the spectrum, the cost of embedded/accrued maintenance (Maintenance Exposure) increased (worsened) 6.2% during March (0.7% during Q1 and 3.4% YoY) to approach the 12-month worst figure, signifying that upcoming events, while fewer in number, will be more expensive to complete.

Maintenance Exposure to Ask Price (ETP) Ratio

Continuous Ask Price increases during Q1 helped the ETP Ratio achieve a 12-month low figure of 65.3% in March, with all four groups benefiting. The ETP Ratio continues to be 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 2022, assets whose ETP Ratio was 40% or higher were listed for sale more than 62% longer (on average) than aircraft whose Ratio was below 40% (308 versus 500 Days on Market). In March, 40% of the tracked models, and nearly 55% of all listed aircraft, posted an ETP Ratio above the 40% excessive mark.

Market Summary

The tracked fleet’s availability has now decreased to 3.1% of the active fleet, versus the 8.1% inventory figure posted in March 2021. This equates to a 21% drop during Q1, and a 58% decrease YoY. Demand continues to set record-high figures, posting a second consecutive all-time quarterly high level for all aircraft groups, while more than doubling to 4.68 during Q1 2022, compared to Q1 2021’s 2.27. The figure is based on the percentage of each Make/Model’s active fleet listed for sale and its Days on Market, and the scale ranges from 0.00 (lowest Demand) to 5.00 (highest possible Demand). As we have previously reported, while we expect demand to remain strong during 2022, availability limitations are likely to stifle pre-owned aircraft sales for this year. page 22

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www.AVBUYER.com

Table A Fleet Maintenance Condition 5.308

5.30

$ Mil $1.60

$1.54

5.20

$1.50

5.10

$1.40 A

Quality Rating

Maintenance Exposure

Quality Rating Trendline

Table B G500 G650 ER Citation CJ3+ Falcon 2000LXS Citation CJ4 Global 6000 King Air 350i Learjet 75 Phenom 300 CL-605 Citation Sovereign King Air B200 Post-2000 Pilatus PC-12 G550 Citation XLS TBM 850 Citation CJ2+ Piper Meridian Caravan 208-675 Citation Ultra CL-300 Phenom 100 G450 Hawker 400XP CL-604 Citation CJ2 Citation Encore Global 5000 Falcon 50EX Embraer Legacy 600 King Air 350 - Post-2000 G200 Caravan Grand 208B GV Global Express Premier 1A Piaggio P-180 II King Air 300 Global XRS Learjet 40

1.7% 3.4% 4.1% 7.5% 8.7% 9.0% 10.3% 12.0% 12.0% 12.4% 17.0% 17.1% 17.1% 17.1% 17.3% 17.7% 18.7% 19.2% 20.2% 20.2% 20.5% 21.6% 21.8% 22.4% 24.4% 27.2% 27.6% 27.8% 28.8% 28.9% 29.1% 30.2% 30.4% 31.1% 31.7% 32.5% 32.8% 36.1% 37.4% 39.0%

Citation Mustang 510 Falcon 2000 Caravan 208 Citation CJ1 Learjet 60XR King Air 350 Pre-2001 Learjet 40XR King Air B200 Pre-2001 Premier 1 Learjet 60 Hawker 800XP Citation V 560 TBM 700A GIV-SP Hawker Beechjet 400A Piaggio P-180 Hawker 1000A Hawker 800A Learjet 31A Hawker Beechjet 400 Citation I SP 501 King Air C90 Citation II Falcon 20-5 CL-601-3A Citation III Learjet 55 Learjet 35A GIII Hawker 125-700A

40.0% 40.4% 43.5% 45.4% 45.6% 46.2% 48.1% 50.0% 54.6% 59.9% 62.6% 63.6% 69.0% 70.9% 72.0% 81.8% 84.7% 95.1% 113.1% 115.1% 120.2% 123.8% 124.1% 129.4% 134.2% 166.8% 167.7% 181.7% 224.8% 389.9%

Maintenance Exposure to Ask Price Ratio (“ETP Ratio”) as of March 31 2022 Source: JETNET (www.jetnet.com) Asset Insight, LLC (www.assetinsight.com)

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MARKET INDICATORS

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Large Jets

Mid-Size Jets

Ask Price vs. Maintenance Exposure

Asset Quality Rating

$ Millions

Scale -2.500 to 10.000

Large Jets: Preliminary sales figures for our 43-model tracked fleet totaled 108 units during Q1 2022, compared to 98 aircraft transactions in Q1 2021. Availability is down to 2.4% of the active fleet (the figure stood at 7.1% in March 2021). Listings did, however, increase by 4.6% (six units) in March, leaving total availability down 17.9% year-to-date (YTD), 64.4% lower YoY, and 63.2% below the June 2020 peak. The group’s Quality Rating skyrocketed 5.8% in March to an all-timehigh 5.837 (a figure deep within ‘Outstanding’ territory), while also improving 7.6% in Q1, and 4.5% YoY. Again, if you ever needed proof that an aircraft’s maintenance status and its age have little correlation, these figures provide it. The asset’s age and specification may not increase its value, but fewer upcoming maintenance events could improve its marketability. Unfortunately, while fewer maintenance events may be due for Large Jets, they are expected to cost more, as reflected by the 14% increase (worsening) to the group’s Maintenance Exposure during March (just 0.4% worse than the Q4 2021 figure, and 4.9% higher YoY. Ask Price rose 8.8% in March to post an all-time-high value that was also nearly 34% higher than Q4 2021, and reflected a 54.4% increase YoY. The price rise helped lower the ETP Ratio to 38.3%, the group’s second consecutive monthly improvement, and the first time Large Jets have been below the 40% excessive exposure demarcation point since August 2016. There is no way to tell if the group’s future inventory will continue to improve asset marketability but, for now at least, the signs are generally positive. Mid-Size Jets: Inventory for our 45-model tracked fleet posted a 2.9% increase in March (five units), but equated to more than a 60% drop YoY and a 64.4% decrease since the June 2020 peak. These figures resulted, in part, from the sale of 102 aircraft during Q1 2022 – fewer

22 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

$ Millions

Scale -2.500 to 10.000

than the 110 sold during Q1 2021. The Quality Rating was relatively stable throughout Q1, remaining within ‘Very Good’ territory while improving to 5.122, a nominal 0.3% gain for March, and 2.2% since December. However, the Rating was 3.7% lower YoY. Maintenance Exposure, on the other hand, increased 2.3% to set the 12-month high (worst) figure, while also worsening 7.4% for the quarter and 9.6%, YoY. Ask Price rose nearly 33% in March to a 12-month high value that was also 65% higher for Q1 2022, and 15% higher YoY. The figure helped the ETP Ratio decrease to 69.1%, which was a major improvement over February’s 83.3%. With only 2.3% of the active fleet listed for sale, some sellers may find this an ideal time to create a transaction for an otherwise unmarketable asset. Light Jets: Of the three Jet groups, Light Jets is the only one whose Quality Rating and Maintenance Exposure figures both moved in a positive direction. Remaining in ‘Very Good’ territory throughout, the Quality Rating improved each month during Q1 2021 to post a 1.6% increase for March, 3.8% during Q1, and a 0.9% increase YoY. Maintenance Exposure followed suit, decreasing 7.7% in March (to a 12-month low/best value), 8% during Q1, and 12.4% YoY. The average Ask Price rose a dramatic 56% in March, resulting in an increase of 64.8% for Q1 2022, and 36.6% YoY. March’s value represented a 12-month high Price, and was also the first time since May 2021 that Light Jet values exceeded that of Turboprops. Combined, these changes improved the group’s ETP Ratio to 90.5%, a 12-month low/best figure, and the first time the Ratio has not been in triple-digits since October 2020. The statistics were created through the sale of 144 aircraft during Q1 2022 (compared to 127 in Q1 2021), reducing inventory by 2.7% (five

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MARKET INDICATORS

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Light Jets

Turboprops

Ask Price vs. Maintenance Exposure

Asset Quality Rating

$ Millions

Scale -2.500 to 10.000

units) in March, 52% YoY, and 58.6% since the June 2020 peak. Only 3.2% of the active fleet was listed for sale as March ended, compared to 8.2% in March 2021. On a per-tracked-model basis, Light Jets posted more sales than any other group (5.0 units) during Q1, while also offering greater availability at the end of Q1 than any other jet category (7.6 units per tracked model). Concurrently, they required the fewest Days on Market to create a sale. Turboprops: The 17 models tracked by Asset Insight closed 62 transactions during Q1 2022, versus 88 in Q1 2021. Inventory decreased 6.5% in March (11 units) to finish Q1 down 28%, as well as approximately 56% lower YoY, and 40.1% below the June 2020 peak. At the end of March, availability stood at 2.9% of the active fleet, compared with 6.4% one year ago. Buyer preference for assets sporting a higher Quality Rating resulted in a 1.0% Rating decrease for March, 1.3% during Q1, and 2.4% YoY. However, at 5.055, Turboprop Quality remained within ‘Very Good’ territory. Maintenance Exposure managed to eke out a slight 0.5% improvement, but that decrease was not shared by the figures posted for Q1 and YoY, which increased (worsened) 1.5% and 7.8%, respectively.

Ask Price increased 13.3% in March, resulting in a 6.6% rise during Q1, and 5.2% YoY. Between the slight Maintenance Exposure decrease and the Ask Price increase, the ETP Ratio improved to 44.4% – higher (worse) than the group’s 12-month average. Considering that Turboprops offer more availability per model than any other group (8.9 aircraft compared to 5.1 for our tracked fleet’s average), and an ETP Ratio that is just slightly above the 40% excessive ETP Ratio point, ample opportunities exist for buyers and sellers to structure value-based transactions.

MI www.assetinsight.com ❙

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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Market Insights.qxp_MARKET INSIGHTS 19/04/2022 12:51 Page 1

MARKET INSIGHTS

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Market Insights: Tom Crowell Jr., JetBrokers Is there any relief in sight for the current pre-owned aircraft inventory shortage? How can buyers and sellers act to get the best out of the current circumstances and challenges? JetBrokers’ Tom Crowell Jr. shares his thoughts… 28 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

earing three decades in business, JetBrokers was established in 1993 by Tom Crowell Sr., who served as the company’s President until 1999, and then as its Chairman until his death in 2021. During his time at the helm, he saw the company grow from a start-up aircraft brokerage with its headquarters in St Louis, Missouri, to one with satellite offices strategically located across the United States in Michigan, Arizona, and across the Atlantic in London, United Kingdom. He also saw his son Tom Crowell Jr. take up his vision and help drive JetBrokers on to the next level. Having grown up around aviation, Tom Crowell Jr. has had an interest in airplanes all his life, and began a career working in aircraft sales in 1992. He joined JetBrokers two years later, and eventually succeeded his father as President in 1999. Across its 28 years of existence, JetBrokers has successfully sold more than 600 aircraft, and the company has completed as many as 40 transactions in a single year – though the usual level of annual transactions tend to number in the mid-20s. Asked about the key to his company’s success over the years, Tom Crowell Jr. notes, “we offer integrity, combined with top-notch marketing and technical review and analysis to our clients”. AvBuyer caught up with him recently to tap his thirty years of experience in aircraft sales, and gain his perspectives and insights on today’s marketplace…

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Market Insights.qxp_MARKET INSIGHTS 19/04/2022 12:52 Page 2

MARKET INSIGHTS

AvBuyer: Tom, tell us about today’s market from your perspective. Have you ever seen anything even similar to this before? As we speak, there’s approximately 4% of the business jet fleet available for sale… TC: The lack of inventory in the current pre-owned aircraft market is similar to the late-1990s, though it is a significantly more extreme case. Exacerbating the problem, aircraft manufacturers cannot ramp up production fast enough, even if they want to, and meet the demand of first-time buyers, due to supply chain problems and a shortage of skilled workers. AvBuyer: Is there any end in sight to the chronic shortage of inventory? What needs to happen to bring it about, and when would you see this happening? TC: Currently, there is no end in sight to the shortage. The aircraft price escalation seems to have plateaued, though. We’re seeing some resistance from buyers to the current price levels. Today’s low inventory, in part, is driven by buyers who are no longer willing to fly on the airlines. For the time being, I don’t see a source that will adequately fill the demand for increased inventory. In my opinion, it will likely take at least two years for aircraft inventory to get back to “normal” levels. AvBuyer: Although the pre-owned inventory seems to be well picked over right now, are there any particular makes/models catching your eye for how they’re performing on the market?

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TC: Everything has gone nuts. In today’s market, I have seen aircraft sell for twice what they were worth 12 months ago. AvBuyer: We understand a big deterrent to would-be sellers from putting their aircraft on the market and getting premiums for them is that there’s no guarantee they’ll find a replacement aircraft right away. As a seasoned broker, how do you advise such sellers? TC: I make sure would-be sellers understand what is happening in the marketplace, and I advise them to buy their replacement aircraft first, if they cannot be without an aircraft. Currently, there are shortages everywhere, including charter, fractional shares, and jet cards – so these interim solutions could be equally problematic for sellers who haven’t lined up their replacement aircraft in advance. AvBuyer: Obviously buyers are under pressure to act fast in the market. What advice would you give an aircraft buyer looking to get value from the market today? TC: Firstly, getting value today centers on buying a good aircraft at retail. Aircraft are selling above their asking prices on a regular basis, and it’s possible you’ll get drawn into a bidding war. With many aircraft being sold before they reach the open market, genuine buyers are well-advised to employ a good broker to help find the aircraft they need, at the right value. More information from www.jetbrokers.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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Market Insights 2.qxp_MARKET INSIGHTS 19/04/2022 12:59 Page 1

MARKET INSIGHTS

The Pre-Owned Market Today:

An Appraiser’s View Are the premium prices being paid for private jets and turboprops today on the pre-owned market sustainable? Accredited Senior Appraiser of aircraft, Jeremy Cox, shares his thoughts with Matt Harris. eremy Cox, Founder and Owner of JetValuesJeremy, a professional aircraft appraisals company, has spent more than 20 years appraising aircraft. He filed his first appraisal report in 1999, and in the years that ensued, has appraised a vast array of aircraft makes, models and types. “I really enjoy the challenge of appraising one-off, unique aircraft,” he says, reminiscing about a personal favorite job in 2019 when he was asked to appraise what he identifies as “the world’s rarest business jet” - the McDonnell 119/220. The Model 119/220 was McDonnell’s candidate for the US Air Force’s ‘Utility Transport, Experimental’ solicitation, issued in 1956. Lockheed won the contract with its JetStar, and competitor North American Aviation’s Sabreliner went

32 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

on to win the subsequent contract. McDonnell was left out in the cold, and instead attempted to market the Model 220 as a business jet. “When those efforts failed, McDonnell used the Model 220 for several years as its own executive jet”, he says. Ironically, the Model 220 was eventually replaced by a used Jetstar for McDonnell’s corporate transportation needs.” Jeremy received his initial accreditation as an appraiser in September of 2014 while working for a leading preowned business aircraft brokerage firm, having joined the National Aircraft Appraiser’s Association and spending a week in classroom-based training. “In 2018 and 2019, I was accepted into the American Society of Appraisers (ASA) Aircraft Valuation Program,

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Market Insights 2.qxp_MARKET INSIGHTS 19/04/2022 12:59 Page 2

AVBUYER.com

AvBuyer: Everyone we speak to tells us this current pre-owned business jet/turboprop market is unique. Inventory has never been so low, the fleet for sale has been thoroughly picked over, and many models are selling at premiums. Speaking as an aircraft appraiser, is there still any value to be found in the business jets and turboprops on the market currently?

and in 2019 I started JetValues-Jeremy LLC.” His line of work exposes him to just about all aspects of aviation and aerospace – and not all of it confined within Earth’s atmosphere. Last year Jeremy won the contract to appraise a spacecraft, travelling to Cape Canaveral to perform an on-site inspection. “Since then, I have been somewhat active in that portion of our aerospace industry,” he shares. With the specific designation ‘Accredited Senior Appraiser, Machinery & Technical Specialties – Aircraft’, today Jeremy is an instructor for the ASA and teaches portions of the education/certification program. And despite some of the extra-terrestrial machinery he values nowadays, Jeremy is still very much focused on the Business Aviation industry, regularly appraising jets, turboprops, and helicopters that are commonly used to support the transportation needs of corporations around the world. AvBuyer found him with a rare window in his busy schedule to discuss his perspectives and insights on the pre-owned market today…

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JC: Since Q3 2020 we’ve seen the development of a “Bull” market, with minimal ‘Days on Market’ (in terms of market exposure and marketing time). And in most cases, premium pricing is occurring at above the asking price. It’s been a standard since the ‘plunge off the cliff’ that became known as the Global Financial Crisis of 2008/2009, right through the recovery and the Covid pandemic, up until April 2021 that used aircraft have transacted 3% to 8% below their asking prices – depending on age, condition, and model desirability. Starting in April 2021, I observed in most appraisal engagements that the selling price equaled the asking price – with sporadic examples of premiums being paid. Then, in September, I saw a definite paradigm shift from ‘asking price sales transactions’ to ‘premium price sales transactions’. In November last year at the CJI event in Miami, I stated that “It’s common to see $300k to $600k-plus premiums being paid over the asking price, today.” That was confirmed by the International Aircraft Dealers Association (IADA) when it published its ‘Third Quarter, 2021 IADA Market Report’, noting, “Our members correctly predicted the rise in the market. Our survey sees a combination of an increase of 2030% in the value of pre-owned aircraft, driven by a lack of inventory. This is coupled with an OEM backlog of one-to-two years for their most desirable models.” Specific model softness is rare, but not extinct. But it is wrong for someone to think of these high values, driven by the current supply-and-demand situation, as being freak pricing, or way above normality. This mindset is one from the past. These are the actual prices today. They are ‘now’ values and are unlikely to change anytime soon. Bottom line: If you have the rare opportunity to buy an aircraft, you should jump on it. If you don’t, somebody else will.

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AVBUYER MAGAZINE Vol 26 Issue 5 2022

Project1_Layout 1 28/04/2022 10:10 Page 1

MARKET INSIGHTS

AvBuyer: Given the frenetic marketplace, making an accurate appraisal poses some challenges, right…?

