John Odegard, Seth Zlotkin, Chris Brenner and Jeremy Bogle have left Wheels Up to launch 5×5 Trading, a new brokerage.

“This is a great opportunity for both businesses to focus on their strengths,” says Odegard, “but really 5×5 Trading is still the same team. It is the same people and we will continue offering the same service to Wheels Up and its customers.”

Odegard, Zlotkin and Brenner launched Wheels Up Aircraft Sales in 2020. Odegard and Zlotkin joined from QS Partners, NetJet’s aircraft broker, which they had helped launch. Both were former colleagues and friends with Kenny Dichter, Wheels Up’s founder. Brenner joined from Jetcraft where he was vice president and had worked closely with QS Partners.

Bogle was originally hired to help Wheels Up grow its aircraft management business but moved into the aircraft sales team. Wheels Up Aircraft Sales was profitable from its first quarter.

Wheels Up says that 5×5 will continue to be its exclusive acquisition and sales provider. It will also help Wheels Up with fleet planning as well as Air Partner members and customers on aircraft transactions. Wheels Up is looking to sell aircraft from its fleet as part of its restructuring.

“We look forward to working closely with the 5×5 Trading team,” said George Mattson, CEO, Wheels Up. “John, Seth, Chris and Jeremy are proven industry leaders with a strong record of success in the aircraft sales and acquisition space, and we are excited to continue to have full access to their deep experience and capability in support of Wheels Up’s strategic imperatives.”

The 5×5 Trading team are all experienced in buying aircraft for inventory – including while at Wheels Up– and they are looking for deals.

Wheels Up Aircraft Sales was an accredited member of the International Aircraft Dealers Association (IADA) and its membership will be transferred to 5×5 Trading. Odegard is vice chair of IADA.

Wheels Up has been simplifying its business since it received $500m in new investment from Delta Air Lines, Certares Management, Knighthead Capital Management and Cox Enterprises. It sold its aircraft management business to Airshare.

“Wheels Up has been an amazing partner for the last 3.5 years,” says Odegard. “We are excited that we will continue to work with them as we can continue to build a significant retail business. It is basically a quarter-turn evolution.”