DO NOT check this box if you are using a public computer. User IDs potentially containing sensitive information will not be saved.
Sign on to Online Banking
Business Aviation: More Than Just A First Class Seat
While the aviation industry continues to improve, companies and individuals use business aircraft to boost the bottom line.
Despite an early threat of rain, the late afternoon sky at the airport was deep blue with just a few puffy white clouds. The temperature was perfect and a quarter of a billion dollars of gleaming business aircraft were artfully positioned inside a spotless hangar and outside on the tarmac.
The 10 planes and one helicopter were all open for invited guests to touch, feel, inspect, experience, ask questions of the onsite manufacturer’s representatives and speak with the flight crews. The event, “An Evening in Aviation” was held recently at Washington Dulles International Airport in suburban Washington, D.C. It was sponsored by PNC Aviation Finance and AVPRO, an aircraft brokerage, acquisition and consulting firm.
"An Evening in Aviation" was held at the Dulles Jet Center at Washington Dulles International Airport
in Northern Virginia.
The private atmosphere afforded guests a rare opportunity to do some side-by-side comparison shopping among various aircraft sizes and capabilities. It also provided a venue where aircraft owners, operators and prospective buyers could discuss the financial side of business aviation, including aircraft financing options.
Event sponsor PNC Aviation Finance has been the country’s No. 1 financier of business aircraft loans each year since 2009, a long-running track record demonstrating the nearly 40-person team’s deep expertise and broad product set.
“Faced with crowded airports, jam-packed commercial planes and ever-present flight delays, corporate executives and high-net worth individuals are increasingly turning to private aviation,” said Alex Overstrom, head of PNC Aviation Finance.
Business aircraft relieve the time constraints of commercial flying, makes travel time more productive and allows users to take advantage of smaller airports that can be significantly more convenient.
Strong Yearly Performance
Record levels in the stock markets, growing corporate earnings, a strong U.S. dollar and increasing consumer and business confidence are driving demand for private aircraft.
During the recent National Business Aviation Association Convention in Las Vegas, Nevada, manufacturers had approximately 100 aircraft on display, including several high-end models that were making their public debuts.
“A business aircraft is a sign of a well-managed company,” said Ed Bolen, President and CEO of the NBAA. “Companies that use business aviation return more to shareholders than companies that do not.”
According to data from AMSTAT, pre-owned business jet sales hit a record in the first 9 months of the year, with more than 1,600 transactions taking place, up 8% from the same period last year.
Moreover, available inventory declined for the 5th straight quarter to 10.4% of all U.S. business jets, below pre-crisis levels.
(Left to Right) Alex Overstrom, Tom Taormina and Keith Hayes are all part of PNC Aviation Finance
Business Aviation Growth
And this trend is expected to continue. An October 2017 forecast of the business aviation marketplace by Jetcraft says the number of business aircraft likely will grow 33 percent over the next 10 years, with the sales trend moving to the new larger wide body business jets over the more traditional narrow body aircraft.
At that delivery pace, the latest Honeywell Global Business Aviation Outlook estimates 830 new private jets will be delivered each year over the next 10 years. The last time more than 800 jets were delivered in a single year was in 2009.
Alex Overstrom is the head of PNC Aviation Finance
According to the National Business Aviation Association Business, aviation reaches 10 times the number of U.S. airports than commercial airlines do.
PNC Point of View
Real People. Real Perspective. Real Insights.
Read more POV Stories »
You May Also Be Interested in Visiting...
Important Legal Disclosures & Information
These articles are for general information purposes only and are not intended to provide legal, tax, accounting or financial advice. PNC urges its customers to do independent research and to consult with financial and legal professionals before making any financial decisions.
This site may provide reference to Internet sites as a convenience to our readers. While PNC endeavors to provide resources that are reputable and safe, we cannot be held responsible for the information, products or services obtained on such sites and will not be liable for any damages arising from your access to such sites. The content, accuracy, opinions expressed and links provided by these resources are not investigated, verified, monitored or endorsed by PNC.
©2017 The PNC Financial Services Group, Inc. All rights reserved. PNC Bank, National Association. Member FDIC.
GET IN TOUCH
Banking on the Go
We have tools to help you bank when and where you want.Mobile Apps Directory »
Be part of our inclusive culture that strives for excellence and rewards talent.Visit PNC Careers »
The PNC Financial Services Group, Inc. All rights reserved.