JC: Honestly, there is no real challenge with providing accuracy for my appraisal clients, because the ‘percentage adjustment’ that I have to make to correct the resultant fair market values, is dependent upon both the effective date of the appraisal, and when my ‘comparative sale’ aircraft transacted. No, my biggest challenge is actually getting ‘real-time’, ‘comparative sale’ aircraft, because many sales are being made ‘off-market.’

AvBuyer: Not long ago, one aircraft broker told us that the premiums we’re seeing on many models are more of a price correction to what aircraft are really worth, following more than a decade of price depreciations in the market. Is that a fair assessment of what we’re seeing?

JC: Yes, that is actually a great perspective to take in today’s marketplace. It must be remembered that values of business jet and turboprop makes/models were all chasing each other downhill in 2008-2009, thanks to the Global Financial Crisis (GFC). Many settled at 40-60% lower than their preceding two years’ values. Today’s value increases of 20%-plus still don’t bring many of the makes/models back to their preGFC relative values (adjusted for CPI). AvBuyer: So, once inventory starts to increase – perhaps later this year, or in 2023 – we’re guessing you’re not expecting to see values deteriorate to the same levels they were before the market heated up to fever pitch…?

JC: Except for a massive event like a war in Europe and/or Asia, I don’t see a drop-off occurring anytime soon.

34 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

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Covid was good for aircraft sales. “I’m never travelling on the airlines again” is the consistent mantra voiced by the burgeoning mass of buyers out there today. If a slowdown does come, I predict that we shall see the older models becoming ‘soft’, but in no way ‘lost’. I believe the biggest threat to the values of Business and General Aviation aircraft is not economic – rather it’s the push to move aviation into sustainable fuels and carbon trading. Don’t get me wrong – these are likely necessary, regardless of whether you believe in it or not. But operating costs will increase as a result.

AvBuyer: Tell us about 2022, so far. What are some of the aircraft you’ve appraised (and the reasons)?

JC: We may only be one-third of the way through, but the list of aircraft is extensive, and the reasons varied. For example: An MD900 Helicopter legal appraisal (stolen aircraft); a Cessna Citation 501 (bank financing); a Hawker 4000 (estate tax payment); a Bell 206 JR (sales transaction); a Cessna Grand Caravan EX (sales transaction); two Beechcraft King Air B200s (one partnership share buy-out, and one bank financing); two 690A Aero Commanders (acquisition); an Antarctica-based Basler BT-67 Survey Aircraft (legal appraisal); a Dassault Falcon 900C (bank inspection); a Cessna Citation Latitude (bank financing); a Beechcraft King Air B200 and King Air 250 (lease rates); four Hawkers (including two 900XPs, an 800XP, and a 750) for higher, fair market hull values to argue with their insurance underwriter, who had based values on preCovid numbers; another Hawker 900XP (partnership share buy-in); a Beechcraft King Air B100 (sales transaction); a Beechcraft King Air B200GT (sales transaction); a Diamond DA-40 NG (bank financing); a Cessna Citation Latitude for Use Tax (lease rates); and a fleet of 60 individual Helicopters.

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Market Insights 2.qxp_MARKET INSIGHTS 20/04/2022 09:09 Page 4

MARKET INSIGHTS

AvBuyer: With sellers in the driving seat, there’s often intense pressure on buyers to act fast, or miss out in today’s market. How long does an aircraft appraisal take, and why should the services of an appraiser be seen as a non-negotiable factor of an aircraft acquisition? JC: A desktop appraisal takes three-to-four days to accomplish, while an on-site appraisal takes five-toseven days, including travel. The only times that the use of my services is a nonnegotiable requirement, is when the buyer wishes to finance their purchase (usually after closing, since preclosing bank approvals are rare today because of the speed at which deals are transacted). If you want to borrow money, you must have an appraisal. Your bank will demand it. Otherwise, since some aircraft are being transacted without a pre-buy, then why – other than the potential for a significant and unnecessary loss of money – get an appraisal? The reality is, as you saw in my previous answer, there is a multitude of reasons – beyond an aircraft sales transaction – that could require you to engage an appraiser to deliver a market-driven opinion of value. More information from www.jetvaluesjeremy.com T

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“No, my biggest challenge is actually getting ‘real-time’, ‘comparative sale’ aircraft, because many sales are being made ‘off-market'."

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Jet HQ inventory FP May.qxp_Layout 1 21/04/2022 09:26 Page 1

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Buying&Selling 1.qxp_Finance 19/04/2022 10:33 Page 1

BUYING & SELLING AIRCRAFT

Aircraft Buyer Questions (Part 4): Setting Timelines Concluding his series, René Armas Maes discusses setting timelines for an aircraft purchase, from understanding market conditions, to arranging financing, negotiating the purchase contract, executing a Pre-Purchase Inspection, and taking delivery…

ith an almost non-existent market for newer, low-time pre-owned business jets currently, an increasing number of buyers have been turning to the OEMs to order factory-new jets, which, in turn, has created a growing backlog of orders that has extended the waiting time to receive a new aircraft. Buyers seeking to purchase a new jet from a manufacturer will need to work potentially two-to-four years ahead of when they expect to take delivery. Of course, just because the listed inventory of preowned business jets is extremely low (less than 4%, according to AMSTAT data at the time of writing), and is well picked over, doesn’t mean to say finding a lower-time, newer model is an impossibility. But several such transactions take place off-market, meaning additional time should be allowed to source the right aircraft from an owner who is willing to sell, and inevitably a premium price will need to be paid. 38 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

Nevertheless, a well-maintained older aircraft with acceptably low times on its engines could be worth upgrading with a cabin and flight deck refurbishment, given that many of these models, though also commanding premiums on the market currently, are selling at well below their new prices.

Arranging Financing

In many cases, buyers opt to finance their aircraft acquisition. If financing is the route you plan to take, then you’ll need to understand the process, and allow for this within your pre-purchase timeline. Typically, an aircraft financing application starts with an assessment of the buyer’s financial situation, and identifying the subject aircraft to obtain pre-approval with the lender. This should happen before you begin your search for the specific aircraft you wish to buy. The bank will require you to provide an approximate aircraft purchase timeline, along with the aircraft type and www.AVBUYER.com

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model, year of manufacture, and amount of money you wish to borrow. Having received pre-approval, potential aircraft buyers can then explore what is affordable to them in terms of aircraft financing, and only then will the buyer be able to decide whether a brand-new, or a pre-owned, jet offers the best return on investment. For either approach, the ultimate goal is to buy the ideal business aircraft, at an appropriate price, under the right financial model, based on your current and forwardlooking financial situation. This requires preparation and time. It’s also important to get an early understanding of which financial mechanism(s) can be used to finance your aircraft purchase. There are several choices, including: • Cash • Down-payment • Debt financing • Lessor financing www.AVBUYER.com

• • • • •

Non-bank financial institutions Financing via Export Credit Agencies (loans and structured financial leases for brand-new aircraft) OEM financing (directly or indirectly through a financial partner) Aviation focused lenders, and Aircraft brokers.

You can read more about many of the above avenues for financing in the AvBuyer June 2020 issue, p64. Having considered each of the options, and assessing your financial situation, you should be able to determine the best financing structure(s) for your acquisition needs, as well as the amount to be financed. Next, gather all of the documentation required to submit a pre-loan application. This is likely to include tax returns, business and personal financial statements containing personal net-worth information, and various other items.

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You should expect the process and due diligence of a typical business aircraft loan to take between one and three weeks, depending on whether the evaluation is for a single entity with no business affiliates, or a holding company with subsidiaries. The overall process of arranging aircraft financing could take anywhere between two and six weeks. The key is to plan accordingly, setting up a timeline with a buffer of at least one additional business week to help avoid any purchase-related stress. Starting the aircraft financing process early is key. Having financing in place before you need it will certainly assist in expediting a closing, especially in a hot market like today. Failure to do so could cause unnecessary hiccups and stress or, worse, you could end-up losing the aircraft to another bidder.

Aircraft Purchase Agreement

Having identified the suitable aircraft on (or off) the market, an interested buyer will need to get an aircraft purchase agreement in place. The Letter of Intent (LOI) is a necessary part of the buyer making an offer for, and detailing the terms under which they wish to buy, the aircraft, and should at the very least include: • • •

Offer price; State the requirement for an inspection (including the extent and location of the inspection); Preferred date for conclusion of the acquisition.

If the LOI is accepted, buyers will then need to arrange for a refundable deposit, to be held in escrow, as agreed

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with the seller – thereby showing genuine intention to see the deal through. Between the Letter of Intent and the contract stage, there is likely to be at least some negotiation between the buyer’s representatives and seller’s representatives. Purchase price and the terms for acceptance of the aircraft are likely to be central issues for negotiation, so build space into your timeline for a deal to be forged that’s acceptable to both parties.

Pre-Purchase Inspection

Buyers of pre-owned aircraft will need to undertake a prepurchase inspection, which requires a visit to a specified maintenance facility to ascertain if there are any potential issues that will impact the aircraft sale, or if the price should be revisited. The inspection should be scheduled at a different maintenance shop than where the aircraft has been maintained and repaired in the past. And you’d be well advised to hire an appraiser to thoroughly review the aircraft’s logbooks and maintenance records to firmly establish its pedigree. Any missing records, major repairs, or aircraft damage history need to be carefully reviewed. Has the aircraft undergone modifications? Would anything in the records show an unresolved airworthiness issue? How much time is left until the next major inspection, and what is the likely cost of that inspection? The answers will all be in the logbooks and maintenance records. Allowing the time for a thorough review of these will be worth its weight in gold. An experienced advisor should be present, in person, to represent you while the pre-purchase inspection is carried

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out, and while ground and flight tests are carried out, since squawks may be identified that require resolution prior to the transaction’s completion. Finally, when conducting an assessment on the equipment of the aircraft, consider future regulatory requirements as they can be costly to comply with. And verify via a search of the aircraft’s title, prior to closing, that there are no liens attached to the aircraft. Once the inspection is done (this can take from a few days up to a few weeks, depending on the scope of the inspection, aircraft, MRO center, and availability of personnel), you are clear to conclude the transaction, assuming the pre-purchase inspection didn’t reveal any deal-breakers, and no disputes have arisen over who will pay to fix the issues found.

In Summary…

From start to finish, the process of buying a business jet can take several months (depending on the variables discussed here). Necessary due diligence takes time, and

should be expected when buying a pre-owned aircraft. There are other aspects to establishing the timeline for your aircraft purchase beyond the scope of this article – including obtaining proof of insurance, clearing legal and tax hurdles, plus title transfer. These elements will all require additional time. And training for your flight crew in the make/model of aircraft you’re buying should be arranged simultaneously, in advance of the completion date. Ultimately, the process of buying a pre-owned aircraft can take between three and nine months, depending on many of the variables discussed above, and as covered under the preceding articles in this series. When it comes to establishing the timeline of your aircraft acquisition, as the saying goes, “It’s better three hours too soon than a minute too late”. It’s better to overestimate the time needed for each stage of your acquisition process than to underestimate. Without allowing market conditions to pressure you, be generous in your timeline. You’ll be far less likely to experience buyer’s regret that way… T

RENÉ ARMAS MAES

www.AVBUYER.com

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.

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Buying Tips: Rules for a Successful Jet Transaction Are you buying a private jet for the first time? What should you know about the transaction to ensure it runs as smoothly as possible? Seasoned Aviation Director Andre Fodor shares some rules…

he current appetite for new and preowned business aircraft has seen prices rise to premiums. The marketplace sees not only a shortage of aircraft, but of flight crew, and the people who support operations and provide ground services. In view of this, let’s discuss the acquisition process for buyers looking to purchase a business jet in today’s market… A potential client called me once wanting to purchase a Light Jet. As I tried to explain the process of buying jets – the dos and don’ts of getting the right one – it was clear he was far more interested in schooling me. “As a successful entrepreneur”, he began, “and having purchased expensive cars and boats, buying a jet is a similar purchase”. He genuinely believed he could simply find a great buy over the internet and put in an offer. Politely, I replied that while he seemed to believe 44 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

in what he was saying, I have a money- and hasslesaving process that’s worked well for me, and to let me know if I could be of assistance in the future. Of course, not everybody is like that entrepreneur. For those genuinely keen to understand the perils of unsophisticated buying in the Business Aviation arena, and how to avoid them, the following should serve to help you stay out of trouble:

Rule 1: Know Your Need

Before starting the acquisition process, you should identify what your medium- and long-term needs for the aircraft are. What will the typical flight distances be, the frequent destinations, the performance requirements, and the usual payloads carried? There’s a good reason for getting a clear idea of exactly what you need... I was once retained by the owner of a recently purchased Large Jet. They were having problems

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BUYING & SELLING AIRCRAFT

with the newly hired lead pilot who told them that they couldn’t operate from their home airport. The company’s principal was ready to terminate the pilot’s contract for refusing to fly there, but the headhunter who had procured the pilot insisted on a second opinion. After performing an assessment of the airport, I understood the pilot’s reasoning. The airport’s runway weight limitation was too low, excluding the aircraft by its weight from operating there, even with minimum fuel. Essentially, having failed to undertake a preassessment of the aircraft and airport, the buyer purchased too much airplane for their preferred airport to handle. In another instance, consulting for a potential buyer who had his heart set on buying a specific model of aircraft, I learned that his daughter, recently married, and was expecting twin children. The purpose of the airplane was for family vacations, and a basic headcount proved that the number of seats offered in the cabin of this airplane would not accommodate this growing family. A willingness to stand back from the aircraft of his heart’s desire, and look at the facts in the light of his actual need, enabled that buyer to upgrade his choice. A serious case of buyer’s remorse was averted that day.

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Rule 2: Know Your Broker

It is important not to inadvertently sway the market. Buyers who randomly call multiple brokers may end up inquiring about the same aircraft many times over. This causes a ripple effect in pricing as a false sense is created that multiple prospects are interested in the same asset. When this happens, a price will be artificially hiked-up, and the transaction could become confused, with several brokers trying to sell the same airplane to the same buyer. Choose a broker and work with them. Resist the urge to use an inexperienced one. Words (and business cards) can be cheap. Most deals happen between experienced brokers, and this can include deals for airplanes that never reach the open market – especially now that demand is so high, and pre-owned inventory so low.

Rule 3: Never Forego a Pre-Purchase Inspection

I once received a call from a pilot from South America asking if I would be available to consult on a post-purchase issue. His operation had bought a jet from Europe. With low hours on the engines, it had not been flown for several years – but had an irresistibly low ask price!

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Upon landing in the US for an inspection and reregistration, it was found that the aircraft’s landing gear was overdue an overhaul. Corrosion on that landing gear was subsequently found to be beyond limits, while the left wing near the winglet also had a severe bend on it. So much for smart buying! Unless you engage, and listen to, expert advice on an aircraft prior to buying it, the “great deal” that a newcomer thinks they’ve found will rarely prove to be the case. There is all manner of hidden secrets it could be hiding. NEVER attempt to buy a jet without a proper Pre-Purchase Inspection, performed by a reputable service center (and not the same service center that normally maintains the jet). The service center should have extensive experience in that specific type of aircraft, and you should hire an expert to be present, in-person, representing your interests at the inspection.

Expertise is Core

Having expertise on your side will be essential to your aircraft purchase. For example, experienced legal representatives will be able to navigate a chain of custody search which could reveal legal issues that prevent title transfer and registration. Moreover, money must be placed in escrow until closing (never in the hands of the seller or broker). The services of an Escrow agent will be needed. www.AVBUYER.com

And no matter what you do, retain a reputable and experienced closing agent to conclude the transaction. There’s a specific set of steps that are required to exchange an airplane for money, and perfect timing is essential for the asset to become yours at the same time as money is exchanged. Like any complex transaction, purchasing an airplane requires knowledge and expertise. So, resist the temptation to take shortcuts, or cut costs at such a crucial time. There are proven processes to bring about the successful outcome to a business jet transaction. Don’t be shy to reach out to experienced buyers, brokers, mechanics, and others, arming yourself with all the vital knowledge and experience required to buy the best airplane available for your money. 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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C E L E B R A T E S

YEARS AS

Av i a t i o n C o n s u l t a n t s t o t he W or l d Thirty plus years of traveling the globe connecting people and businesses with the right airplane has made me realize that everything - and nothing - has changed in the world of aircraft sales. The ability to analyze the markets, source the product, evaluate its merits and navigate the path to a successful transaction now more than ever calls for a skillful and resourceful advocate. Your journey to a purchase or sale of a business jet should begin with retaining an experienced aircraft salesperson. Let’s talk about why corporations, individuals, and governments rely on Par Avion Ltd. for their aircraft transactional needs.

Janine K. Iannarelli Founder & President, Par Avion Ltd.

