aircraft acquisition

FOR IMMEDIATE RELEASE

EDGEWATER, Md. - Aug. 23, 2019 - National Aircraft Finance Association (NAFA) is pleased to announce that Jack Prewitt & Associates, Inc. has recently joined its professional network of aviation lenders.

“NAFA members form a network of aviation finance services who diligently and competently operate with integrity and objectivity throughout the world. We’re excited to welcome Jack Prewitt to our growing organization as we head to our 50th anniversary,” said Jim Blessing, President of NAFA.

Jack Prewitt & Associates provides a comprehensive aircraft brokerage and acquisition service developed from extensive knowledge gained over the years of the aircraft markets, allowing them to effectively gauge the needs of their clients. The company prides itself on being an aviation partner with a track record of client success and satisfaction. 

The company serves their clients by first establishing what the client’s mission is when acquiring an aircraft, then providing up to date insight into the worldwide aviation marketplace. Their team identifies the best aircraft that fits their customers’ mission and negotiates a fair market price, all while guiding them through the purchasing process from “tip to tail”.

Over the last 40 years, Jack Prewitt & Associates has bought and sold over 1000 aircraft, largely through their extensive, exclusive network of contacts. As an inventory dealer, the company are experienced buyers as well as sellers. Via their leasing subsidiary, AEI, they also own six aircraft, including five large cabin jets, all on long-term lease. The company believes this varied experience sets them apart from the rest of the field.

Much like NAFA, Jack Prewitt & Associates, Inc. has experience in all facets of aviation and provides accurate market knowledge. Jack Prewitt and NAFA are passionate about the aviation industry and promoting excellence in service.

For more information about Jack Prewitt & Associates, Inc., visit nafa.aero/companies/jack-prewitt-associates-inc. 

About NAFA:  

The National Aircraft Finance Association (NAFA)is a non-profit corporation dedicated to promoting the general welfare of individuals and organizations providing aircraft financing and loans secured by aircraft; to improving the industry's service to the public; and to providing our members with a forum for education and the sharing of information and knowledge to encourage the financing, leasing and insuring of general aviation aircraft. For more information about NAFA, visit NAFA.aero.

FOR IMMEDIATE RELEASE

EDGEWATER, Md. - March 1st, 2019 - National Aircraft Finance Association (NAFA) is pleased to announce that LBC Capital, Inc., a subsidiary of Laurentian Bank of Canada, has recently joined its professional network of aviation lenders. "NAFA members proudly finance - support or enable the financing of - general and business aviation aircraft throughout the world, and we're happy to add LBC Capital to our association," said Ford von Weise, President of NAFA.

LBC Capital's Aviation Finance team aims to facilitate business productivity by providing capital for the acquisition, sale and refinancing of corporate aircrafts including turbojets, turboprops and helicopters. The group serves corporations, high net worth individuals and aircraft operators within the general aviation market across Canada and the United States. They partner with manufacturers, brokers, aircraft owners, and various industry players by providing creative financing solutions.

"LBC Capital is delighted to join NAFA as we expand our aviation financing offering not only to Canadian business aircraft and helicopter buyers but now also to the US market," said Eric Provost, President of LBC Capital.

Much like NAFA, LBC Capital fosters a network of highly talented and dedicated professionals in the finance and aviation industries. LBC Capital and NAFA are committted to providing the highest level of service through their many partnerships, promotion of education and support of local communities.

About Laurentian Bank Financial Group

Founded in 1846, Laurentian Bank Financial Group is a diversified financial services provider whose mission is to help its customers improve their financial health. The Laurentian Bank of Canada and its entities are collectively referred to as Laurentian Bank Financial Group (the "Group" or the "Bank"). With more than 3500 employees guided by the values of proximity, simplicity and honesty, the Group provides a broad range of advice-based solutions and services to its retail, business and institutional customers. With pan-Canadian activities and a presence in the U.S., the Group is an important player in numerous market segments.

The Group has $CAD 45 billion in balance sheet assets and $CAD 29 billion in assets under administration.

