Private aircraft resale website GlobalAir.com has reported a steady increase in aircraft inquiries despite a historic low of preowned inventory across the aviation industry.
For the first 8 months of 2021, the company generated 15,603 inquiries for aircraft sales on its website. This is up 103% compared to the same period during 2019.
“The driving force behind the current market is lack of supply,” noted Tom Crowell Jr., President of JetBrokers. “It’s difficult to find good aircraft.”
Colibri Aircraft analyzed the preowned private jet inventory in July of 2021, highlighting a decrease of 38% since June 2020. Only around 4.65% of the preowned jet fleet is listed for sale, the lowest level since records began in the 1980s.
The USA reopened quicker than many other countries, which drove the drop in private jet supply as the desire to travel increased.
The Gulfstream G550 ranks as the aircraft to receive the most inquiries in 2021 on GlobalAir.com. The Hawker 800XP and Bombardier Global 6000 took the second and third rankings respectively. But the real gains have developed for the small to medium range jet aircraft.
Jeffrey Carrithers, CEO of GlobalAir.com said, “Though we are seeing an enormous amount of transactions being completed, the industry has developed a vacuum of less and less inventory,” said Carrithers. “What we are seeing in the North American market alone is less than 3% of good late models that are available. Approximately 250 aircraft are on the open market compared to 2,000 in normal years.”
Jeremy Cox of JetValues an appraiser in the aviation industry, said, “By far, one of the most contested used aircraft markets is the Citation XLS. Currently there is only 1% of the active fleet world wide actively advertised for sale…that’s 4 aircraft out of 324.”
August was a somewhat slower month for aircraft being removed from GlobalAir.com’s market, with this month typically yielding slower interest, but the number of inquires still increased, said the company. If the economy continues to grow, the federal government preserves the low interest rates and they do not end the tax incentives, GlobAir.com believes there will not be a slow down until January of 2022.