T +1 713 681 0075 | sales@paravionltd.com | paravionltd.com | Houston, TX USA

EXCLUSIVE REPRESENTATION OF BUYERS AND SELLERS OF BUSINESS AIRCRAFT

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How Private Plane Gave Entrepreneur Time With Kids The benefits of private airplanes go further than simply making business travel more efficient. Loral Langemeier tells Fabrizio Poli how her Beechcraft King Air enriched the time she could devote to her family, too…

rowing up on her family’s farm in Nebraska, even from a young age Loral Langemeier was never happy sitting back, becoming part of the small-town status quo. At age 19, while paying her own way through college, she created a business specializing in corporate wellness and human performance. As a personal trainer and aerobics instructor, she taught between 16 and 18 hours per week, while earning a double degree and playing basketball for her college team. Loral graduated from the Wesleyan University of Nebraska with bachelor’s degrees in Business Administration and Finance, followed by a master’s degree in Exercise Physiology. Following graduation, Loral contracted with Fortune 500 company Chevron to teach health, fitness, and nutrition to workers on oil rigs off the coast of New Orleans – and at the age of 24 she entered a new contract with Chevron to build over 200 fitness centers on offshore rigs, partnering with a Professor of Engineering and a team of students at Louisiana State University. Loral rose to a senior-level with Chevron in San

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Francisco, spending a total five years in corporate America. While continuing her own businesses on the side, she developed her ‘secret formula of the wealthy’: To manage and build a portfolio to create even greater wealth. After meeting Robert Kiyosaki in San Francisco (before his Rich Dad, Poor Dad series), Loral created the distribution system of his financial board game Cashflow as a teaching tool for those who want to go back into entrepreneurialism. She approached Kiyosaki about helping expand his cash-flow game, working with him as a Master Distributor until 2001. Loral has been a partner or sole owner in well over one hundred for-profit and non-profit businesses since she started her first business while still in high school. And she has operated successful businesses in a wide variety of sectors, including real estate, gas and oil, restaurants, marketing, sales, insurance, publishing, car dealerships, entity formation, and recently NFTs. She has learned many valuable, first-hand business lessons during her more than 30 years of business ownership. Loral is author of a number of New York Times bestsellers, including, ‘The Millionaire Maker, Guide to www.AVBUYER.com

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Wealth Cycle Investing’, and ‘Yes! Energy’. Her latest book, being launched in May 2022 is called ‘Make Your Kids Millionaires: The Step-by-Step Guide to Lead Children to Financial Freedom’ (see sidebar overleaf for more information). Loral sat down with me recently to discuss the role private aviation has played in allowing her to grow her businesses exponentially.

The Minivan in the Sky

Loral owned a Beechcraft King Air for over thirteen years, basing it near to her ranch at Minden-Tahoe Airport in Nevada. Unsurprisingly, her seminar business was hit by Covid lockdowns, but she quickly pivoted and moved her events online. While she took a break from traveling during 2020, Loral resumed some of her travel during 2021 and now, in 2022, is already picking up her travel schedule, regionalizing the focus more on her various business ventures in Nevada, Idaho and Texas. Over the years, the King Air served as her “minivan in the sky”, allowing her to take her kids on many trips with her. Being able to live where she does, and get www.AVBUYER.com

“Loral expresses surprise that relatively few women entrepreneurs are business jet owners, given that it allows you to work and spend more time with your kids – and is therefore a great balancing tool...”  AVBUYER MAGAZINE Vol 26 Issue 5 2022

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LORAL AND FAMILY WITH THE KING AIR SHE OWNED FOR SEVERAL YEARS

up and go and produce, using her King Air as a business tool has been key to her. In fact Loral’s son Logan has taken a keen interest in flying, and once he completes college will fly his mother’s next aircraft. Loral expresses surprise that relatively few women entrepreneurs are business jet owners, given that it allows you to work and spend more time with your kids – and is therefore a great balancing tool for the “mompreneur”.

Don’t Judge a BizJet by its Balance Sheet

According to Loral, too many business owners and entrepreneurs still look at private jet ownership as a ‘no-no’ after merely looking at the balance sheet. What they don’t realise from that narrow focus is that the benefits outweigh the cost. Loral simply could not live where she does and travel as much as she needs flying on scheduled airlines. It would take her 2-3 times longer and be more stressful. She also points to the tax incentives of private jet ownership.

FABRIZIO POLI is Senior Consultant at Orville Aviation. 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

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In fact, she reckons more people are going to be buying smaller, shorter-range jets and turboprops, capable of optimizing 1.5-to-two-hour flights. Smaller business aircraft will enable their owners to fly out for a meeting in the morning, returning that evening – or perhaps visit 2-3 locations in a single day. Many of these potential buyers Loral believes will step into the Business Aviation arena were flying with the airlines before, and are now finding the destinations and/or frequency on the routes they require are no longer there. Though Loral sold her King Air just as the Covid lockdowns came into effect, and has been chartering private jets since, with business travel now picking-up, she’s getting ready to jump back into the ownership game, but this time with a private jet. But she’s clear that she will do so not only as an investment in a business tool, but also to create more time with the family. More information from www.orvilleaviation.com and www.bizjettv.com. T

Teaming up with former fighter pilot, Kyle Boeckman, Loral’s latest book is dedicated to making kids millionaires. She highlights that most wealth disappears after 2.3 generations (on average), primarily because children inherit money and assets, but their parents fail to transfer their wealth-generating mindset. For example, Loral has raised her own two children, mostly as a single mother, teaching them that her airplane is a business tool, not a luxury vehicle. Mentored by the late Bob Proctor in developing a wealthy mindset, she’s an advocate of teaching people financial literacy, noting how so many people build wealth, then get too busy with their businesses to spend time with their family, subsequently failing to take the time to help their children develop a wealthy mindset. Of course, owning a private airplane can be a big step in the right direction to create more time to spend with your family! www.AVBUYER.com

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Who’s Managing Your Aircraft Management Company? Having placed your business jet with an aircraft management company, does it mean you should simply sit back and enjoy the ride? René Armas Maes highlights why keeping a firm handle on the management company, and playing an active role, pays… n Business Aviation, there are three very expensive mistakes people could make when evaluating their lift requirements. These include poor aircraft selection, underestimating the impact of residual value, and a poor choice of aircraft management company. The first two errors can be minimized by having a thorough understanding of your travel needs (see ‘How to do a Corporate Travel Profile Analysis’, p58, AvBuyer, November 2020, and ‘Eight Steps to Evaluate Business Aircraft’, p48, AvBuyer, October 2020). The third error, requires due diligence, benchmarking, along with

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having initial and follow-up audits. Which value-added metrics should be used for such audits? At the bare minimum, an aircraft management company should be able to provide maintenance and management services, flying and operating your aircraft. Services should be carried out in a professional way, and the aircraft management company should help you to reduce your operating costs, ultimately, due to its large fleet size which enables it to take advantage of volume pricing in key areas such as fuel, insurance, and training, to name a few. www.AVBUYER.com

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AVBUYER.com Why the Selection Process Matters

There is a significant choice of aircraft management companies for aircraft owners to consider. Some focus on specific needs of owners and fleet types. Some operate large fleets of 100+ aircraft, and have strong negotiating powers with fuel, catering and trip planning vendors (among others). Others, while being more niche-focused, have strong brands and offer a variety of programs at different price points. However, too many times I’ve seen aircraft owners focusing only on the cost side. The key to selecting the right aircraft management company should be to find a provider that guarantees peace of mind, and meets or exceeds your travel needs at a price (and under contractual terms) where both parties are happy.

The Work Continues After the Contract is Signed…

The contract will need to be reviewed and understood thoroughly, and negotiated. Many aircraft owners mistakenly believe the work is done once the contract is signed. That simply isn’t true. As with any business relationship both parties need to work together to maintain and grow a mutually beneficial relationship. This includes reviewing bills, financial and operational performance, and service metrics. An audit should be conducted at least once annually. And the competitive landscape needs to be reviewed during the contract term, along with whether the travel needs have changed. Auditing is essentially your opportunity to review your agreement, and see whether potential exists to lower your aircraft ownership costs.

What Should be Reviewed?

In my experience, more than 60% of customer complaints come from billing inaccuracy and additional costs that are unexpectedly passed on to customers by the management company. So it is not only crucial to understand the contract, but other specifics such as which additional costs should be passed on to the owner, and which should not. To keep a firm handle on the management company, all invoices should be reviewed carefully every month, and special attention should be given to significant cost items such as fuel, maintenance and engine maintenance programs (and others). The goal is to identify cost trends, variations, and increments, while reviewing special contractual clauses that may allow the costs to rise under special and abnormal circumstances. As an example, over the last ten years, Brent oil has averaged a daily high price of US$73 per barrel. However, during the first month of the Russian-Ukrainian war, this increased to $139 (see Chart A, below). As a matter of fact, fuel costs may continue to escalate faster than any other operating cost over the coming months. Prior to the Russia-Ukraine crisis, the spread between oil prices and jet fuel prices averaged 20%, but this is expected to increase to 30-40%. As a result, many aircraft management companies have reviewed their fuel cost clauses to ensure that any abnormal cost escalations are passed on to their customers. Aircraft owners should check their fuel bills to make sure that any additional costs are being passed on fairly, and accurately.

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CHART A: Brent (Oil) Ten Year Historical Daily High Price (US$/BBL)

Data source: Market Insider Commodities. Consultant Analysis

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TABLE A: Aircraft Management Company Business Areas & Metrics to Assess

AOG: Aircraft on the Ground; M&A: Mergers & Acquisitions; Consultant analysis

Although these are extraordinary times, they highlight the need for owners to regularly check that their hourly direct operating costs continue to align with those stipulated in the existing management contract.

Tips on Management Company Oversight

Meeting with your aircraft management company (or having an industry expert meet with them on your behalf) at least once per year makes financial sense. Use these meetings to focus on reviewing how the relationship is going generally, and any particular contractual discrepancies identified (including billing errors) and misalignment in expectations for customer service (aircraft availability, alternative lift, catering, and more). Table A, above, provides an example of how you could go one step further in reviewing the aircraft management company’s performance.

In Summary…

In order to find the most suitable aircraft management company for your needs, and then continue to manage the relationship with your aircraft management company, you will always benefit from sourcing expert advice.

Management of the relationship requires due diligence, expertise across a wide spectrum of areas, and close attention to detail. An aircraft management company audit executed at least annually by experts in the sector will allow you to keep the costs of aircraft management down, and keep a close check on the cost variances. Where no billing errors and savings are identified, many consider an audit an unnecessary expenditure, but in my experience audits are essential not only for reviewing invoice accuracy, but also ascertaining potential cost escalations, and other trends that may open the door for contract negotiations later. In fact, some auditing firms are open to the idea of commission-based audits, where they only get paid based on a percentage of dollar-savings realized. Finally, don’t be afraid to ask questions (either direct or through a hired expert) seeking further clarifications and information about the aircraft management company’s financial/operational performance, and its service metrics. After all, if the answers suggest too much of their business is not under control, it may imply added risks and potential extra costs for you later. Those questions will save you a headache further down the line. 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/

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PIPER M600: Vive La Revolution Though Piper has had a successful evolutionary approach to its turboprop aircraft since introducing the Meridian, developments for the Piper M600/SLS raised the bar to ‘revolutionary’, as Dave Higdon explains…

here’s been a lot of evolutionary and revolutionary change since Piper first moved the PA-46 Malibu Mirage from its roots as a pressurized piston single. In 1997, Piper announced its intention to market a turboprop-powered version of the Malibu, and flew a prototype the following year. That prototype was the Piper Meridian, powered by a Pratt & Whitney Canada PT6A-42A offering 500shp, and certification was achieved in September 2000, with deliveries beginning that same year. Changes were made to the Malibu’s airframe to allow for turboprop power, including larger wings and tail surfaces, and the Meridian proved an instant hit with the market.

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Over the years, Piper evolved and adapted the Meridian, and in 2009 began installing a three-screen version of Garmin’s G1000 integrated avionics package into the aircraft – including the Garmin GFC 700 autopilot – as a replacement for the Avidyne Entegra panel. As of 2015, Piper remarketed its Malibu and Meridian aircraft, rebranding them as part of its new M-series. The Malibu became the Piper M350, and the Meridian was named the Piper M500. The M500 ultimately represented a further evolution on the Meridian platform, with Piper offering the updated Garmin G1000 NXi flight system which includes an automatic wings-level function and control override to prevent the aircraft from exceeding its flight envelope.

Keeping it in the Family

Yet the company didn’t stop with two family members for its M-series. 2015 was also the year when the company introduced the Piper M600 – a logical step-up model for customers seeking

more performance and capability from their Piper aircraft. For example, Piper equipped the M600 with Garmin’s highly capable G3000 flight panel, which includes autopilot, enhanced automated flight control system, and synthetic vision. Flight into known icing capability, and air conditioning also come as standard aboard the aircraft. Options include a Terrain Awareness and Warning System (TAWS), Traffic Advisory System (TAS), and Iridium satellite transceiver. Though the aircraft has a cabin volume in common with the M350 and M500, externally the M600 offered a new, cleansheet wing. In terms of performance, the M600 shone, bringing increased fuel capacity over the M500 and, with it, almost 1,000lbs greater Maximum Take-Off Weight (6,000lbs). Capable of almost 500nm additional range (1,484nm) than the M500, the M600 also offers a slightly higher top speed (274ktas versus 260ktas) – all while utilizing the same, single Pratt & Whitney Canada PT6A-42A engine.



THE REVOLUTIONARY HALO SYSTEM, BUILT INTO THE PIPER 600/SLS's GARMIN G3000 FLIGHT DECK.

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AIRCRAFT PROFILE MAY.qxp_Finance 19/04/2022 09:37 Page 3

AIRCRAFT PROFILE

Again, market uptake was impressive, especially among the owner-pilot community, with the Piper M600 providing a similar range to Daher’s TBM 900 (for example), but at a lower operating cost.

Evolutionary to Revolutionary

Four years after initial deliveries of the Piper M600, and never being a company to rest on its laurels, Piper introduced a truly remarkable development aboard its flagship aircraft in 2020. The company was right at the front of the line when Garmin introduced a revolutionary piece of technology that, at the touch of a button, can be engaged in the event of a pilot becoming incapacitated. Once engaged, Garmin’s Autoland directs the aircraft to a suitable nearby airport (accounting for weather, terrain, approach, runway, and aircraft suitability), and automatically lands it there, with no human interaction needed. Incorporated into the G3000 avionics aboard the Piper M600, Piper branded Autoland ‘HALO’, and in 2020 the M600 became the first airframe in the world that the system was certified for, with US FAA certification coming in May 2020 (EASA certification arrived the following year, in April 2021).

62 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

“Four years after initial deliveries of the Piper M600, and never being a company to rest on its laurels, Piper introduced a truly remarkable development aboard its flagship aircraft in 2020.”

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Some pilots of my acquaintance pressed me for explanations of why Piper put so much development effort into this safety feature. One Piper employee explained simply, “because we could”, adding, “pilots responded to the opportunity to fly a highperformance turboprop without feeling as though they were getting in over their heads”.

Safety, Luxury, Support

At about the same time as Piper certified HALO aboard the M600, it re-branded the model as the M600/SLS (Safety, Luxury and Support), making crystal clear the additional level of safety HALO brought, as well as the personalization package available for the interior (which had been available for the aircraft since 2017). That interior package offers the aircraft a truly luxurious feel in the cabin. The EXP package, which is standard in the M600/SLS, enables owners to select from multiple interior color palettes, while customizing the interior design with stitching patterns and contrasting thread, as well as custom embroidery and badging.

Seats are clad in hand-selected, processed leather, and customers can choose from either a solid, or two-toned interior seating scheme. Capping the look and feel of the cabin is a veneer and trim finish, further enhancing the sense of luxury when flying aboard the aircraft. Putting the cockpit sophistication together with the cabin luxury, it’s undeniable that Piper has produced a truly capable single-engine turboprop aircraft that appeals not only to the owner-pilot community, but the Business Aviation sector, too. It lacks nothing in the way of desirable capabilities – and delivers on them well. Best of all from this pilot’s perspective, the Piper M600/SLS’s flying mannerisms help average pilots improve on their skills, and deliver the performance boosts pilots expect in an aircraft priced at $3.3m (2021 model, per Aircraft Bluebook). The way the Piper M600/SLS delivers on its capabilities helps keep the model a strong seller in today’s market. More information from www.piper.com ❚

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

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AVBUYER MAGAZINE Vol 26 Issue 5 2022

Values Intro.qxp_Finance 19/04/2022 11:43 Page 1

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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.

