Citation Jet Card Sales Reach Capacity

 - October 19, 2006, 11:30 AM

One year after CitationShares introduced its Vector jet card, the fractional provider has curtailed sales so as “not to exceed the capacity to fulfill” charter and owner flights. “We have reached the capacity we targeted way earlier than expected,” according to CitationShares president and CEO Steve O’Neill. “We expected a renewal rate of about 35 percent, but about 75 percent of cardholders are renewing. He declined to say how many Vector cards have been sold. CitationShares is still losing money, but O’Neill told AIN that the nearly five-year-old company, a partnership between majority owner Cessna and TAG Aviation, “will be profitable next year.”