The rise of the corporate jet is a recent segment in the history of aviation, since its use did not really begin until the mid-1960s. Corporate jets were lavish and opulent when they were first developed, but in the ’70s and ’80s many corporations scaled down in an effort to appear prudent in spending. However, executive jets had a surge in popularity in recent years for several reasons.
One reason for the rising popularity of corporate jets was a company known as Executive Jets; they developed a business model called fractionalized ownership in the early ’90s. Offering businesses partial ownership in a private jet, Executive Jets allowed them to share the costs of using, maintaining, storing, and staffing an executive jet. Today, fractionalized partnerships account for as much as 20% of the executive jet market.
Uses for More than Just Business
In the history of aviation, corporate jets have been used for more than just transporting executives to meetings. In fact, organizations often donated business planes to emergency causes such as organ transplant transportation, angel flights, air ambulance services, and supply delivery for disaster relief. Since dispatching corporate jets was easier than re-routing commercial planes, supplies and personnel reached their destination in a shorter period.
One issue of concern over the history of aviation included security of the aircraft and the airport. Private jets are more secure now as the plane owner knows everyone on board. Although those flying via private jet must submit to security screenings, there is no need to stand in long security lines since airlines handle private jet security differently.
The history of aviation has gone through many changes over the last century with no signs of stopping its flight. An industry starting with DaVinci’s simple airscrew and led to the Wright Brothers historic flight has almost become as easy as car travel. For more information on the history of aviation, join Covington Aircraft’s social community on Facebook, Twitter, and YouTube