NetJets, the world’s largest private jet operator and a subsidiary of Berkshire Hathaway, has reached a significant milestone in 2024.
The company recently took delivery of its 50th new aircraft this year, a Citation Latitude from Textron Aviation, pushing the total value of the year’s acquisitions to approximately $1.3 billion.
This milestone was celebrated by the company on social media, with NetJets stating, “NetJets is celebrating the 50th factory-new aircraft delivery into our fleet for 2024: an ever-popular Citation Latitude. This milestone solidifies our commitment to meeting—and exceeding—the travel needs of our Owners.”
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A Growing and Diverse Fleet
NetJets has been rapidly expanding its fleet throughout 2024, reflecting the company’s commitment to offering premium services and the latest aircraft to its fractional owners and jet card customers.
Pat Gallagher, President of NetJets, noted the significance of the fleet expansion, saying, “The finest fleet keeps getting better! Proud to welcome our 50th brand-new aircraft of the year, pushing the value of NetJets’ 2024 deliveries to ~$1.3 billion and counting. With each new addition, we’re increasing Owner access to top-of-the-line jets and widening our ‘moat.’ Only NetJets!”
History of Fleet Growth and Investment
NetJets’ aggressive fleet expansion is part of a long-term strategy that dates back to the company’s founding in 1964, originally under the name Executive Jet Aviation. The company pioneered the fractional ownership model in the 1980s, allowing customers to purchase a share in a private jet rather than owning one outright. This model made private aviation more accessible to a broader range of clients and solidified NetJets’ place in the market as an innovator.
Since then, NetJets has continued to invest heavily in maintaining a modern fleet. Over 40% of its current aircraft are less than five years old, a testament to the company’s commitment to providing the latest technology and safety features to its customers. This has helped NetJets remain a leader in the private aviation sector, consistently expanding its fleet to meet rising demand.
NetJets’ Role in the Private Aviation Market
NetJets operates over 10,200 fractional ownership and jet card customers in the U.S. and more than 2,200 customers in Europe.
The company offers a wide range of aircraft sizes to accommodate different needs, from light jets like the Embraer Phenom 300 to ultra-long-range jets such as the Bombardier Global 7500.
In addition to its fractional ownership program, NetJets operates Executive Jet Management, which provides on-demand charter services.
This side of the business has also seen growth, with the company reporting an 8.8% increase in flight hours during the first half of 2024, according to ARGUS TraqPak.
This growth reflects the overall rising demand for private jet travel in the post-pandemic era, as individuals and businesses start to seek more flexible and personalized travel solutions.
A Look at the Future
NetJets shows no signs of slowing down as it continues to solidify its position as a leader in private aviation.
Its investment in a modern and diverse fleet provides customers with an unparalleled range of options, ensuring that the company can meet the needs of its growing customer base.
The addition of new aircraft like the Citation Latitude, Bombardier Global 7500, and Challenger 650 is part of a broader strategy to enhance the customer experience and maintain a competitive edge in the rapidly evolving private aviation market.
As NetJets continues to grow its fleet, its commitment to innovation and service remains central to its success, ensuring that it remains a dominant force in the industry for years to come.
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