64 Vol 25 Issue 5 2021 AVBUYER MAGAZINE

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 2003 through Spring 2022. Each reporting point represents the current average retail value published in the Aircraft Bluebook by its corresponding calendar year. For example, the Dassault Falcon 7X values reported in the Spring 2022 edition of Bluebook show $32.0m for a 2017 model, $30.0m 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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VALUES - LARGE JETS

Large Jets: Average Retail Price Guide MODEL YEAR $

2022 US$M

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

MODEL BOMBARDIER CHALLENGER 850ER BOMBARDIER CHALLENGER 650

10.0 32.4

25.0

21.0

19.0

18.0

17.0

16.0

BOMBARDIER CHALLENGER 605

13.0

12.5

12.0

15.0

BOMBARDIER CHALLENGER 604 BOMBARDIER GLOBAL 7500

75.0

72.0

68.0

64.0

BOMBARDIER GLOBAL 6500

56.0

52.0

48.0

44.0

BOMBARDIER GLOBAL 6000

64.3

45.0

39.0

36.0

32.0

30.0

28.0

26.0

24.0

22.0

BOMBARDIER GLOBAL 5500

46.0

42.0

38.0

BOMBARDIER GLOBAL 5000

50.4

33.0

30.0

27.0

23.0

21.0

19.0

17.0

15.0

DASSAULT FALCON 8X

62.5

55.0

50.0

46.0

44.0

41.0

38.0

DASSAULT FALCON 7X

53.8

47.0

39.0

37.0

35.0

32.0

30.0

28.0

26.0

24.0

DASSAULT FALCON 900LX

44.0

38.0

33.0

31.0

29.0

27.0

25.0

23.0

21.0

20.0

35.1

32.0

29.0

28.0

26.0

25.0

24.0

22.0

20.0

19.0

26.0

24.0

23.0

22.0

21.0

20.0

19.0

17.0

15.0

39.0

36.0

34.0

30.0

26.0

24.0

19.0

18.0

17.0

16.0

15.0

14.0

13.0

12.0

11.0

10.0

BOMBARDIER GLOBAL EXPRESS XRS BOMBARDIER GLOBAL EXPRESS

DASSAULT FALCON 900EX EASy DASSAULT FALCON 900DX DASSAULT FALCON 900C DASSAULT FALCON 2000LXS DASSAULT FALCON 2000LX DASSAULT FALCON 2000S DASSAULT FALCON 2000EX EASy DASSAULT FALCON 2000EX DASSAULT FALCON 2000DX EASy DASSAULT FALCON 2000 EMBRAER LINEAGE 1000E EMBRAER LINEAGE 1000

22.0

EMBRAER LEGACY 650/E EMBRAER LEGACY 600 EMBRAER LEGACY 135BJ GULFSTREAM G700

78.0

GULFSTREAM G650/ER

60.0

58.0

54.0

GULFSTREAM G600

56.0

54.0

52.0

41.0

38.0

GULFSTREAM G550

48.0

46.0

44.0

42.0

40.0

38.0

35.0

33.0

31.0

29.0

27.0

25.0

20.5

18.5

17.5

16.5

15.5

GULFSTREAM G500 GULFSTREAM G450 GULFSTREAM G400 GULFSTREAM G350 GULFSTREAM G300 AIRCRAFT BLUEBOOK DATA - CHRIS REYNOLDS, EDITOR. EMAIL: CHRIS.REYNOLDS@INFORMA.COM

66 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

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Retail Values MAY22.qxp_RPG 19/04/2022 11:53 Page 2

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What your money buys today

Spring 2022 2012 US$M

2011 US$M

2010 US$M

2009 US$M

2008 US$M

2007 US$M

2006 US$M

9.0

8.0

7.0

6.0

5.0

4.0

3.0

11.5

11.0

10.5

10.0

9.5

9.0

2005 US$M

2004 US$M

2003 US$M

MODEL YEAR $ MODEL BOMBARDIER CHALLENGER 850ER BOMBARDIER CHALLENGER 650

6.3

BOMBARDIER CHALLENGER 605 6.1

5.9

5.7

5.5

BOMBARDIER CHALLENGER 604 BOMBARDIER GLOBAL 7500 BOMBARDIER GLOBAL 6500

20.0

BOMBARDIER GLOBAL 6000 BOMBARDIER GLOBAL 5500

14.0

13.0

12.0

11.0

10.0

9.0

8.0

7.0

18.0

17.0

16.0

15.0

14.0

13.5

13.0

12.5 12.0

BOMBARDIER GLOBAL 5000 BOMBARDIER GLOBAL EXPRESS XRS 11.5

11.0

BOMBARDIER GLOBAL EXPRESS DASSAULT FALCON 8X

22.0

20.0

19.0

18.0

17.0

18.0

17.0

15.0

DASSAULT FALCON 7X DASSAULT FALCON 900LX

16.5

16.0

15.5

15.0

14.5

14.0

14.5

13.5

12.5

11.5

10.5

9.5 6.4

13.5

13.0

DASSAULT FALCON 900EX EASy DASSAULT FALCON 900DX

6.2

6.0

DASSAULT FALCON 900C DASSAULT FALCON 2000LXS

17.0

15.0

13.0

12.0

11.0

10.0

DASSAULT FALCON 2000LX DASSAULT FALCON 2000S DASSAULT FALCON 2000EX EASy

10.0

11.0

10.5

9.5

9.0

9.5

9.0

8.5

8.0

7.5

7.0

6.5

6.0

5.8

DASSAULT FALCON 2000EX DASSAULT FALCON 2000DX EASy DASSAULT FALCON 2000 EMBRAER LINEAGE 1000E

20.0

18.0

16.0

12.0

10.0

9.0

8.0

14.0

EMBRAER LINEAGE 1000 EMBRAER LEGACY 650/E

7.5

7.0

6.5

EMBRAER LEGACY 600 6.0

5.5

5.0

4.5

EMBRAER LEGACY 135BJ GULFSTREAM G700

36.0

GULFSTREAM G650/ER GULFSTREAM G600

23.0

21.0

20.0

19.0

18.0

17.0

16.0

15.0

14.0

13.0

GULFSTREAM G550

18.0

17.0

16.0

15.0

14.0

13.0

12.0

11.0

10.0

7.0

GULFSTREAM G500

14.5

13.5

12.5

11.5

10.5

10.0

9.0

8.0

10.5

9.5

9.0

8.5

8.0

7.5

7.0

6.5

GULFSTREAM G450 8.25

7.75

GULFSTREAM G400 GULFSTREAM G350

5.75

5.25

GULFSTREAM G300

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

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AVBUYER MAGAZINE Vol 26 Issue 5 2022

Video January.qxp_Layout 1 21/04/2022 12:27 Page 1

GLOBAL 6500 s n 6 0038

GULFSTREAM G650ER s n 61 1 7

GULFSTREAM G650ER s n 6 049

GULFSTREAM G650ER s n 6009

GULFSTREAM G450 s n 426 0

FALCON 7X s n 1 63

CHALLENGER 350 s n 2 0 8 0 3

CHALLENGER 350 s n 205 15

CHALLENGER 300 s n 2 0 3 0 6

CHALLENGER 300 s n 2008 6

CITATION LONGITUDE s n 3 0

CITATION EXCEL s n 5 27 9

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

900 Bestgate Road, Suite 412

AirCompAnalysis.qxp_ACAn 20/04/2022 10:47 Page 1

JET COMPARISON

Jet Comparison: Gulfstream G550 vs Bombardier Global 6500 vs Gulfstream G600 How does the pre-owned Gulfstream G550 compare with the in-production Bombardier Global 6500 and the Gulfstream G600? What are the advantages offered by each model? Mike Chase analyses the performance and productivity parameters.

ver the following paragraphs we’ll consider key productivity parameters for the Gulfstream G550, Bombardier Global 6500 and Gulfstream G600 (including payload, range, speed, and cabin size) to establish which aircraft provides value, and to whom, in the Ultra-Long-Range and Large Cabin business jet market. How much more performance do the newer business jets offer over the out-of-production Gulfstream G550? And why has there been such a large increase in used sale transactions for the Gulfstream G550? It is hoped that the following jet comparison will help clarify.

Gulfstream G550

The Gulfstream G550 traces its roots to the 6,500nm range Gulfstream GV which was the first Ultra-Long-Range & Large Cabin business jet produced. GV deliveries began in 1995. The aircraft proved a hit with the market, and two new models followed, including the Gulfstream G550 in 2003 and the G500 in 2004. For several years, the G550 was Gulfstream’s flagship model until the even longer-range G650 was introduced. Gulfstream G550 production ended in 2021, but not before Gulfstream had delivered 608 units around the world. Just two G550s had been retired at the time of writing. By continent, North America housed the largest G550 fleet percentage (70%), followed by Asia (14%) and Europe (11%), accounting for a combined total of 95% of the world’s fleet, per JETNET data.

70 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

Bombardier Global 6500

The Bombardier Global 6500 is a relatively new member of the Global family of business jets, having received FAA certification in 2019. Offering a range of 6,636 nautical miles, and providing a high level of cabin comfort, the aircraft features a re-designed wing and new Rolls-Royce Pearl 15 engines to achieve the range and a top speed of Mach 0.9. The cockpit on the Global 6500 aircraft is the first in the industry to offer a true combined vision system, seamlessly merging enhanced and synthetic vision images in a single view on the head-up display. There were 38 wholly owned Bombardier Global 6500 business jets in operation, and two in fractional ownership, giving a total of 40 jets in operation worldwide at the time of writing. By continent, North America had the largest fleet share (50%), followed by Europe (26%) and Asia (21%), for a combined total of 97%, per JETNET data.

Gulfstream G600

Like the Global 6500, the Gulfstream G600 is also fairly new to market, having entered service in 2019, replacing the Gulfstream G550. Powered by a pair of Pratt & Whitney PW815GA engines the G600 can reach a maximum speed of Mach 0.925. The cockpit is equipped with the intelligence-by-wire flight system that provides highly calibrated flight controls, auto throttles and autobrakes to ensure peak engine performance and www.AVBUYER.com

AirCompAnalysis.qxp_ACAn 21/04/2022 09:58 Page 2

www.AVBUYER.com HOW MANY

EXECUTIVE

SEATS

GULFSTREAM G550

(Manufactured between 2003-2021)

$54.5 Million (2021 Model)

vs.

BOMBARDIER Global 6500

(Manufactured between 2019-Present)

$56 Million

vs.

(2021 Model)

GULFSTREAM G600

(Manufactured between 2019-Present)

$58.5 Million (2021 Model)

WHICH OF THESE LARGE JETS WILL COME OUT ON TOP

HOW FAR

PAYLOAD

CAN WE GO?

CAN WE TAKE?

(Nautical Miles. 8 Pax) Gulfstream G550

WHAT’S THE

HOW MUCH

6,708

Gulfstream G550

Bombardier Global 6500

6,636

Bombardier Global 6500

Gulfstream G600

6,630

Gulfstream G600

LONG RANGE (Lbs)

CRUISING SPEED?

5,800

Gulfstream G550

5,700

Bombardier Global 6500 6,540

(Knots) 459 488 488 488

Gulfstream G600

HOW MANY

WHAT’STHE

OPERATION?

EACH MONTH?

PER HOUR?

UNITS IN 69 40

2 (2.6%)

2 (4.4%) 608

Sources used: OEMs, JETNET, B&CA, Chase & Associates

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NEW/USED SOLD

VARIABLE COST

Gulfstream G550

Global 6500

12 (0.5%)

Gulfstream G600

$3,115

$3,240

$3,411

12-Month Average Figure (% = Global Fleet For Sale)

 AVBUYER MAGAZINE Vol 26 Issue 5 2022

AirCompAnalysis.qxp_ACAn 20/04/2022 12:27 Page 3

JET COMPARISON

AVBUYER.com

Table A - Payload Comparison Gulfstream G550 Global 6500 Gulfstream G600

91,000 99,500 94,600

40,994 44,715 41,500

MTOW (lb)

MAX Fuel (lb)

456

463

431 Fuel Usage (GPH)

5,800

5,770

6,540

Max Payload (lb)

1,706

2,805

2,600

Avail Payload w/Max Fuel (lb)

6,698

6,547

6,544

Max Fuel w/Avail P/L Range (nm)

smoother, safer landings. Meanwhile, the aircraft's EVS is linked to a head-up display. As of this writing 68 Gulfstream G600 business jets were wholly owned, and one was in shared ownership, making a total of 69 jets in operation worldwide. According to JETNET data, North America had the largest fleet percentage (80%), followed by Europe (11%) and Asia (5%).

Payload Comparison

Source: JETNET

Chart A - Cabin Comparison Gulfstream G550

Gulfstream G600

Global 6500

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 Bombardier Global 6500’s ‘Available Payload with Maximum Fuel’ to be 2,805lbs, which is greater than the 2,600lbs offered by the Gulfstream G600 and the 1,706lbs offered by the Gulfstream G550.

Cabin Comparison

Source: UPCAST JETBOOK

Chart B - Range Comparison Gulfstream G550 Global 6500 Gulfstream G600

6,708 (nm) 6,636 (nm) 6,630 (nm)

w/8 PAX w/8 PAX w/8 PAX

As shown in Chart A (left), the cabin heights are 6.2ft for the G600 and Global 6500, and 6.0ft for the G550. Meanwhile the Bombardier Global 6500 cabin (7.9ft) is wider than the Gulfstream G600 (7.6ft) and the Gulfstream G550 (7.0ft). The Gulfstream G600 provides more cabin length (51.3ft) than the Gulfstream G550 (50.1ft) and the Global 6500 (48.3ft). However, it provides less overall cabin volume (1,884cu.ft.) than the Global 6500 (2,002cu.ft.). The Gulfstream G550, meanwhile, has the lowest cabin volume at 1,812cu.ft. The stipulated cabin volumes cover the net main seating area, but not the lavatory. Configured with executive seating, the Gulfstream G600 and Gulfstream G550 provide room for sixteen passengers and four crew. The Bombardier Global 6500 offers thirteen seats with four crew. Within this field of study, the Gulfstream G550 provides the least internal luggage volume (170cu.ft.), versus the Gulfstream G600 (175cu.ft.) and the Global 6500 (195cu.ft).

Range Comparison

Source: Chase & Associates

72 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

Using Wichita, Kansas, as the start point, Chart B (left) shows the Gulfstream G550 has a range of 6,708nm with eight passengers and available fuel. The range of the Bombardier Global 6500 and Gulfstream G600 are virtually identical (6,636nm vs 6,630nm). Note: For business jets, ‘Eight Pax Range’ represents the maximum IFR range of the aircraft at long range cruise. The NBAA IFR fuel reserve calculation is for a 200nm alternate. This range does not include winds aloft or any other weather-related obstacles.



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Freestream May.qxp 21/04/2022 09:29 Page 1

2007 in Service 2010 BBJ S/N: 36090 Airframe Total Time: 2,451 hours Aircraft. Aircraft Total Cycles: 724

2020 Boeing BBJ MAX 8 S/N: 63431. Green Delivery

2007 Falcon 2000EX Easy S/N: 105 Airframe Total Time: 5629:07 hours Aircraft. Aircraft Total Cycles: 2276

2010 Bombardier Challenger 300 Airframe Total Time: 3262 hours Aircraft. Aircraft Total Cycles: 1752 FREESTREAM AIRCRAFT LIMITED

FREESTREAM AIRCRAFT (H.K.) LIMITED

London +44 207 584 3800 sales@freestream.com

Hong Kong +852 2724 5620 info@freestreamhongkong.com

AirCompAnalysis.qxp_ACAn 21/04/2022 09:59 Page 4

JET COMPARISON

AVBUYER.com

Chart C – Cost Per Mile Comparison

Gulfstream G550

$9.34

Global 6500

$9.43

Gulfstream G600

$9.61 $5.00

$0.00

Powerplant Details

The Gulfstream G550 utilizes two Rolls-Royce BR700-710C4-11 engines, producing 15,385lbst each, and burning 431 gallons of fuel/hour. By comparison, the Gulfstream G600 uses a pair of Pratt & Whitney PW815GA engines, producing 15,680lbst each, and burning 463 gallons of fuel/hour. The Bombardier Global 6500 has two Rolls-Royce BR700-710D5-21 (Pearl 15) engines producing 15,125lbst each, and burning 456 gallons of fuel/hour.

$10.00

Cost per Mile Comparison

US $ per nautical mile

Chart C (left) details the ‘Cost per Mile’, comparing the three business jets, and factoring direct costs and with all aircraft flying a 6,000nm mission with a 1,600lbs payload. The Gulfstream G550 ($9.34) has a lower variable cost per nautical mile. By comparison, the cost for the Bombardier Global 6500 is $9.43, and the Gulfstream G600 is $9.61. Essentially, the three jets in this field have very similar costs per mile.

*6,000 nm mission costs

Source: JETNET

Chart D – Variable Cost Comparison

Variable Cost Comparison Gulfstream G550

The ‘Variable Cost’, illustrated in Chart D (left), is defined as the estimated cost of fuel, maintenance labor, scheduled parts, and miscellaneous trip expenses (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 Gulfstream G550 ($3,115) has a lowest variable cost compared to the Bombardier Global 6500 ($3,240) and the Gulfstream G600 ($3,411).

$3,115 $3,240

Global 6500

$3,411

Gulfstream G600 $0.00

$2,000

$1,000

$3,000

$4,000

US $ per hour Source: JETNET

Aircraft Comparison Table

Table B - Market Comparison

Gulfstream G550 Global 6500 Gulfstream G600

459

488

Long Range Cruise Speed (Kts)

1,812 2,002 1,884 Cabin Volume 28,000 30,300 Cu Ft

30,800

6,708 6,636 6,630 8 PAX w/avail Fuel IFR Range nm

$54.5

* Average Full Sale Transactions in the past 12 months as of March 2022; Source: JETNET. Data courtesy of B&CA; JETNET

74 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

$56

$58.5

2021 Price - $USm

608

40 In Operation

.5%

2.6% 4.4% % For Sale

New/Used Average Sold Per Month*

Table B (left) contains the 2021 prices (per B&CA) for the Gulfstream G550, Bombardier Global 6500 and the Gulfstream G600 ($54.5m, $56m and $58.5m, respectively). Also, listed are the long-range cruise speed and range numbers (per B&CA), while the number of aircraft, the percentage for sale, and average sold are from JETNET. The average number of new/used transactions (units sold) per month over the previous 12 months were 12 for the G550 and two for the Global 6500 and G600.

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AeroBuyNow May.qxp_Layout 1 21/04/2022 11:38 Page 1

AirCompAnalysis.qxp_ACAn 21/04/2022 12:00 Page 5

JET COMPARISON

Chart E – Maximum Scheduled Maintenance Equity (Gulfstream G550) Gulfstream G550 Assumed Annual Utilization: 420 Flight Hours Average Maximum Maintenance Equity: $12,138,497 Pct of Avg Max Mtnc Equity vs. Aircraft Age 100%

Pct of Max Mtnc Equity

90%

80%

70%

60%

50%

40%

Aircraft Age (Years) Source: Asset Insight (www.assetinsight.com)

Chart F – Maximum Scheduled Maintenance Equity (Global 6500) Assumed Annual Utilization: 470 Flight Hours Average Maximum Maintenance Equity: $7,528,578 Pct of Avg Max Mtnc Equity vs. Aircraft Age 100% 90% 80%

Pct of Max Mtnc Equity

Chart E, F and G display the Gulfstream G550, Bombardier Global 6500 and Gulfstream G600 respectively. They depict (and project) the Maximum Maintenance Equity each jet has available, based on its age. The Maximum Maintenance Equity figure for an aircraft is achieved the day it comes off the production line (since it had 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 420 flight hours for the Gulfstream G550; 470 flight hours for the Global 6500; and 425 flight hours for the Gulfstream G600; and • All maintenance is completed when due. The Gulfstream G550 shows the highest average Maximum Maintenance Equity ($12.1m). In comparison, the Bombardier Global 6500 shows an average Maximum Maintenance Equity of $7.5m, and the Gulfstream G600’s Maximum Maintenance Equity is $9.77m. Note, though, that the Global 6500 is projected to show a large average Maximum Maintenance Equity increase between years 14 and 15.

