[video] Quick Take: Demand for Private Aviation Soars
NEW YORK (TheStreet) -- There has been a new way for global aircraft to take flight, with Kenny Dichter, founder and CEO of Wheels Up, and Thomas Flohr, founder and CEO of VistaJet.
Flohr has built a long-range network over Europe, Asia, and Africa, and as the two chief executive officers told TheStreet's Jill Malandrino, the service is now making its way into the United States.
Flohr said the U.S. has the largest market in the world, with 10,000 jets, compared with 8,000 in the rest of the world.
Although it's typically a complex task, renting a luxury airliner has become somewhat easy.With just a three-page contract, clients pay hourly to use the jet service, with a 100-hour minimum over a three-year span, Flohr said. He added that there is an unprecedented demand for global transportation and that many U.S. corporations already use this service overseas. VistaJet uses only new aircrafts, which are still covered by the manufacturer's guarantee. The executives concluded that they should sell out about 5,000-hours within three to four months with 40 to 50 clients and have plans for similar sales, if not more, in 2014. The current arrangement allows for further expansion, with more jets. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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