Virtual Business Aircraft Auctions Gain Steam

 - November 16, 2020, 12:33 PM
This Citation Ultra is the first aircraft to be auctioned for Global AVX's new virtual platform. (Photo Global AVX).

With the Covid-19 pandemic making in-person business aircraft transactions more difficult, at least a few companies have taken the sales process online with virtual auctions. Two such upcoming events include Assent Aeronautics’s November 19 auction and Global AVX’s on December 10.

Assent's auction this week will be staged at Jet Aviation at Dallas Love Field. In addition to Jet Aviation, Assent has partnered with Amstat, Jackson Walker, Controller, and Conklin & de Decker for its auctions.

The November 19 event caps off Assent Aeronautics’s inaugural year with its Private Aircraft Auction House. In its first year, Assent Aeronautics said it has had more than $180 million in aircraft cross the auction block and an 85 percent closing rate. More than 90 aircraft have been consigned, it said. With these results, the Private Aircraft Auction House is planning further events on Feb. 4, May 20, Sept. 23, and Nov. 18, 2021.

Global AVX, meanwhile, is launching a dedicated aviation online auction platform with the first sale on December 10. The Dublin, Ireland firm said the auction is designed to fill a need for a global auction process and added that travel restrictions have spurred interest in online transactions. Hopkinson Aircraft Sales, which has offices in Scottsdale, Arizona, and Calgary, Alberta, is the debut broker with a Citation Ultra up for bid.

Global AVX vets potential bidders and also works with qualified acquisition consultants on behalf of proposed purchasers. Bidders have access to the Global AVX secure data rooms to examine aircraft specifications and relevant documentation. Buyers remain anonymous and the auction is automated to ensure fair bidding.