Bombardier Global 6500

70% 60% 50% 40% 30%

Market Overview

20% 10%

Aircraft Age (Years) Source: Asset Insight (www.assetinsight.com)

Chart G – Maximum Scheduled Maintenance Equity (Gulfstream G600) Gulfstream G600 Assumed Annual Utilization: 425 Flight Hours Average Maximum Maintenance Equity: $9,772,597 Pct of Avg Max Mtnc Equity vs. Aircraft Age 100%

90%

Pct of Max Mtnc Equity

Maximum Scheduled Maintenance Equity

80%

70%

60%

50%

40%

Aircraft Age (Years) Source: Asset Insight (www.assetinsight.com)

76 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

The availability of used business jet inventory is a daily moving target. In the 12 months ending March 2022, there had been 136 preowned sales of Gulfstream G550s, according to JETNET. By comparison, in the twelve months ending March 2021 there were 74. The five-year average was 65. While transactions involving the G550 were particularly high at the time of writing, this jet is clearly traditionally very active within the pre-owned market, proving popular with buyers. On April 12, 2022, there were four Gulfstream G550s for sale on the pre-owned market. One had a sale pending, while two others had asking prices of $28m and $29m, respectively. All four were 2013-models or older, and all had been on the market for fewer than 80 days. In addition, there was one 2021-model Bombardier Global 6500 for sale that invited offers, and three Gulfstream G600s, one of which had an asking price of $54.75m. All of them had been on the market for less than 60 days. While each aircraft serial number is unique, www.AVBUYER.com

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Depreciation Schedule

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

Chart H - Productivity Comparison $100.0

Price (Millions)

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.

$75.0

2021 Gulfstream G600

$50.0

2021 Gulfstream G550

$25.0

$0.0 0.000

3.000

6.000

9.000

12.000

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

December 31, 2022, the Act decreases the percentage available each year by 20% to depreciate qualified business jets until December 31, 2026.

Productivity Comparison

The points in Chart H (above) 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. Eight Passenger Range (nm) with available fuel 2. The long-range cruise speed flown to achieve that range 3. 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 pre-owned Gulfstream G550 has the lowest price (substantially lower as price depreciation takes effect), greater range, lower fuel consumption, and a lower variable cost per hour. However, its cabin is the smallest of the field, and it has a lower maximum cruise speed. The Bombardier Global 6500 offers the same high cruise speed and range as the Gulfstream G600, while the Global 6500’s

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

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2021 Global 6500

‘Available Payload with Maximum Fuel’ is higher than that of the Gulfstream G600 and the G550. While budget will play a significant part in the decision of some buyers, others will consider the latest, most sophisticated cockpit and cabin technology to be the key factor in determining which jet to purchase – with Bombardier and Gulfstream selecting some impressive equipment aboard the Global 6500 and G600, respectively. These are designed to enhance passenger comfort, and reduce pilot workload. Prospective buyers of one of these jets would have to weigh the capabilities of each very carefully against their specific mission need, and other priorities to determine which one is the best fit for their flight operations. Within these paragraphs we have touched upon several of the attributes that 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. Ultimately, the Gulfstream G600, Bombardier Global 6500, and Gulfstream G550 pre-owned business jet all offer great value in the market today. T

COMPARE, CONTRAST, DECIDE with AvBUYER.com AVBUYER MAGAZINE Vol 26 Issue 5 2022

Flight Dept 1.qxp_Finance 19/04/2022 13:12 Page 1

FLIGHT DEPARTMENT MANAGEMENT

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Electronic Logbooks: Overcoming the Challenges Electronic technical logbooks (ETLs) have gradually made their way into Business Aviation, streamlining operations and improving safety. But what’s stopping wider adoption? Mario Pierobon asks the experts...

ccording to John Stone, Vice President of Product Management at Ultramain Systems, only a few years ago the operation of an Electronic Technical Logbook required the use of built-in flightdeck hardware – hardware that was nowhere near as reliable as it needed to be. “Considering the disadvantages, the hardware was expensive to install and maintain, and, frankly, it was not all that reliable”, Stone recalls. Further adding to the challenges, “before Part 121 and 135 operators can replace traditional paper logs with paperless operations, aviation regulatory authorities must allow it, through the issuance of 78 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

an operational approval.” Generally, system changes – and especially those directly impacting aircraft operations in the cockpit – are difficult to implement, meaning they can take a long time to be adopted, get approval, and be rolled out with adequate training. According to Hayley Russell, Marketing Manager at Conduce Mobile Aviation Solutions, “A few brave airlines took on the challenge as early adopters. But very few others followed suit, because the hardware was inadequate, mobile comms were too slow, and touch software was initially limited to iOS devices, which were still in their early stages of development.”

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Flight Dept 1.qxp_Finance 19/04/2022 13:13 Page 2

FLIGHT DEPARTMENT MANAGEMENT Other Reasons for Slow Adoption

ETLs are complicated and require several years of development before they even come to the market. Providers must therefore balance providing a tried and tested product with taking advantage of the latest technology. According to Russell, Conduce has rewritten all underlying code for eTechLog8 in the last two years. Other than technology, however, what other reasons could there be preventing wider adoption of ETLs in aviation? One relates to complexity of the teams needing to work together for ETL implementation, which some may find is off-putting. Russell acknowledges that many key stakeholders are involved in any ETL project, but adds, “We believe that ETL implementation should be driven by the maintenance team, with clear buy-in from flight operations. “Implementing an ETL solution is a complex task that shouldn’t be underestimated, and it requires a strong team leading the project, supported by senior management,” she adds. “But we always advise keeping it simple initially – just replacing the paper logbook with an aircraft-specific electronic device. “Once that’s approved and rolled out, it’s possible to begin working on all the great ideas people develop during the project.” Authority approval has also impacted the overall ETL adoption rate, according to Russell. “ETL approval is not just for a provider or a country, it must be achieved by each individual operator, which need to demonstrate they have the procedures and training in place to use the ETL compliantly.” Electronic signature mechanisms often play a large part in the authority approval process, notes

AVBUYER.com Russell, and there’s no straightforward guidance issued at present. According to Russell, different providers have reacted to this challenge in different ways. “For example, Conduce uses a patented ‘Sign-on-Glass’ method which preserves all the attributes that make a pen and paper signature legal.” Mona Stuenckel, Senior Director of Digital Solutions, Automation & Technology in the Digital Fleet Services business segment at Lufthansa Technik, believes that unclear requirements towards the digital signatures leave too much room for interpretation, and can actually prevent operators from implementing ETLs. “The operator itself is responsible for ETL implementation, though the logbook providers of course support them with their know-how and experience”, she adds.

Changes and Implementation

When ETL was new, it’s fair to say the industry kept on the side of caution – though developments have removed at least a part of the reason today. “Today, the hardware allowing use of Ultramain’s ELB are smartphones and tablets,” Stone highlights. “They are mobile- and touchscreen-friendly devices that are reliable and cost-effective. “In today’s world of regulatory acceptance of paperless ETLs, going paperless is viewed as necessary to remain competitive in the industry,” he argues. ETL implementation is ultimately a collaborative effort between the operator and the ETL provider’s project team. “The customer’s responsibility is to ensure that the correct resources are available to answer questions,

GRAPHIC COURTESY OF CONDUCE

80 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

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ORIGINAL EQUIPMENT ON THE TBM 960

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while our team sets up and configures the system,” Stone explains. “For smaller organizations, Ultramain ELB can be setup out of the box, requiring minimal configuration. This includes setting up users, aircraft, and other data that’s unique to the operator. “Larger, or more sophisticated operators often request more sophisticated workflows to be configured, which is supported by our systems.” The adaption of processes, as well as achieving an approval by the respective aviation authority, are parts of ETL implementation, according to Stuenckel. “During the implementation of the AVIATAR Logbook we enable a lot of customization of the logbook to adapt it to individual processes, thus facilitating the authority approval process”, she says. “With an increasing number of ETL solutions achieving authority approvals across several aviation authorities worldwide, we expect to see a wider adoption of ETLs in the years to come,” she predicts. T

“Implementing an ETL solution is a complex task that shouldn’t be underestimated, and it requires a strong team leading the project, supported by senior management...”

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.

EXPLORE FLIGHT DEPARTMENT MANAGEMENT with AvBUYER.com

More information from: https://www.linkedin.com/in/mario-pierobon-85991319/

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AVBUYER MAGAZINE Vol 26 Issue 5 2022

Flight Dept 2.qxp_Finance 19/04/2022 13:59 Page 1

FLIGHT DEPARTMENT MANAGEMENT

SAF in BizAv: What’s the Industry Doing to Help? With lots of talk about Sustainable Aviation Fuel pushing Business Aviation towards its goal of carbon neutrality, what needs to happen, and what are the leading engine OEMs doing to help with those efforts? Gerrard Cowan discusses…

usiness Aviation’s movers and shakers are increasingly focused on Sustainable Aviation Fuel (SAF). While the engine manufacturers are working to incorporate the required technology through a range of projects, however, limited production facilities and high costs are viewed as the biggest impediments to wider adoption. SAF is not new, but interest has grown in recent years alongside the global focus on climate change. Certifications currently cover a blend of 50% petroleum-based Jet A or Jet A-1 fuel and 50% SAF, though there have been tests of 82 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

100% SAF-based engines, and a range of efforts are underway to increase its prevalence. Numerous members of the National Business Aviation Association (NBAA) “are really focused on environmental sustainability today”, according to Stewart D’Leon, the association’s director for environmental and technical operations. The NBAA has seen its own work in the area significantly expand, he adds, with D’Leon and his colleagues supporting different initiatives across the industry to promote the SAF message and educate members. www.AVBUYER.com

Flight Dept 2.qxp_Finance 19/04/2022 14:00 Page 2

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“SAF has become a growing focus for Rolls-Royce. The new Pearl family of engines has successfully run on 100% SAF...”

SAF has become a growing focus for Rolls-Royce. The new Pearl family of engines has successfully run on 100% SAF, with the company committed to ensuring that all of its current Business Aviation engines, and beyond, are compatible with 100% SAF by 2023 (today, all of its Business Aviation engines can operate with a blend of 50% SAF mixed with conventional Jet fuel). Later this year the company will launch SAFinity, a new service designed to enable customers to make their flights and/or operations carbon neutral. It will initially be aimed at the business jet market, offered for all business aircraft and engines. It combines independently verified sustainability projects – such as reforestation projects – with a direct investment in SAF to help promote and accelerate SAF use, Bhatia says.

Pratt & Whitney Canada

The challenge is not so much in the technical aspects, said D’Leon, with SAF capable of being certified as aviation fuel and providing a 'drop in' solution. Rather, the difficulty is more on the business side, with SAF being much more expensive than traditional fuel. “It needs to be economical for fuel providers to transition their efforts over to SAF,” he acknowledges. The volumes of SAF produced today are low, notes Megha Bhatia, Senior Vice President, Sales & Marketing for Rolls-Royce, adding that she believes there’s a need for industry members, governmental regulators and other interested parties to further collaborate to invest and promote the production of SAF. This, she says, would help to “substantially increase the volumes required to reach our goals of being Net Zero by 2050”.

Rolls-Royce

Bhatia recognizes that fuel producers need firm commitments from customers to support continued investment in SAF production. Rolls-Royce just signed an agreement with Air bp whereby aviation fuel supplied for engine testing at three facilities in the UK and Germany will be a 10% SAF blend. www.AVBUYER.com

SAF is “rising on the agenda of business jet operators”, notes Scott McElvaine, Vice President, Business Development & Commercial Services at Pratt & Whitney Canada. The fact that the fuels were increasingly being discussed at NBAA and EBAA events “…should not be a surprise,” he says. “Business Aviation operators are having to respond to the same conditions driving more sustainable operations across the commercial aviation industry.” Pratt & Whitney is pursuing SAF-focused work from numerous angles. In 2020, it introduced a Carbon Offset Service for ESP engine maintenance program customers, providing an option to obtain carbon offset credits, with a small fee calculated on the number of hours an operator flies. Those fees are used to fund independently-certified and monitored sustainability projects that provide meaningful social and economic benefits, in addition to their carbon-offsetting impacts. The company also has a long history of involvement in testing SAF in engines, including business jet engines like the PW600, at blends of up to 100% SAF. And Pratt & Whitney is working to make its engines ready to operate fully on SAF, including determining any design modifications, and working with regulators to determine definitions and standards. However, McElvaine also sees the limited supply of SAF today as being the primary barrier to further use of the fuels. “We need significant investment in production infrastructure

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FLIGHT DEPARTMENT MANAGEMENT

to address this, and governments must help create the right incentives for supply and demand,” he argues. Nevertheless, he sees policy developments in North America and Europe – such as the US ‘SAF Grand Challenge’ and the EU’s ReFuelEU initiative – as promising signs.

GE Aviation

Engaged across the SAF space, GE Aviation is involved with research and development, to working with industry bodies, government offices and forums in the US and Europe. Among a wide range of other efforts, the company has demonstrated SAF in numerous engines and is generating and evaluating data to support SAF qualification. It has also recently joined the Roundtable on Sustainable Biomaterials (RSB) “to further advance our ambition to be a net-zero company by 2050, and help the aviation industry decarbonize”, says Gurhan Andac, GE Aviation’s Engineering Leader for Fuels & Fuel Additives. Andac also underscored the nature of the challenges ahead for SAF, which lie more on the market side than in the technical domain. “There are no technical challenges to prevent greater SAF adoption by operators,” he argues. “All engines made by GE Aviation and CFM International (our 50-50 joint company between GE and Safran Aircraft Engines) can operate on approved SAF today and in the future. “The current challenges are market-based, which is why GE Aviation supports policies that incentivise investment in greater SAF production capability and tax credits that promote SAF adoption.”

MTU Aero Engines

Working in the business jet sector through collaborative efforts with Pratt & Whitney Canada, including on the 84 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

AVBUYER.com

PW300, PW500 and PW800, MTU Aero Engines supports SAF-focussed efforts in a range of areas, according to Fabian Donus, the company’s Innovative Propulsion Director. For example, it is part of a consortium that aims to develop a power-to-liquid plant in Bavaria, Germany. “We won't be a producer in the end, but we want to give our knowhow; our expertise in engines to that consortium,” Donus says. The company is a major MRO provider, and has recently launched a service offering ‘pass-off tests’ to customers in its Hanover, Germany facility to reduce their climate impact. MTU has seen three customers opt for this service in the past two to three months, Donus shares. “While there are currently proposals to introduce SAF mandates at EU level aiming to stimulate the market, the question is how fast this will occur?” he asks. “Because the fuel is so expensive, there are not enough plants being built. But without plants being built, it remains expensive – it’s a typical ‘chicken and egg’ scenario. T More information from: GE Aviation: MTU: Pratt & Whitney Canada: Rolls-Royce:

www.geaviation.com www.mtu.de www.pwc.ca www.rolls-royce.com

GERRARD COWAN is a freelance journalist who focuses on aerospace and finance. In addition to his regular features in AvBuyer, Gerrard's work has appeared in the Wall Street Journal and Janes, among others. Gerrard can be found on Twitter: @GerrardCowan

www.AVBUYER.com

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P&WC at EBACE

Meet P&WC’s Growing PT6E Family at EBACE

With EBACE set to take place for the first time since 2019, a visit to Geneva this May looks like a great opportunity to catch up with a significant development from Pratt & Whitney Canada after the company announced it was expanding its PT6 E-Series engine family…

iven Daher’s close relationship with Pratt & Whitney Canada over the last three decades, it should come as little surprise that the worldleading turboprop engine OEM was chosen to power the new TBM 960 single-engine turboprop, announced at last month’s Sun ‘n Fun Expo in Lakeland, Florida. In doing so, Pratt & Whitney Canada expands its PT6 ESeries engine family with the introduction of the new, purpose-built PT6E-66XT powerplant. When the PT6 E-Series was launched back in 2019 [Pilatus being the launch customer for its new PC-12 NGX model] the PT6E-67XP became the first turboprop engine in General Aviation to offer a dual-channel integrated electronic propeller and engine control system, which the company claimed at the time pushed innovation to a new level. Now, “The introduction of the PT6E-66XT engine reaffirms our continued commitment to innovation and our

86 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

desire to proactively bring solutions to our customers,” said Nicholas Kanellias, Vice President, General Aviation, Pratt & Whitney Canada. “The PT6E-66XT engine, driven by more than 100 digital data inputs, offers the optimal combination of precision, performance and efficiency for an elevated and simplified flying experience.”

Simplified Flying

According to both Pratt & Whitney Canada and Daher, the PT6E-66XT engine offers an enhanced, easier pilot experience. “With its PT6E-66XT version, the Pratt & Whitney Canada team has [provided] digital power to our TBM 960…, making it even easier to operate,” said Nicolas Chabbert, Senior Vice President of Daher’s Aircraft Division. The digitally enabled single lever simplifies engine operation, allowing for true precision-controlled autothrottle, supporting a more intuitive way of flying, from www.AVBUYER.com

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Also at EBACE with P&WC In addition to discovering more about the PT6E66XT engine, EBACE attendees can stop by the Pratt & Whitney Canada stand (K67) to learn more about various other products and services offered by the engine OEM. These include:

PW800 Engine DAHER TBM 960

engine start to propeller and engine control, which ultimately reduces operation and pilot workload. The engine control system is designed to provide a consistent start every time. It constantly reviews and processes all the engine (as well as many aircraft) parameters, making fine adjustments to fuel flow and propeller blade angle to deliver optimal power and efficiency during all phases of flight. And with the digital intelligence behind the PT6E-66XT engine optimizing engine power, speed and fuel burn, operators can expect to see savings in both fuel costs and, ultimately, carbon emissions. “Operated at Daher’s recommended cruise setting of 308kts, TBM 960 operators will see a 10% fuel economy increase compared to maximum cruise setting, for more sustainable operations,” a Pratt & Whitney Canada spokesperson told AvBuyer. Ultimately, the intelligence behind the control system uses the data to deliver precise, constant engine performance at every altitude and every temperature on each flight. Other benefits include increased engine take-off and climb power (+45 SHP mechanical horsepower) and increased thermodynamic power (up to 4% at International Standard Atmosphere conditions).

Data Collection & Transmission

The PT6E-66XT is also digitally connected through its Data Collection and Transmission Unit (DCTU), making full-flight engine data accessible on multiple platforms, including mobile devices. Once the aircraft lands, engine flight data can be wirelessly downloaded, providing operators and maintainers with insights into engine performance and health. The overall goal of the PT6E-66XT engine’s improved design features and digital capabilities is to increase the availability of the aircraft to owners and operators. The electronic control system removes hardware from the engine, resulting in a combined 40% reduction in scheduled maintenance – and TBO intervals have subsequently been increased from 3,500 to 5,000 hours.

