NetJets, a subsidiary of Berkshire Hathaway, offers fractional ownership and rental of private business jets.
NetJets Inc. formerly Executive Jet Aviation.
was founded in 1964 as one of the first private business jet charter and aircraft management companies (Also see history of Pan Am's Falcon Jet
subsidiary). The NetJets program was created in 1986 by Richard Santulli
, the Chairman and CEO of NetJets Inc. as the first fractional aircraft ownership program. In 1998, after being a NetJets customer for three years, Warren Buffett
, Chairman & CEO of the Berkshire Hathaway
company, acquired NetJets Inc.
NetJets sells hours of flight time on a specific aircraft, chosen from several available types at the time of purchase. This paid membership offers customers the convenience, access, and time advantages of flying point to point
in private jets. This also allows travelers access to more, often smaller, airports; possibly shortening travel to both arrival and departure point. Arrival and departure points along with departure time are chosen by the customer for each individual trip. Costs are higher than flying commercial carriers and lower than purchasing, staffing and maintenance of a similar private jet.
- Fractional ownership — the price is pro-rated from the market price of a full aircraft. Owners then have guaranteed access (50-400 hours annually, depending on share size) to that aircraft with as little as four hours’ notice. If the owner's aircraft is unavailable for some reason, another aircraft of the same type, or a larger aircraft, will be provided. Fractional owners pay a monthly maintenance fee and an “occupied” hourly operating fee. The latter is charged only when an owner or guest is on board, not when the aircraft is flying to a pick up point, or flying to another location after completing a flight.
- Marquis Jet Card — This plan is aimed for people who need fewer than the minimum of 50 flight hours with fractional ownership plans and do not want the usual 5 year commitment. All costs would be paid upfront and are sold in 25 hour increments.
NetJets' fleet is comprised of approximately 650 business jets. Jets in their fleet are classified by cabin size:
Executive Jet Management: Manages on-demand air charter services, charter aircraft management, and aircraft management services. Based in Cincinnati, Ohio
.NetJets Aviation, Inc.: Operates majority of the NetJets Fleet. Based in Columbus, Ohio
NetJets International: Operates Gulfstream GIV/G450 and Gulfstream GV/G550 in the NetJets Fleet. Based in Windsor Locks, CT
and Hilton Head, SCNetJets
Large Aircraft Company: Operates Boeing Business Jets in the NetJets Fleet.
is a separate subsidiary of Berkshire Hathaway. NetJets Middle East is a provider for flights in the Middle East based in Jeddah, Saudi Arabia