This story is part of AIN's continuing coverage of the impact of the coronavirus on aviation.
Turbine aircraft broker jetAviva was the number-one seller of business jets in the first half of this year, according to JetNet’s Statistical Analysis Report (STAR) of the top-25 aircraft sales companies. JetAviva attributed this success to an increase in first-time buyers entering the market as a result of Covid-19, as well as its focus on turboprops and light to midsize business jets.
“We entered March with more than 50 jets listed for sale,” said company founder and chairman Cyrus Sigari. “As of mid-August our inventory volumes were reduced by half, and we’ve more than doubled our number of active acquisition clients. Out of our current inventory, 15 aircraft are under contract and our global sales team has mandates to purchase an additional 20 aircraft on behalf of clients. We are closely monitoring this increase in buying activity, and the likely resultant effect on pricing.”
According to jetAviva, it saw a significant amount of increased transaction activity in relatively new light jets, with inventory numbers reducing rapidly in select model types. “We’ve seen particular increases in transaction activity in the Phenom 300 and Citation M2 markets, with seven of each of the types having already been transacted or soon to be transacted with definitive purchase or sale mandates by the firm,” said Sigari.
While buying activity has been brisk, Sigari said the preowned market is still recovering from the influx of inventory that hit the market due to the Covid-19 crisis. However, he remains optimistic despite the looming uncertainty that typically comes with each presidential election and the economic impacts of the pandemic.