The Future of the PT6 E-Series?

Asked where next for the PT6 E Series engine family, Pratt & Whitney Canada says that will ultimately be led by its customers. “We will continue to listen to our customers’ needs and monitor engine trends, while investing in the development and application of new technology,” the company spokesperson said. “We’re proud to have launched the second PT6E engine model of our PT6 E-Series engine family. The depth of P&WC’s experience in the industry combined with the flexibility of the PT6 engine architecture enables us to bring our customers the technology and services they need, when they need it.” More information from www.pwc.ca. T www.AVBUYER.com

The PW800 family of engines is Pratt & Whitney’s next generation of long-range business jet engines, built to provide optimum efficiency to jets requiring power in the 10,000-20,000 thrust range. Currently, PW800 engines power Dassault’s Falcon 6X and Gulfstream’s new generation G400, G500 and G600 Large Cabin and Ultra-LongRange jets.

Sustainability

Having launched its Carbon Offset Service in 2020 for all Pratt & Whitney-powered business jet operators enrolled in an Eagle Service Plan (ESP) or Fleet Management Program (FMP), P&WC extended the service availability to Helicopter operators in November 2021. Attendees will be able to learn more about the Carbon Offset Service at EBACE. Designed for simplicity, ESP-enrolled operators already provide monthly engine utilization hours to Pratt & Whitney, so no extra effort is required from those wishing to pay into the service. Operators simply pay a small fee each time they fly: Pratt & Whitney estimates and compensates the aircraft emissions by sourcing high quality carbon offset credits, and the fees are then invested into providing clean water access around the world, funding renewable energy projects, and forest conservation.

Eagle Service Plan

Owners and operators wishing to know more about how an Eagle Service Plan hourly maintenance program can help, will be able to have their questions answered by the experts at EBACE. A pay-per-hour engine maintenance cost guarantee program, aircraft owners pay Pratt & Whitney a fee, based on the number of flight hours they fly, which accrues in an account towards their next maintenance event. Making maintenance costs predictable, enrolment also helps increase aircraft availability, and increases the engines’ time on wings. Moreover, easily transferrable to an aircraft’s new owner once it is sold, ESP is known to enhance the resale value of many business aircraft.

Learn more from Pratt & Whitney Canada at EBACE: Stand K67 AVBUYER MAGAZINE Vol 26 Issue 5 2022

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ENGINES.qxp_Finance 19/04/2022 14:48 Page 1

ENGINES

How BizAv’s Top Engine OEMs are Cutting Emissions With a growing emphasis on sustainability in BizAv, engine OEMs are focusing on reducing CO2 emissions, polluting oxides of nitrogen, and environmental noise from their Business Aviation engines. Chris Kjelgaard explores how…

ith large sectors of the aviation industry having set themselves a 2030 goal for achieving net carbon neutrality, and the entire industry adopting a 2050 target for achieving zero carbon emissions, all major manufacturers of turbine engines are working intensively to reduce the emissions of greenhouse gases from their powerplants. They’re working just as hard to reduce the levels of environmental noise their engines produce. The design and performance criteria for BizAv engines differ from those for commercial aircraft powerplants, however. Business Aviation operators mainly want their aircraft to fly faster and higher than airliners, but retain high dispatch reliability. For airliners, fuel-efficiency and engine reliability at very high daily utilization rates are vital. Nevertheless, the environmental imperatives facing the huge scheduled airline sector apply equally to the Business Aviation industry. Both high-profile aviation sectors are under tremendous public pressure to become more environmentally friendly and make their businesses more climate-sustainable. So, the impetus for manufacturers of Business Aviation turbine engines to reduce the levels of environmentally harmful emissions from their engines is just as great as for OEMs of commercial aero engines. In most cases, the companies which make the highestselling BizAv engines are the same ones which make the 90 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

highest-selling commercial engines, so much of their R&D work on reducing emissions can be applied to their BizAv and commercial engine lines alike. Very simply, the more resourceful a turbine aero engine is in terms of its propulsive and thermal efficiency, the lower the levels of CO2 and other greenhouse-gas emissions it creates, compared with less-efficient engines of equivalent power. That’s because those engines will burn more fuel to achieve the same power output. For engineers designing modern turbofan and turboprop engines in Business Aviation, this (in practice) means the hotter the core section of the engine in which the air is compressed, mixed with fuel, combusted, and exhausted can run, and the smaller the core is in relation to the amount of secondary bypass air the fan or propellers create, the more efficient the engine will be. Looked at another way, the higher the engine’s operating ratio (the amount of bypass air accelerated by the fan or propellers to produce most, or all the engine’s thrust or power, divided by the amount of air passing through the engine core), the greater the engine’s efficiency becomes. This has enormous implications for the aerodynamic designs of the engine’s parts and the materials from which the parts are made. “Materials that withstand increased operating temperatures and higher stresses, at lower overall weight, are key differentiators,” says Edward Hoskin, Vice President, Engineering for Pratt & Whitney Canada. www.AVBUYER.com

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of up to 6.5-to-1 and an overall pressure ratio of nearly 50-to-1. Both ratios are among the highest found in the Business Aviation industry, helping optimize the Pearl family for fast subsonic flight and high operating altitudes. In fact, the Pearl 700 is 5% more fuel-efficient over the course of its operating lifetime than its predecessor, which would translate into a Pearl 700 burning one million liters less fuel when installed on a comparable aircraft, according to Colm Golden, Senior Vice President of the Rolls-Royce Pearl 700 Program. “In my view, the most important materials in the Pearl are its single-crystal turbine blades and vanes as they allow the engine core to be operated at extremely high temperatures, reaching nearly 2,000° Kelvin (3,140F)," Golden says. As its name implies, each single-crystal Pearl highpressure turbine blade is created as a single crystal of a proprietary nickel superalloy.

Ceramic Matrix Composites

Photo Courtesy of Rolls-Royce

“For turboprop corporate aircraft, the propeller efficiency is already operating close to the theoretical peak, making thermal efficiency the most powerful driver on fuel burn.”

Superalloys and Wizardry

Even though modern turbine blades are made of highly heat-resistant, advanced nickel superalloys, the combustor and turbine stages of modern commercial and BizAv turbine engines are exposed to exhaust gases of temperatures high enough to melt the high-pressure turbine blades. The only reason they don’t melt is design and engineering wizardry in the forms of intra-blade and bladesurface cooling techniques, using relatively cool air diverted from the engine’s compressor stages, and running it through complex 3D air pathways inside each blade. Protective thermal barrier coatings are also applied to the surfaces of the blades. Each engine OEM has its own proprietary recipes for the blade thermal barrier coatings it employs, and they are among the most closely held commercial secrets of each. Rolls-Royce’s latest, most advanced BizAv turbofan engine family is the Pearl, the next generation from the BR725 (which powers the Gulfstream G650) using a new, advanced core design first tested by Rolls-Royce in its Advance 2 demonstrator engine. Thanks to its small powerful core and thrust capability, the Pearl family has a bypass ratio (of bypass air to core air) www.AVBUYER.com

Such superalloys remain the state-of-the-art in production turbine blades, but each major engine OEM is studying how and where in its engines it might be able to make most use of a new class of very lightweight, very strong, very heatresistant advanced materials called ceramic matrix composites (CMCs). According to James Hoare, Senior Director of Engineering in Honeywell Aerospace’s Propulsion Engineering Group, research to date indicates that for Honeywell, CMCs would “make sense in reducing secondary-flow parasitics” — which in many cases are a necessary feature of turbine aero engine design but also are an important contributor to reducing engine efficiency. Secondary parasitic flows are airflows within the engine that do not contribute to driving the engine’s high-pressure turbine shaft or producing thrust. One typical, but to date necessary, secondary parasitic is the airflow diverted from the engine’s compressor to cool the interiors and surfaces of its turbine blades. Another is air similarly diverted to provide a boundary cooling layer between the interior of the combustor and the tiles from which its interior lining is made. Today, without such parasitic flows turbine aero engines wouldn’t work. Tomorrow, however, were certain metal or alloy parts in the engine replaced by parts made from suitable CMC material which could withstand higher temperatures, some secondary parasitic flows of air or exhaust gas could be removed, and engine overall operating efficiency would be increased. In fact, GE Aviation — which has tested CMC turbineblade stages extensively in a demonstrator military turbofan engine of the type used to power the F/A-18 Super Hornet — thinks the most promising use of CMCs might be in highpressure turbine blade stages, replacing stages made of nickel superalloys and doing away with the parasitic air flows needed to cool metal-alloy blades.

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Photo Courtesy of Rolls-Royce

Other Emissions-Reducing Techniques & Materials

Manufacturers make use of many other techniques and materials in designing their engines for increased efficiency and lower emissions levels. One major way OEMs increase the efficiency of their engines (thus reducing emissions) is by using modern materials and manufacturing methods to replace, with onepiece parts made of strong but light metal materials, components within the engine that were traditionally comprised of multiple parts — such as compressor blade stages, and the fan at the front of the engine. Not only are such components lighter and in many cases stronger, more durable, and efficient than their multi-part predecessors, they’re also easier and cheaper to maintain and replace during a repair. They greatly reduce the operator’s or maintenance facility’s parts inventory storage requirements, reducing overall operating costs, too. Most engine OEMs use the term “blisks” (short for bladed disks) for the one-part rotating blade stages they have developed for their engines. According to Golden, six of the ten high-pressure compressor blade stages in the Pearl engine family are blisks, and for the first time in any Rolls-Royce engine the Pearl’s fan (the large fan at the front of the engine producing the bypass air which provides most of the Pearl’s thrust) is a one-piece blisk, made from titanium. Composite materials, typically made from very strong, but very light carbon fibers embedded in resin matrices for aerospace use (formally known as carbon fiber reinforced plastics - CFRP), are also seeing wide use in turbine aero engine manufacture. The most important use of CFRP composites to date for BizAv engines is as the strong but light materials from which the fan casings and nacelles of various engine types are made. Potentially an important future use for BizAv engines could be for fan blades and disks. 92 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

Although no Business Aviation aircraft yet has a CFRP fan, commercial-engine manufacturer CFM International — the world’s largest producer of jet engines — and GE Aviation, one of CFM’s two joint-venture equal partners along with Safran Aircraft Engines (which developed the technology), have long employed carbon-fiber fans in their big turbofan engines for airliners. Each major manufacturer today has one or more patented combustor designs which mix and ignite the air/fuel mixture inside the combustor in ways which minimize the creation of oxides of nitrogen (NOx), which pollute the air and act as greenhouse gases. These ultra-low-emissions combustors typically make the fuel/air mix leaner (more air, less fuel) as it’s ignited.

Additive Layer Manufacturing of Parts

In commercial and Business Aviation engines, each of the major engine manufacturers now employs parts made using additive layer manufacturing (ALM), more commonly known as 3D printing. Honeywell already uses a variety of ALMmanufactured parts in its TPE331 turboprop and HTF7000 turbofan BizAv engines, as well as in several of the auxiliary power units (APUs) it makes. The numbers and functions of ALM-constructed parts are only likely to increase as ALM manufacturing techniques and efficiencies continue to develop, according to Hoare. Today there are two main uses for aero engine parts made by ALM. First, and probably still the most common use, is to make one-piece parts of complex shapes to supersede parts. Fuel injection nozzles represent one such example. As ALM quantitative-manufacturing capabilities grow, it’s becoming cheaper and easier for engine OEMs to use ALM to make large numbers of one-piece parts. The second use, partly related to the first, is to create one-piece parts with topologies previously not possible to

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ENGINES

manufacture at all using traditional forging and casting techniques, according to Hoare. Creating parts with highly complex internal topologies can produce significant operational benefits and efficiencies for an engine. For instance, Rolls-Royce uses ALM to make each of the tiles lining the interior of the Pearl’s ultra-low emissions combustor. According to Golden, using ALM allows RollsRoyce to design more complex 3D cooling-air internal pathways (including 180 degree bends and having fan shaped holes) than traditional manufacturing techniques. This enables much more efficient combustion and hence allows the core temperatures to be increased. In addition to improving the durability of each tile, the protective cooling air reduces the amount of NOx created by the igniting of the fuel-air mix inside the combustor, improving the engine’s environmental performance. Honeywell is studying a similarly environmentally beneficial potential use for ALM-made parts in the linings of engine nacelles, says Hoare. It may be possible to reduce engine external noise by creating pathways in the internal lining in which engine exhaust gas can inter-mix with bypass air to cool the hot exhaust before it exits the nacelle, and also dissipate or attenuate acoustic energy in other ways. “The gains from additive manufacturing are largely related to cost and efficiency of manufacture, but they do contribute to improved engine efficiency and weight savings,” says P&WC’s Hoskin. “For example, additive manufacturing of certain parts may allow for thinner walls compared to equivalent cast parts, and heavier steels can be replaced by lighter materials like titanium. Also, castings that have complex internal passages could benefit from improved parasitic losses, although these improvements are very small in magnitude.”

Engine Integration & Aircraft Mission Profile

There are other important considerations for BizAv engine designers when seeking to improve engine efficiency and reduce environmental emissions. For example, the importance for overall engine operational efficiency of the aerodynamic and structural integration of the engine with the intended airframe. “For both turbofans and turboprops, engine integration and installation on the aircraft play a key role in optimizing engine performance across all phases of flight,” says Hoskin. Integration of the engine and nacelle includes the position in which the engines are mounted on the aircraft, particularly for business jets designed to cruise at high subsonic speeds and at high altitudes, according to Hoare. Business jets typically are configured to have their engines mounted at the back of the aircraft, high on the fuselage near the vertical stabilizer, in order to minimize the amount of engine noise experienced in the cabin. For different aircraft types, “How does that impact the system and the mission?” he asks. Designers also have to optimize each engine type for the typical mission profile envisaged by the aircraft OEM — a decision which often influences their choice whether to offer an airframe manufacturer a turboprop engine or a turbofan engine for a given aircraft type. No one would think of powering the Gulfstream G700 with a turboprop engine, for

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Photo Courtesy of Honeywell

instance — or install Pearl engines on a Twin Otter. “Turboprops inherently have high bypass ratios,” in the 50-to-1 to 100-to-1 range, says Hoare. “They are very efficient,” their large propellers producing enough bypass air to ensure that turboprops operate at nearly the theoretical limit of their propulsive efficiency throughout each flight. Turboprops are ideal for operating at “lower altitudes, on smaller aircraft, and they’re best suited to short hops,” he says. The exhaust gases from turboprop engines produce little, if any, measurable contribution to the powerplant’s overall thrust. Turbofans, on the other hand, produce some of their thrust from the hot gases exhausting from their cores, though in today’s BizAv turbofan engines most of the thrust is produced as cold bypass air by the large fan at the front of the engine. Turbofan engines are suited to operating at faster cruise speeds and higher cruise altitudes, but offer less propulsive efficiency than turboprops. Both categories of engine can realize performance gains from improved thermal efficiencies.

In Summary

Today’s Business Aviation engines, turbofan and turboprop, are technological marvels which incorporate cutting-edge advances in many fields of science and technology. Materials science, aerodynamics, thermodynamics, manufacturing technologies, information and digital control technologies (to be discussed in the June edition of AvBuyer), predictive data analytics, computer-aided design, acoustics, meteorology, environmental sciences, and satellite and cellular telecommunications are some of the areas of scientific endeavor relevant to the design and operation of Business Aviation’s leading powerplants. Neither the turboprop nor the turbofan is inherently

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“Today’s Business Aviation engines, turbofan and turboprop, are technological marvels which incorporate cutting-edge advances in many fields of science and technology.” superior in operation to the other type of engine—both are classes of gas turbine engine, optimized for different jobs and often different wallets. A third class of turbine engine, the turboshaft, is optimized for powering rotorcraft. However, the day is likely to dawn within the next 20 years when a new class of turbine engine – the open fan or open rotor – will marry the high propulsive efficiency of the turboprop to the high thermal efficiency of the turbofan to create a more environmentally-friendly engine capable of efficiently powering business aircraft and commercial aircraft alike. Today, typified in the Open Fan design being developed in CFM International’s Revolutionary Innovation for Sustainable Engines (RISE) R&D program to study potential next-generation turbine engine configurations, propulsion methods and fuel sources, the Open Fan could offer bypass ratios as high as 75-to-1 (CFM’s goal) while offering thrust levels capable of powering the largest business and commercial aircraft. ❚ More information from: GE Aviation: Honeywell: Pratt & Whitney Canada: Rolls-Royce:

geaviation.com aerospace.honeywell.com pwc.ca rolls-royce.com

CHRIS KJELGAARD has been an aviation journalist for 40 years, with a particular expertise on aircraft maintenance. He has served as editor of ten print and online titles and written extensively on many aspects of aviation. He also copyedits most major documents published by a global aviation industry trade association.

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A Review of Recommended and Required Avionics

Ken Elliott provides an overview for owners and operators needing to know more about recommended and required avionics for their business aircraft today. hen considering the ‘recommended’ and ‘required’ avionics for business airplanes, it’s important to understand that ‘required’ can have different connotations based on which aircraft you own, or where and how you operate. Similarly, ‘recommended’ can have a different emphasis for different aircraft owners, based on individual priorities, both as a corporation and a flight department. Knowing what you need, why, and how, can be very

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confusing, and the issue of complexity arises both in the avionics themselves, and the differing applications of aircraft integration, only adding to the confusion.

