As new production business jet deliveries and pre-owned sales continue to increase, JetNet (Booth X112) launched its new Business Intelligence (BI) platform to help the industry stay listen to what is happening in this market. JetNet BI’s graphical visualizations and interactive dashboards provide insight into business jet fleet statistics, flight activity, values, JetNet iQ surveys, and forecast data, among other things. the company said. Its launch this week at EBACE follows a preview of the product at Heli-Expo in February.
The rollout of JetNet BI follows the introduction of its revamped JetNet Values program for pre-owned aircraft which launched in the fourth quarter in partnership with Asset Insight. The updated Values offering is now a single-source asset valuation platform that combines key historical market data and reported sale prices with access to estimated residual value figures produced by Asset Insight’s eValues product.
Meanwhile, JetNet iQ’s latest business aircraft forecast, released last month, predicts deliveries this year of 1,100 jet and turboprop aircraft, about 6% more than the 1,034 aircraft shipped in 2021. Demand for new aircraft “remains robust by nearly all prior-year standards.” said the Business Aviation Data Service. But despite what it calls “increasing OEM backlogs and orders to invoices,” JetNet expects the modest year-over-year growth to continue in the near term, “primarily due to production and supply chain limitations”.
Among the bottlenecks, JetNet cited “day-to-day pressures that put stress on workflows and disrupt the smooth production cadence,” as well as labor shortages, supply chain pressures, and other bottlenecks. sourcing and “prudent management practices”, calling the latter limitation “appropriate”.
More than 3,600 used business jets changed hands last year, according to JetNet, up 30% from 2021 and the highest annual total ever for the company. Sales of used turboprops also climbed 27% year-over-year.
The steady pace of transactions came even as used business jet inventory fell 46% at the end of 2021, to just 855 planes according to JetNet accounting. At the beginning of last month, pre-owned inventory totaled just 706 business jets, with less than 8% of inventory being five years old or less.
In other news, JetNet named Greg Fell as its first CEO in December. Fell brings management experience in telecommunications, aviation, oil and gas to this new position. He also serves as an industry mentor for Columbia University
At the same time, the American company announced that it would “immediately embark on a strategic plan aimed at increasing its research capabilities, exploiting the latest information technologies and developing an industry-leading BI platform”.