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CLEARWATER — Avantair Inc. (symbol: AAIR), a company that offers customers fractional ownership stakes in private jets, announced a significant change to its service offering today.
Avantair's new design is called the Axis Lease Program. Customers interested in leasing an aircraft from Avantair must now commit to a minimum two-year term, and must purchase at least 50 hours of flying time to enter the program.
Previously, Avantair charged customers a one-time, up-front membership fee before allowing them to purchase flying time. CEO Steven Santo says the new plan gives customers more financial flexibility.
"We've listened to the marketplace and surveyed our customers... Based on what we learned, we've made fractional ownership more financially accessible and less daunting by reducing clients' initial spend and removing financial risk,” Santo said in a release.
Introductory prices for the new program require a monthly lease payment of $13,150, which does not include flying hours, fuel, or a separate federal excise tax. Over two years, the lease payments will add up to $315,600.
Earlier this month, Avantair reported that it lost $4.4 million in the second quarter of its fiscal year.
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