NetJets Nears 1,000-aircraft Fleet

 - November 2, 2022, 11:06 PM
NetJets president of sales, marketing, and service Patrick Gallagher gave the audience at Corporate Jet Investor Miami an update on his company's growth on Wednesday. (Photo: Corporate Jet Investor)

With planned additions and no expectationss to dispose of any of its current aircraft, NetJets is on track to have nearly 1,000 jets in its fleet by the end of next year, Patrick Gallagher—the fractional lift provider’s president of sales, marketing, and service—said yesterday at Corporate Jet Investor Miami. Presently, the company operates more than 850 aircraft worldwide between its U.S., European, and Executive Jet Management fleets.

According to Gallagher, NetJets will receive another 25 to 30 new jet deliveries by year-end, bringing the total fleet additions this year to about 75 aircraft. Next year, the company expects to intake more than 100 new-production jets. at these rates, Netjets accounts for approximately 12 percent of the industry’s jet production.

A year ago, the company halted all sales to concentrate on its existing customers, and while fractional sales have since resumed, Gallagher added that its inventory is sold out through 2023, with some interim leasing solutions still available. “We’re taking [non-refundable] deposits against 2024 deliveries at this point,” he said. That is a total reversal from 2008, when the company took delivery of 88 aircraft, none of which were pre-sold.

While its jet card sales are still being limited strictly to renewals, the operator expects that program to fully resume next year.

As for staff to fly those new additions, Gallagher told the audience NetJets receives more than 350 pilot resumes a month and has hired 450 flight crew members this year. It expects to add another 700 in 2023. “It’s tough for the small flight departments these days to keep pilots because they want to work for a big operator, and very few out there can match NetJets work rules, NetJets compensation, the training, etcetera,” Gallagher told the audience. “We don’t lose very many, our attrition rates are very low.”

In addition to fleet expansion, the company has also concentrated on real estate with its 14 service locations around the country. “It’s not just about having owner lounges, it’s really more about keeping the fleet moving and not having to rely on oversaturated third-party providers,” Gallagher explained.