The Complexity Issue and Solutions

The last significant requirement for aircraft was ADS-B Out. It impacted most aircraft across most of the planet. There were regional differences in both technical (ADS-B Out Version 1 and 2) and operational (aircraft and airspace application) requirements. www.AVBUYER.com

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CMD Flight Solutions – stands out. CMD developed a long list of AML STCs (Approved Model List, Supplemental Type Certificates), enabling a specific solution to be applied to multiple models of aircraft. Furthermore, the STC could be purchased and installed by competing facilities. The example of ADS-B Out is very important to this article as it sheds light into the complexity of avionics upgrades, as mandated, required, recommended, or simply desired. The creativity of the solution emerges from a need to marry a new technology to existing technology, without replacing everything. It also reveals itself in the application of one solution across many different aircraft, sharing and reducing the non-recoverable engineering (NRE) cost. This same creativity throughout the avionics industry provides multiple solutions for the same upgrade across various avionics systems. Owners of pre-owned business jets and turboprops may find an answer to their dilemma of ‘cost versus benefit’, or ‘return on investment’ (ROI), in searching for, and locating, a creative and sometimes alternate solution to the one being promoted by the Original Equipment Manufacturer (OEM). So, as a useful tip, when researching and preparing for any avionics change, always ask your avionics shop for the complete range of options available to you. Familiarize yourself with terms such as: • Third party solutions • STCs and AML STCs • Software and hardware versions of avionics equipment (boxes, modules, cards) • Exchanges, loaners and factory modifications. Some solutions are new and novel, and will require shopping around to locate. But, when the next mandate or recommendation comes along, there should be a solution to fit your budget somewhere. In most cases, the requirement itself was straightforward, and flight departments quickly grasped the need to comply by a mandated deadline. However, for each aircraft, there was the possibility of complexity to creep into the installation, and this is where things became interesting. ADS-B Out relies heavily on transponders and flight management systems. These products needed to be at a certain level of capability to handle the function of automatic dependent surveillance, and many that were in operation were far from it. For numerous aircraft owners it was a surprise to discover their aircraft equipment needed to be upgraded or replaced to enable ADS-B Out operation. Creative solutions for older business jets and turboprops emerged from unlikely places, and one – www.AVBUYER.com

Mandates, Requirements and Recommendations

When airworthiness authorities issue equipage requirements for aircraft, they are commonly referred to as mandates. Typically, the authority will prepare the infrastructure and operating parameters, and then settle on a rule(s) with a deadline(s), to apply to all the affected aircraft. However, for operators, mandates are only part of how they experience requirements. An average flight department also needs to consider where they are operating, ownership needs, passenger needs, and maintaining aircraft currency. In a sense these can all be considered requirements or, at the very least, recommendations. Mandated: Since about 1998 the business aircraft industry has faced several mandates, many of which applied to

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most operators. Following are the primary mandates for avionics equipage on a typical corporate aircraft: 1. 8.33 KHz Communications and FM immunity for Navigation equipment 2. Terrain Awareness Warning Systems (TAWS), including Honeywell trademarked EGPWS 3. Traffic Collision Avoidance System (TCAS). Versions included TAS, TCAS 1, and TCAS II (with its latest version being 7.1) 4. Emergency Locator Transmitter (ELT), including versions with 406MHz capability 5. Reduced Vertical Separation Minimums (RVSM) 6. Automatic Dependent Surveillance – Broadcast, Out (ADS-B Out). This is required to be Version 2 for most regions. Regional Required: While you still need to comply with all the mandates, there are secondary required avionics, based on where you intend to operate. This may be specified by region or by airspace limits, such as altitude or flight tracks. 1. Controller Pilot Data Link Communications – VHF Data Link Mode 2 (CPDLC-VDL Mode 2) in Europe. 2. Controller Pilot Data Link Communications – Future Air Navigation System (FANS) Oceanic and Remote. FANS impacts several avionics systems, including data capability on your existing cockpit voice recorder. It also may involve considerable expense, such as adding a compatible Satcom. 3. Flight Data Recorder (FDR). Even though you may have one, it may not have sufficient or required data labels from across your aircraft systems. Optional Required: Then there are the optional required avionics that will enable fuel savings, performance

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improvements, greater access, and all-weather operations. What dictates ‘optional required’ is that you can choose to do without them, but if you want to operate in certain advantageous ways you will need to equip. Examples include: 1.

3. 4.

Departure Clearance (DCL): Being embraced by commercial operators at specific airports and runways, and utilized by business and other aircraft too, in the long-term data will replace voice everywhere. Wide Area Augmentation System- Lateral Path or Lateral Path Vertical (WAAS-LP/LPV): Optional navigational approaches, or actual approaches, at specific runways. LP is equivalent to a Localizer only, and LPV is equivalent to both Localizer and Glidepath. Quick Access Recorders: For data recording to meet monitoring requirements and engine manufacturer support programs. Enhanced Flight Vision Systems – EFVS (requiring both a Head-Up Display and EVS): Enables operations to lower minimums in degraded visibility (runway visual range-RVR). Expect EFVS to be expanded, to include Synthetic Vision Systems (SVS).

In summary, there are mandated, required to operate and optional required avionics for operators to consider. Typically, ‘optional required’ implies that popular alternate means of operating on that specific leg of the flight still exist. Beyond ‘mandated’ and ‘required’ are the ‘electable’, or recommended. Those avionic systems may be elected for all sorts of reasons, but are not specifically required to operate in an individual region, airspace or airport. Examples include ADS-B In, Electronics Flight Bags

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AVBUYER.com TABLE A: Quick Reference Avionics Requirements !"#$%#&'()*+,#-*.*&%$(

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(EFB), Moving Maps-Electronic Charts, Air-to-Ground Internet and Satellite Internet.

Current and Upcoming Avionics Requirements

Requirements for avionics equipage and upgrades are forever evolving, and deadline dates will often shift to the right. With that in mind, there are several current and upcoming requirements to consider. Table A (above) is a quick reference guide to ‘requirements’, and separates the different interpretations of ‘required’. The table mostly uses acronyms and is designed as a checklist to check against your aircraft equipage, and for consultation with your preferred avionics shop. Keep in mind that there are regional applications of these requirements such as with ADS-B Out, or with CVRFDR. A good source for checking mandate requirements is the National Business Aviation Association (NBAA) or EASA (for Europe) and ICAO (worldwide).

Avionics Requirements: Take Note

The following information is worth taking note of, regarding requirements that apply to avionics in business jets and turboprops…

Repair versus Replacement

Although not a requirement for avionics from a flight department perspective, there will be some incidents where a decision to replace an instrument may be a necessity, and therefore a requirement. Repairs always involve some measure of hassle, such as the loss of valuable time while the logistics are taken care of. It could be that a ‘loaner’ item of avionics is required, or an exchange that may have more flight hours than the failed unit had. Repairs can be frustrating not only because of the cost, but also the frequency. Repeated activity due to the same fault reoccurring will increase downtime and operating

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costs. And repeated removal and reinstallation of interiors for access to faulty avionics is another factor that adds to wear and tear on the aircraft. All the issues around repairs feed into a decision to replace. The replacement is usually a form of upgrade, and may add new features into the cockpit or cabin. Flight departments can do due diligence on repair versus replacement decisions, but keep in mind there are some less obvious factors that may impact resale, either negatively or positively. One negative could be repeated repair entries in logbooks, causing buyers to become suspicious. Conversely, upgraded avionics could be the differentiator between two offerings of the same aircraft type.

Radio Altimeters and 5G Signals

The situation regarding the use of existing radio altimeters at 87 US airport regions where 5G internet is being deployed ‘is in development’. In a nutshell, one the frequencies used in 5G deployment can potentially interfere with radio altimeters on aircraft. Because these altimeters are so integrated with primary aircraft systems, such as TCAS, TAWS, Autopilots, ILS, Autoland and HUDs, there are obvious concerns about any possibility for interference. Unlike altimeters that are based on sea level and barometric pressure, radio altimeters measure height above terrain (HAT) or above ground level (AGL), and function from 2,500ft down. This implies their use in critical flight locations, such as around airports, or close to mountains. When radio altimeters were designed in the 1900s, and even when standards were revised in 2012, the frequency band they used was not adjacent to any other in wide use. 5G changed that. Because solutions are in work, one can only speculate on new standards being developed (via RTCA SAC239 and EUROCAE WG119), new or modified radio altimeters,

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“Having some form of reliable and existing back-up for GPS is essential in today’s environment...” or the installation of inline filters. There is likely to be some requirement for most corporate operators, even if they are unlikely to operate in and out of the current 87 sources of potential 5G interference. Meanwhile the FAA has issued ADs and other communications (see faa.org/5G), including AD 2021-23-12 (transport aircraft), and AD 2021-23-13 (helicopters), to facilitate the ongoing situation.

DME as the GPS Back-up

For some time, the aviation industry has been concerned with the vulnerability of GPS, used for navigation and position data in ELTs, ADS-B Out and other systems. This concern has taken on new meaning, and has strengthened due to recent conflicts. Having some form of reliable and existing back-up for GPS is essential in today’s environment, and the only accurate and available alternate technology is Distance Measuring Equipment (DME). Laseref gyros, as inertial navigation, are accurate over time and distance, and also can be employed as a backup navigation source for long flights when GPS is denied. By having multiple DME stations providing position information, an aircraft can determine a precise moving location and navigate. The legacy VOR-DME provides Rho-Theta navigation, while DME-DME provides Rho-Rho with less error. DME-DME can be used to bring the aircraft close into the airport, and throughout short flights. Look out for some recommendations involving improved DME that, apart from more ground stations, will upgrade the current dual systems installed in corporate aircraft today.

Anti-Jamming and Interference

Equipping aircraft with interference protection is often talked about but not acted upon. Most attention will focus on satellite and other infrastructure protection, but avionics can still have their own vulnerabilities to jamming, hacking, or interfering.

Expect to see various novel solutions being required or recommended for business aircraft avionics over the next decade. Product manufacturers, both aircraft and equipment, will develop software, filtering, and hardware protective circuitry as upgrades to existing equipment, wiring, antennas, and accessories.

Aircraft Tracking

Aircraft are reliably tracked over continents and regular air corridors, but should they stray from the route there is less automated tracking available. Some systems are available to install, and they provide real-time position data to flight departments and could be useful in an emergency. Several different solutions are meeting ‘in the middle’ to address around-the-clock ‘anywhere’ aircraft tracking, not least satellite-based ADS-B from providers such as Aireon. Today this capability is optional, but it may become a requirement – or just evolve as a natural popular service – in the future.

In Summary

The purpose of this article was to address recommended and required avionics. It has been shown that apart from mandates that apply to widespread airspace users, what is merely recommended for one operator may be conceived as required by another. It is also apparent that optional avionics can suddenly become a requirement for a specific operator who needs to fly within a classified regional airspace. Knowing that, operators should always be vigilant across the complete avionics spectrum, where changes occur regularly. They can also have comfort in knowing that even if their aircraft is a vintage pre-owned model, someone, somewhere, will have created a solution just for them. Situations like obsolescence and repeat repairs can shift an optional upgrade to a required one, so it will be prudent for flight departments and owners to remain current on available products in general, and their own aircraft avionics in particular. As the world situation shifts like sand beneath our feet, it is likely that changes to avionics, that we cannot accurately foresee, may occur. Some of the noteworthy requirement commentary alludes to future changes that, in the end, may turn out to be very different to that shown. Avionics shops, major MROs, the leading aviation associations, and others are keen to support this evolving industry at all levels. Always consult with others while completing due diligence, before making a final decision on meeting avionics mandates, requirements, recommendation, or ‘a compelling option’. ❙

KEN ELLIOTT has more than 50 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.

106 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

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Aradian November.qxp 23/03/2022 14:36 Page 1

File photo

Gulfstream 450

Gulfstream 550

Several aircraft available

2015 Citation XLS+

2012 Embraer Phenom 300 1,495 hours. ESP Gold and Embraer Executive Care. EU Ops compliant. Synthetic Vision. In-flight phone and datalink. ADS-B compliant

1,725 hours. Power Advantage Plus. Aux Advantage. ProParts. ADS-B compliant. Iridium satcom

Gulfstream GIV SP

Gulfstream GV

Several aircraft available

2002 Eurocopter EC135T2

2005 Airbus EC120B

2670 hours. Air conditioning. Single/Dual pilot IFR

1490TT. Recent paint and interior. Air conditioning. Engine particle filter

ALSO OFFERING: Beech King Air C90GTi, B200, 350. Hawker 800XP, 900XP. Bell 412EP Call/Email For Details

www.aradian.com UK office Tel. +44 1481 233001 Fax.+44 1481 233002 steverogers@aradian.com ALSO IN: Middle East, South Africa, Russia, Kazakhstan, Spain, Germany and India

CJC 2017 Agusta AW169 May.qxp_Heeren Cit Ultra sep 21/04/2022 12:21 Page 1

t ac nt t c o ee se m CE ea to BA Pl us t E a

S H O W C A S E

Fresh annual inspection and phase 6 updates.

2017 Agusta AW169 Serial Number: Registration: Airframe TT: Landings:

69020 G-MLAP 255 606

 VIP ‘’Pearl’’ Interior 3+2+2  Conversion kit for 4+2+2 interior  Soundproofing  Removable Emergency Floats  Removable External Life Raft on Sponson  Tail Fin Camera  ADS-B  SVS  JAR Ops 3 / EASA IFR Equipped  Increased Gross Weight (4800 kg MTOW) Engine Model: PW210A Serial Number: PCE-BP0039, PCE-BP0012 Avionics Three Rockwell Collins Display Units 10” X 8” colour AMLCD with LED backlight and NVIS compatibility: • 2 Primary Flight Displays and 1 Multi-Function • Display • Integrated Standby Instrument System (ISIS) • Two Display / cursor Control Panels/Devices • (DCP/CCD) • Reversionary Control Panel (RCP) • Two Master Caution / Warning Lights • (MCL/MWL) • Two Avionics Full Duplex Ethernet (AFDX) • switches • Two Aircraft Monitoring & Management • Computers (AMMC)

• Data Transfer Device (DTD) • Two touch screen control panels Interior • VIP “Pearl” 3+2+2 Interior Layout • Conversion Kit to achieve Pearl 4+2+2 • VIP Composite Liners leather/leatherette • covered with enhanced soundproofing extended • for rear seats • Rear Cabin windows (left and right) • Cabin ambient Mood Multicolor - LED lights, • white LED reading light • Environmental Control system (ECS) - Air • Conditioning Exterior • Upper areas painted in white and lower areas • in mid blue • Silver accent stripes • Retractable Landing Gear • Electrically operated cabin dual step • Baggage Compartment extension Baggage • smoke sensor Addditional equipment • Anti-icing fuel systems and two magnetic chip • detectors (one per engine) • Independent dual-channel FADEC systems • (one per engine) • Fire detection/ extinguisher system • Crashworthy fuel cells (1140 litres of usable fuel) Price: Please call

Corporate Jet Consulting United Kingdom www.CJC.aero

108 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

Stuart Metcalfe Stuart@cjc.aero +44 (0) 7869 683955

Max Hooper Max@cjc.aero +44 (0) 7869 676268

www.AVBUYER.com

Clip Group 2020 Bell 505 Jet Ranger X April.qxp_Heeren Cit Ultra sep 21/04/2022 10:40 Page 1

S H O W C A S E

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

65253 SP-MRW 26

ADS-B GPS / WAAS receiver VHF COM transceiver VHF NAV and glideslope receivers

 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  Price: $1,8M

Exterior Painted 2020 Metallic Black with Dynamic White Bell 505 logo

Airframe Delivery hours: 26 hours Dual Pilot Controls Wire Strike protection

Interior 2020 Premium interior with black leather seats Floor protectors: Baggage bay, Cockpit & Cabin A20 Bose headsets w/Bluetooth Air-Conditioning

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

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

www.AVBUYER.com

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

AVBUYER MAGAZINE Vol 26 Issue 5 2022

109

P110.qxp 21/04/2022 12:47 Page 1

+1.636.751.3987

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 110 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

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P111-113.qxp 20/04/2022 12:56 Page 1

Cessna Caravan 208

The Ritchie Group Price:

$2,295,000

Year:

2016

S/N:

208-00585

Reg:

TTAF:

575

Location: USA

M A R K E Tel: +1 314-409-4791 T E-mail: sales@jet-transactions.com P L Low-Time, Well-Maintained, Privately Owned. 7-Passenger and 1A Crew VIP Taupe-Leather Interior Configuration. TKS Ice Protection C System, Air Conditioning System and Oxygen System. CESCOM, E ADS-B Equipped and WAAS. U.S. Registration: N1Q (Seller Will Retain Registration Number). Always Hangared; No Known Damage History. Total Landings Since New 460 Landings. Prop: (as of April 2022) Description McCauley, 3-Blade. Engine: (as of April 2022) Description Pratt & Whitney PT6A-114A. Additional: Garmin GTX33ES. GDU 1040A Display. Air Conditioning. Garmin Synthetic Vision. Jeppesen Chartview. GWX Weather Radar

www.jet-transactions.com

Bell 430

The Ritchie Group Price:

$1,295,000.00

Year:

1996

S/N:

49010

Reg:

25CL

TTAF:

3,939.0

Location: USA

Tel: +1 314-409-4791 E-mail: sales@jet-transactions.com AVAILABLE FOR SALE OR LEASE. FRESH ANNUAL INSPECTION NOV/2021. FRESH TURBINE OVERHAULS APR/2021. 1-Crew & 7-Pax Leather Interior with Dual Controls. Airframe TT 3,989 Hours. Engines 5,159.5/3,679.8 Hours. Always Hangered, No Damage History. N.A.T. Audio Panels. Garmin GTN-750 NAV/COMM/GPS. Garmin GTX-345R ADS-B Transponder. Radar Altimeter KRA-405. New Interior Installed in 2016: New Decrane 3-Place Aft-Facing Aircraft Seating System. Exterior: Painted in Apr/2011 by B.L.B. Aircraft Painters. Paint Colors: Montana Blue, Silver, Light Charcoal, and then Cleared

www.jet-transactions.com

Embraer ERJ-145

Jetcom Srl Price:

Make offer

Year:

1998

S/N:

047

Reg:

OE-LMD

TTAF:

36937:06

Location: Italy

Cessna Citation Excel

DAT Price:

USD $2,950,000

Year:

2002

S/N:

5236

Reg:

OY-JRU

TTAF:

