Partners In Aviation (PIA), the developer of “Managed Co-Ownership” which matches two owners to one aircraft, which the company says allows them to operate for half the cost of traditional private aviation options, has released statistics that point to significant growth in the co-ownership sector. More specifically, a reduced timeline for successfully matching interested co-owners and pairing matches with an appropriate professional management company.
“When we first brought Managed Co-Ownership to the market in 2018, the concept was new,” said Mark Molloy, PIA founder and aviation veteran. “Taking what had in the past been an ad hoc, legally-intimidating, co-ownership search process and creating a coherent operation was a major undertaking. The process includes identifying, vetting and introducing like-minded co-owners based in a common geographic region, and getting them into the aircraft of their choice. The key was developing the legal structure, created by our industry’s top aviation counsel, that protected both co-owners and was credible to their in-house counsel.”
According to Molloy, the process initially took six months or more to get co-owners matched and wheels-up. “That ‘Time-to-Match’ (TTM) is the metric we measure ourselves by and what is top-of-mind for our customers when it comes to co-ownership,” Molloy said.
PIA reports that they now have a critical mass nationwide of interested co-owner candidates to draw from and connect, allowing PIA to more-quickly accommodate matches in any region of the country. They provide co-ownership in all turbine categories: turbo-prop, light-Jet, midsize, super-midsize and heavy jets. And now they do it quicker. “For the end of Q1 2021, our Time-to-Match (TTM) average is down to two months. It’s a gratifying statistic and underlines the acceptance, interest and growing popularity of Managed Co-Ownership.”
With private aviation firms across the board reporting substantial numbers coming into the new year, that surge of activity has only served to bolster PIA’s activity.
“It is truly an instance of a rising tide lifting all boats,” Molloy said. “Our inquiries continue to climb and as the program has matured, this reduced Time-to-Match allows us to provide co-owner candidates a more efficient experience. It is still a process. Unlike a jet-card or membership solution, this is ownership. But at half the net cost-per-hour, the value-proposition is worthy of investing in that time-frame.”