Partners in Aviation (PIA) has helped new co-owners of a Bombardier Challenger 3500 and an Embraer Praetor 600 skip the current two-year wait to receive new jets and then to fly them at half the normal operating costs, according to the company.
PIA matches two owners to share one aircraft and pairs them to an aircraft manager. Owners fly their aircraft, on their schedule at half the cost of traditional private aviation options, said the company. “We have owners across the country interested in bringing on a co-owner to share their aircraft and split the cost,” said Mark Molloy, president, PIA. “The programme, PIA Managed Co-Ownership, allows non-owner candidates to skip the waiting process and get into a new or used aircraft immediately. Because our clients typically fly 100 hours per year, both owners can fly all their trips – at half the cost.”
Launched in 2016, PIA Managed Co-Ownership plan matches co-owner candidates in the same region and provides the legal framework that allows two owners to securely share one aircraft. The programme is said to appeal to users flying 50-150 hours per year who prefer ownership to membership. And it complies with the requirements of FAA and Inland Revenue Service (IRS). Clients can enter the programme as current owners looking to sell half their aircraft or non-owners seeking a 50% interest in an aircraft. The company offers co-ownership opportunities in every turbine category, from turboprop and light jets to mid, super mid, and heavy jets and works with major OEMs.
Simon Elliott, a Florida resident and long-time aircraft owner, did not consider co-ownership when he ordered his 2023 Praetor 600 two years ago. But Elliott reconsidered when his adviser suggested the PIA programme. “Initially I was reluctant, but their legal team and structure made me comfortable with the model and I liked the math,” said Elliot. “I could choose my pilots and manager, which was crucial to me, and the co-owner they introduced me to is a great fit. I now have the aircraft I ordered at half the original cost.”
Another jet owner who tried the PIA co-ownership programme is Bruce Bonafiglia, a former Challenger 350 owner based in New York, who now co-owns a new Challenger 3500. “The programme made sense based on our limited usage, and PIA introduced me to a wonderful co-owner,” said Bonafiglia. “I’ve owned several aircraft and appreciate the value-proposition of splitting the capital and operating costs.”
It took several years for PIA’s client base to reach scale, acknowledges Molloy. “But we now have matches flying coast-to-coast and vetted co-owner candidates ready to be matched in every region of the country.” he said.
Most PIA clients come from membership and jet-card programmes, he added. “They are ready to move beyond their current membership programme but aren’t flying enough to justify whole ownership. The economics of co-ownership just makes sense to them,” said Molloy.
