After successfully tapping into the aircraft rental market in the US and recently venturing into Canada, Jet It expanded its market to Europe under the name JetClub. Founded by Vishal Hiremath and Glenn Gonzales, former Hinda and Gulfstream executives, JetClub which officially started flying on Thursday (11/3) last week offers a different charter plan.
If the typical charter rate is hourly, JetClub offers a fractional ownership model in which club members buy jet stock in exchange for days instead of hours. It is a unique innovation in the market that JetClub enables business people and travellers alike to fly safely and comfortably at a lower cost.
“We designed JetClub to be accessible, smart, safe and financially smart. The owner only pays €2,500 (US$2,980) per hour, including handling and landing fees, without positioning fees,” said Hiremath, co-founder and CEO of JetClub, on Thursday (11/3) last week.
Armed with a not-so-large HondaJet fleet, JetClub is considered suitable for filling the aircraft rental market in Europe which is starting to grow again after it crashed due to the COVID-19 pandemic. Moreover, as many as 70% of private flights on average last less than three hours and have less than four passengers.
Hiremath explained that JetClub renting costs are cheaper because the HondaJet used is also listed as the lightest, quietest, and most fuel-efficient aircraft in its class. The HondaJet consumes only four times less fuel than the larger jets.
In the US, such a business model is able to see Jet It’s performance grow by up to 400% year on year. Hiremath believes JetClub will also make a similar performance in Europe and the UK because of its large market potential. Business recovery requires safe and comfortable travel support such as that provided by JetClub.