Three regional Diamond aircraft dealers in the Eastern U.S. launched a DA 40 XLS/XLT shared-ownership program today at the Sun ’n Fun Fly-in in Lakeland, Fla. Dubbed DiamondShare, the program offsets the cost of aircraft ownership by providing two or three “members” who pay a fixed monthly fee to the aircraft owner for access to the airplane. The participating dealers are Great Lakes Diamond Aircraft Sales, Premier Aircraft Sales and Dominion Aircraft Sales.
“It’s not the old flying club or equity partnership arrangement; you are the sole owner of the aircraft and you avoid all the complexities of partnership formation, financial overhead and management of these programs,” according to Dominion president John Armstrong. “The program is a sensible way to own or fly a new Diamond Aircraft.”
Notably, DiamondShare owners set the policy for access, use and general scheduling, as well as the number of members, up to the maximum of three. According to the Diamond dealers, signing two members can cover most of the monthly aircraft payment, while a third covers the bulk of any remaining expenses. Another benefit is that this share arrangement moves the ownership type from personal to business, meaning that the owner also gains tax-depreciation benefits.
The turnkey program also includes such benefits as comprehensive insurance for all pilots flying the shared aircraft, online scheduling, airplane-specific training tools and member recruitment, among others.