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CitationAir To Cease Flight Operations On October 31
Textron Aviation confirmed to AIN that it will terminate flight operations at its former fractional and charter/management operation, CitationAir, on October 31. The move comes 2.5 years after CitationAir stopped selling fractional shares in new aircraft and ceased renewals for current fractional-share customers in February 2012, saying at that time it would instead focus on its jet card and aircraft management products. The company is now abandoning even that modest plan. (www.ainonline.com) Más...
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Last I knew Buffett hadn't "shed" Net Jets.
You are correct, don't know where I picked up that piece of faulty data, but Warren still likes his jets.
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One might say that, or one might say that if even the "Oracle of Omaha" can't figure out how to make money with a fractional, who can. The fractionals were falling like one winged hang gliders even before Buffet shed Netjets. The business model that both satisfies the customer and yields a reasonable ROI seems to yet elude the most astute BizAv guy. Give credit where due, Cessna and Textron ain't on their first rodeo, and the debacle of economy 2008 to present and a liberal admin. and media that think they are the only ones who should be driving Suburbans and jets haven't exactly contributed to a favorable bidness environment for the corporate jet, let alone the fractional. The fact is that GA today reflects the face of what is occurring in modern America. The uber wealthy, (Gulfstream, Bombardier, Falcon) are at the top of their game, and the middle class (Beech, Cessna, Lear) continue to be challenged by a bureaucracy that doesn't care what happens so long as they win the financial and political war, and reelection. Good management needs a reasonable business environment, and I haven't seen one around here in more than a few years.
I was riding in a hotel shuttle on the way to the airport while a NetJet pilot was complaining about not getting duty time to update the charts on his Ipad and had to do it either on his own time or during rest. Maybe his Ipad is different than mine but all I have to do is touch the "update" button and it takes care of the rest. With that in mind I would be willing to go out on a limb and say that there is probably plenty of blame to go around in the fractional world.
