NARA: Pre-owned Bizjet Market Continues Its Descent
The pre-owned business aircraft market has yet to hit bottom, industry experts said at a recent forum held by the National Aircraft Resale Association in Dallas. Nearly 200 members of NARA, the National Aircraft Finance Association (NAFA) and others in the aircraft industry, including representatives from most of the major OEMs, attended the event. According to statistics compiled by industry monitor JetNet, used business jet sales fell nearly 30 percent last year and have shown signs of even greater stagnation so far this year, as transaction rates have sunk to totals not seen since 1991. “Nobody wants to take a guess when things will lighten up because we haven’t hit the bottom yet,” said NARA president Susan Sheets. “It would seem that the bottom is in sight and that would dictate a turnaround shortly thereafter, but no one is saying anything for 2009. Maybe the second half of 2010 is the earliest, most optimistic guess.” According to Sheets, her constituency is considering unorthodox methods of moving aircraft, including an auction, where aircraft would be flown to one location and sold.