9458

Tel: +39 (0) 786 221 015 E-mail: sales@jetcomsrl.com Full EASA compliant. 50 Seats Corporate Shuttle. Engines at latest hardware standard with thrust reverser. PPG windshields, wiperless, APU C14, reliability SBs. Avionics: Dual AHRU (AH 900): Honeywell HG2011AC03. EGPWS: Honeywell 965-0976003-216-216. Weather Radar (WU-880): Honeywell 7021450801. TCAS II Change 7.1: ACSS 4066010-914. Int: 49 Seat configuration. Modified with ASI-SB-Emb145-2500-0150. Door: fitted with air stairs. Covers: Blue Leather. Additional: Full EASA compliant. Engines at latest hardware standard with thrust reverser

Tel: +45 405837555 E-mail: rungholm@dat.dk Very nice European Excel in good condition and fresh from maintenance. On AOC and can remain with new owner. Based BLL/EKBI. Airframe: Very good condition paint although not new. Engines: approximately 1.000 hours remaining with extension. Not on any program. APU: Approximately 400 cycles remaining with extension. Avionics: standard with duel UNS. Interior: 8+1 standard Excel seating. Not new but nice. Maintenace & inspections: fresh. Weights: std

Location: Denmark

Daher Kodiak

Andreas FRANZ Price:

€950,000

Year:

2011

S/N:

0053

Reg:

HB-NBH

TTAF:

2850

Location: Switzerland

www.AVBUYER.com

Tel: +41 (0) 796 596 909 E-mail: andi@wikiplane.ch A real workhorse. Available in skydive- or passenger-version. EASAcertified / registered (Europe), is mandtory for commercial operation in Europe (as e.g. paradroping). 5-blade propeller, much less noise (76.6 instead of 82.5 dBa). Mainly flown by only 3 commercial pilots. Garmin 1000, dual VOR / ILS receivers, dual GPS receivers, mode s transponder w/TIS, S-Tec Autopilot, Gear Box Chip Detector, Power-FLARM, 2 Cameras (Front and Back). Oxigen for pilot and copilot in skydiveconfiguration: up to 15 skydivers, vertical sliding jumü' door / closing by pilot, wind deflector, jump step, grab bars, jump light, 2 benches in passenger-configuration: pilot-, copilot - and 4 passenger-seats

AVBUYER MAGAZINE Vol 26 Issue 5 2022

111

P111-113.qxp 20/04/2022 12:56 Page 2

M A R K E T P L A C E

Embraer Legacy 650

Price:

USD $15,950,000

Year:

2013

S/N:

TBA

Reg:

TBA

TTAF:

1610

Location: United Kingdom

Bombardier Global 5000

TOTALLY OFF MARKET. AVAILABLE IMMEDIATELY. RR CORP CARE EMB EXEC CARE. Fans 1/A with CPDLC. ADS-B OUT. Fresh inspection. Swift Hi speed wi fi. Steep Approach. Interior upgrade Recent. FAA/EASA easy registration. FUNDING PACKAGES AVAILABLE. ALSO NOW AVAILABLE 2011 AIRCRAFT 2900 HRS $13.25M OFFERS PLEASE. PRICE FIXED AT $15.95M usd (unless we can get more). Crew services available if required, very experienced Legacy crew if you need it. WE WILL NEED TO SEE CREDENTIALS BEFORE WE GIVE ANYTHING OUT - APOLOGIES IN ADVANCE - WE ARE SERIOUS TO SELL - WE WANT TO DEAL WITH A QUALIFIED MOTIVATED BUYER OR MANDATED BROKER ONLY THANK YOU

Tel: +44 (0)7859 306 489 E-mail: tony@nononsenseaircraft.com

Anthony Haddley Price:

Make offer

Year:

2013

S/N:

TBA

Reg:

TBA

TTAF:

2018

Location: Singapore

BELL 412EMS

Tel: +44 (0)7859 306 489 E-mail: tony@nononsenseaircraft.com

Anthony Haddley

OFF MARKET. Low hours Global 5000. Meticulously cared from since new - A pedigree aircraft. 14 passenger configuration. ROLLS ROYCE CORPORATE CARE, Smart parts and MSP. Bombardier Advanced Vision Flight Deck, SVS & EVS. High Speed data and internet. CPDLC, FANS, 1/A+ & ADS-B Out V2. Airshow AXSI InFlight information system W/ Moving map airshoe Tailwind 500. Direct Broadcast Satelitte TV. Immediate availability, chance of another coming soon similar spec and price. PRICE OPEN TO OFFERS. FUNDING PACKAGES AVAILABLE. WE WILL NEED TO SEE CREDENTIALS BEFORE WE GIVE ANYTHING OUT

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

Agusta A109S Grand

Tel: +39 331 478 1705 E-mail: m.ruisi@filcasa.com

Ruisi Max Price:

Please call

Year:

2007

S/N:

TBD

Two owners since new.

Reg:

TTSN: 2702 hours

TTAF:

2702

Location: Milano,very easy to reach from all major airports.

Aicraft is in superb conditions,always hangared and always mainteined by Agusta/Leonardo.

Location: Italy

112 Vol 26 Issue 5 2022 AVBUYER MAGAZINE

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P111-113.qxp 20/04/2022 12:56 Page 3

Airbus/Eurocopter AS 350

Hermann Eder Price:

€675,000

Year:

1990

S/N:

2296

Reg:

TTAF:

9400

Rotor (not on the picture) - Cargo hook and swing - VIP leather interior - Great component times - Modul 1 - 5 great remaining hours - New Starflex - New MR Spherical Thrust Bearings Newly painted - 600 hrs 24 months inspection currently done. If you have any question, please do not hesitate to contact us

Location: Austria

Airbus/Eurocopter AS 350B3+

M A R K E Tel: +43 (0) 664 819 3682 T E-mail: hermann.eder@sennair.at P L We are offer our VIP AS350 B1 Helicopter which is currently in A use for sightseeing and VIP flights. Carefully stored in hangar C only and very well maintained. - This AS350 B1 comes wiht a 5 E or 6 passenger configuration, two place fron seat - New Tail

Tel: +31 (0) 652 407 808 E-mail: arno@heliair.nl

Heliair B.V. Netherlands Price:

Please call

Year:

2008

S/N:

4575

Reg:

N353CE

TTAF:

850

Location: Netherlands

We are excited to bring to market this beautiful, very clean and well maintained 2008 Eurocopter AS 350B-3+, SN 4575 recently completed 12 Month and 144 Month inspections. This very low time, one owner since new helicopter has great avionics, airconditioning and no known damage history. Airframe: 850 hours TT/ 144M inspection due 22-7-2033. Engines: Arriel 2B1 - 850 hours TT/ AFS Aerospace Filtration system. Avionics: AFS IBF. Airframe fuel filter. Facet oil filter. Night scanner lighting system. Electircal system upgrade. Int: Leather seats, black. Ext: Black yellow Special paint. Additional: Airconditioning. Dual Hydraulic.

Tel: +41 (0) 818 511 818 E-mail: s.marti@helibernina.ch

Heli Bernina AG

Airbus H125

Price:

Off market

Year:

2013

S/N:

76XX

Reg:

TTAF:

5068

Location: Switzerland

Robinson R66

Off market AS350B3e-H125 exclusive offered for sale in utility configuration by owner/operator. The helicopter is equipped for aerial work and pax configuration. The aircraft has one owner/operator since new, no accident history and is in operation. The helicopter is based in Europe and maintained by the owner/operator under it's EASA Part-145 maintenance approval. The aircraft becomes available 2nd part of 2022 or as per buyer's request. The complete technical documents back to the delivery are offered with the aircraft. The helicopter returns to home base daily and is stored in our hangar. All AD's and ASB's are carried out

Tel: +35 850 044 5447 E-mail: info@rotorway.fi

Henri Müller Price:

€610,000 Excl. VAT

Year:

2014

S/N:

0556

Reg:

OH-HUT

TTAF:

880

Very good condition. Always stored in a warm hangar. Always maintenanced in Part-145 organisation. In AOC operation until sale. 5 x Bose A20 Headsets. Beige leather seats. Garmin GMA 350 Intercom Panel. Dual Garmin VHF comms. Garmin mode-s transponder. ELT 406. Ipad mount. No damage history or incidents. Dual controls. Engines: Rolls Royce RR300. Int: Beige leather seats. Ext: Beige leather seats.

Location: Finland

Aircraft Spare Parts Wheels, Starters, Brakes, etc. Outright and Exchange

Par Avion Ltd FALCONS • HAWKERS • LEARS

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

Manufacturer of Select GSE & Speciality Tooling 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 Preowned GSE also available

www.AlberthAviation.com www.AVBUYER.com

www.paravionltd.com SALES • ACQUISITIONS • CONSULTING

Buy * Sell * Trade

832-934-0055 AVBUYER MAGAZINE Vol 26 Issue 5 2022

113

P114 AIRCRAFT INDEX.qxp 21/04/2022 13:24 Page 1

Aircraft For Sale • AIRCRAFT • HELICOPTERS

AIRCRAFT

PAGE

AIRBUS A318 Elite . . . . 5 A319 VIP . . . . . 5 Elite . . . . . . . . . 116 ACJ330-200. . . 116

BOEING/MCDONNELL DOUGLAS BBJ . . . . . . . . . 73, 116 BBJ MAX8 . . . . 73 737-700 . . . . . . 20 787-8 . . . . . . . 5 787-9 . . . . . . . . 116 787-9 VIP . . . . . 116

BOMBARDIER Global 5000 . . . 112, 116 Global 6000 . . . 116 Global 6500 . . . 69 Global 7500 . . . 89 Global Express XRS. .14, 116

AIRCRAFT

. . . . . . . . . 27, 69, 73, 116 . . . . . . . . . 69 . . . . . . . . . 20 . . . . . . . . . 20 . . . . . . . . . 116

Learjet

60XR . . . . . . . . 27

CESSNA Citation

X . . . . . . . . . . . . 105, 116 CJ3 . . . . . . . . . 116

AIRCRAFT

GULFSTREAM

CIRRUS

HAWKER BEECHCRAFT King Air

DAHER Kodiak . . . . . . . 111

DASSAULT FALCON

EMBRAER ERJ-145 . . . . . . 111 Legacy 450 . . . 21 Legacy 500 . . . 29, 116

AIRCRAFT

IV SP . . . . . . . . 107, V . . . . . . . . . . . 107, 115 VII . . . . . . . . . . 116 150 . . . . . . . . . 37, 450 . . . . . . . . . 69, 107 550 . . . . . . . . . 5 650 . . . . . . . . . 5, 6, 15, 116 650ER . . . . . . . 69,

SR20 G3. . . . . . 35 SR20 GTS. . . . . 35 SR22 . . . . . . . . 35

7X . . . . . . . . . . 31, 69 50-40 . . . . . . . . 115 900EX EASy. . . 14, 115 900LX . . . . . . . 116 2000 . . . . . . . . 31 2000EX EASy. . 73

PAGE

Legacy 600 . . . 116 Legacy 650 . . . 112, 116 Phenom 300 . . 21, 107, 116

Bravo . . . . . . . . 27 Caravan 208 . . 111 Conquest . . . . . 17 Excel . . . . . . . . 69, 111 Jet . . . . . . . . . . 27 Longitude . . . . 69 M2 . . . . . . . . . . 35 Sovereign . . . . 27 172R . . . . . . . . . 35 182T Skylane . . 35 Ultra . . . . . . . . 27

Challenger 300 350 604 605 850

PAGE

250 . . . . . . . . . 37 B200 . . . . . . . . 107 300-LW . . . . . . 37 350 . . . . . . . . . 107 350i . . . . . . . . . 31 C90GTi . . . . . . 107

Beechcraft

400A . . . . . . . . 37

Hawker

800XP . . . . . . . 31, 107 900XP . . . . . . . 107 4000 . . . . . . . . 9

PAGE

HELICOPTERS AIRBUS/ EUROCOPTER AS350 . . . . . . . 113 AS350B3+ . . . . 113 EC 120B. . . . . . 107 EC 135T2 . . . . . 107 H125 . . . . . . . . 113

AGUSTAWESTLAND A109 Grand . . . 112 AW109E Power .20 AW139. . . . . . . .116 AW169. . . . . . . 108

BELL 212 . . . . . . . . . 112 412EP . . . . . . . 107 412EMS . . . . . . 112 430 . . . . . . . . . 111 505 Jet Ranger X. .109

ROBINSON R66 . . . . . . . . . 113

PIAGGO P180 EVO Avanti . .115

PILATUS PC-12 NG . . . . 20

Advertiser’s Index 1st Source Bank .........................................43 Action Aviation ............................................89 AeroBuyNow...............................................75 AEROLEDS ................................................47 Aircraft Blue Book ....................................110 Aradian Aviation .......................................107 ATP...........................................................101 Avpro ........................................................ 69 Bombardier .................................................95 Central Business Jets ............................. 115 Clip Aviation .............................................109 Concorde Battery ...................................... 81 Corporate Jet Consulting..........................108 C&L Aerospace...........................................41 Dassault Falcon Pre-Owned ..............1, 2 - 3 Duncan Aviation .................................17 - 18

Eagle Aviation............................................ 35 ElliottJets .................................................. 27 Engine Assurance Program....................... 23 Flight Safety International...........................85 F-List...........................................................45 Freestream Aircraft ....................................73 General Aviation Services ......................... 31 GE OnPoint Aviation................................ 103 Global Jet Capital ..................................... 65 Global Jet Monaco ................................. 5 - 7 Gogo Business Aviation ......................24 - 25 Hatt & Associates ........................................ 9 IADA ...........................................................96 Jetcraft Corporation .................... 10 - 11, 116 JetHQ ....................................................... 37 JETNET ..................................................... 88

Jet Values .................................................110 More&Company........................................101 NBAA-EBACE ..........................................100 OGARAJETS............................................. 29 Par Avion ....................................................49 Pratt & Whitney.......................................... 93 Registry of Malta.........................................59 San Marino Registry............................54 - 55 Satcom Direct .............................................79 Sparfell & Partners ............................. 20 - 21 TAE AEROSPACE ......................................97 TEXTRON ..................................................53 The Jet Business................................ 14 - 15 The Private Jet Company ........................ 105

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 2022, Vol 26 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 672033517. 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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CBJ April.qxp_CBJ November06 21/04/2022 09:50 Page 1

General Offices

Germany Office

Minneapolis / St. Paul

TEL: +49 151 15295243

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E-MAIL: julian@cbjets.com

FAX: +1 (952) 894-8569 E-MAIL: INFO@CBJETS.COM Chicago TEL: +1 708 803-0004 Email: George@cbjets.com

Falcon 50-40 SN25

2018 Piaggio P180 EVO Avanti

COLLINS PROLINE 21 AVIONICS PACKAGE, AGT-5000 GoGo WIFI, Extended Altitude S.B. 49,000 FT capable, 3rd Collins VHF, Baker LCD Cabin Control System w/ 10 Panels, One 15” LCD Monitor, Artex ELT w/ NAV Interface, XM Weather, Baker Cabin Video System (4 ea. 5.6” Slim Line Plug in Monitors), Fire blocked foam with Fabric Protection

Manufacturer’s Warranties, ADS-B Out, Electronic Charts, Maps Overlay, TCAS II 7.1, XM Satellite Weather, SBAS / LPV Capability, Anti-skid braking system, GoGo Avance L5 WIFI w/ Text & Talk

Gulfstream V

Falcon 900EXy SN153

US Ownership History and Off Market Opportunity; plane will be actively for sale in April

Single US Owner with over 50 Years of Falcon Jet History

Aircraft wanted: Gulfstream G280 • Falcon 2000LXS • Gulfstream G550 Falcon 7X • Falcon 2000EXy

www.cbjets.com

The smoothest connection to your next aircraft.

2022 GULFSTREAM GVII-G600 S/N 73066 • Delivery Hours Only • Fully Transferable Warranties • FAA Part 135 Compliant

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.

2011 EMBRAER LEGACY 650 S/N 14501142 • 2,798 Hours; 1,474 Landings • Engines Enrolled on RRCC • Fresh 96 Month Inspection

2013 BOEING BBJ S/N 38408

ALSO AVAI L ABL E

• 2,438 Hours; 621 Landings • 8 Auxiliary Fuel Tanks • Collins VENUE CMS

2016 BOMBARDIER GLOBAL 6000 S/N 9704

2015 GLOBAL 6000

2007 AIRBUS ELITE

2011 GLOBAL XRS

2019 AIRBUS ACJ330-200

1998 CITATION X

2015 BOEING 787-9 VIP

2013 CITATON CJ3

2015 BOEING 787-9

2013 FALCON 900LX

2011 CHALLENGER 300

2017 LEGACY 500

2012 CHALLENGER 850

2009 LEGACY 600

2015 GLOBAL 5000

2014 GULFSTREAM G650

• 747 Hours; 248 Landings • Fresh 60 Month Inspection • Available for Viewings in Dubai File Photo

2013 EMBRAER PHENOM 300 S/N 50500133 • 2,215 Hours; 1,868 Landings • 7 Pax Configuration + Belted Lav • Fresh Level II Pre-Purchase Inspection

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

2014 AGUSTA AW139

I N FO @ JETC RAF T. CO M

5-2022_AVBuyer_Back Cover_Smoothest Connections_.indd 1

+ 1 9 1 9 9 4 1 8 4 00

Use the QR code or visit Jetcraft.com/Inventory to view our full list of available aircraft.

J ETC R AF T. CO M

4/13/22 6:54 AM

AvBuyer Magazine May 2022

Articles inside

Showcases

SAF in BizAv: What’s the Industry Doing to Help?

A Review of Recommended and Required Avionics

P&WC at EBACE

How BizAv’s Top Engine OEMs are Cutting Emissions

The Pre-Owned Market Today: An Appraiser’s View

Market Insights of Tom Crowell, Jr. - JetBrokers

How Private Plane Gave Entrepreneur Time With Kids

Electronic Technical Logbooks: Overcoming the Challenges

Buying Tips: Rules for a Successful Jet Transaction

Piper M600: Vive La Revolution

Aircraft Buyer Questions, Part 4: Setting Timelines

Who’s Managing Your Aircraft Management Company?