About NAFA:

The National Aircraft Finance Association (NAFA) is a non-profit corporation dedicated to promoting the general welfare of individuals and organizations providing aircraft financing and loans secured by aircraft; to improving the industry's service to the public; and to providing our members with a forum for education and the sharing of information and knowldge to encourage the financing, leasing and insuring of general aviation aircraft. For more information about NAFA, visit www.NAFA.aero.

NAFA member, Essex Aviation, shares top considerations when purchasing a new aircraft.

Private aviation offers several benefits, including comfort and convenience. If you or your client is considering private aviation for business or personal use, there are several considerations to take into account as you evaluate your options.

Advice for buyers when purchasing a new aircraft

Follow the 80/20 rule

When shopping for an aircraft it can be tempting to “over buy.” To avoid purchasing an aircraft that delivers more than you need, consider how you will be using the aircraft, a majority of the time. Will it just be you and perhaps a business partner traveling to meetings a couple states away? Or will you be traveling internationally with your entire family monthly? The aircraft you choose should meet your mission requirements roughly 80 percent of the time. So, if you will only be traveling internationally once in a while but will be using your aircraft primarily for short business trips, consider purchasing an aircraft that best supports the business trips and consider utilizing charter or purchasing a fractional share to meet your international travel needs.

Weigh your options: New vs. Pre-Owned

Spend some time determining whether a new or pre-owned aircraft is the right option for you. Depending on your needs, a pre-owned aircraft may be a more affordable choice and will offer you the option of doing various types of refurbishments, upgrades or customization to the aircraft to meet your needs.  A new aircraft can be fully designed but the lead time for delivery will be anywhere from 12 – 18 months or longer.

Bring an unbiased aviation advisor on demo flights

Before deciding on an aircraft, often you can do demo flights on different planes to assist with your evaluation of the various options. It can be extremely beneficial to bring a professional and unbiased aviation advisor along with you on the flight to assist with your review of the aircraft and the various options each aircraft type provides.  Each demo flight will provide an opportunity for you and your aviation advisor to work together to determine which aircraft type best meets your needs and requirements.

Decide what’s important to you — speed / range / cabin size?

While every aircraft owner would like to say I want it all, the reality is that most aircraft can meet many, but perhaps not every desire of the purchaser. Your aviation advisor can assist you with the evaluation of how each aircraft model can meet your defined requirements.  An aviation advisor can also assist you with navigating all of the available information so that you can truly understand each option, including the pros and cons of each and ultimately make as informed a decision as possible.

If you’re financing, start the process early

Since a loan or lease for an aircraft purchase is an involved process, the financial institution you choose to work with will need time to perform their due diligence. So, if you are going to compare rates and request proposals from multiple lenders it’s important to leave yourself time. The initial review and due diligence process to receive a formal proposal typically takes about a month and sometimes longer.

Determine how you will be using the aircraft

If you are primarily using your aircraft for business purposes you may be able to benefit from certain tax benefits.  Your aviation advisor can recommend an aviation specific legal and/or tax advisor to work with your internal advisors on properly structuring your aircraft ownership and utilization to maximize the use of any tax benefits.

The new aircraft acquisition process

The process of acquiring a new aircraft typically includes:

The initial evaluation and aircraft identification

There are many choices when it comes to purchasing a newly produced aircraft — starting with the decision to purchase an aircraft that allows you to choose the floorplan and all the specifications and materials or a “white-tail” aircraft, which has already been produced and gives you very limited opportunities to make changes. Your aviation advisor can work with you to evaluate different aircraft options based on your specific needs and desires.

The design phase

Once you have identified an aircraft for purchase you enter the layout and design phase.  Your aviation advisor can assist you throughout the series of specification meetings to assist with any questions.

The production phase

With a final and approved design in place the aircraft production process is launched. The production process for a new aircraft can take up to a year or longer depending on several variables.  Your aviation advisor can provide regular on-site representation to review and monitor the on-going production process.

Final delivery and acceptance

When your aircraft is ready for final delivery your aviation advisor along with the owner’s existing flight crew will work through the formal delivery and acceptance process with the manufacturer.  Once the aircraft has been accepted the final delivery and transfer of title will be completed.

The aircraft acquisition process can get complicated and has several parties involved. Retaining an unbiased aviation advisor to represent you and manage the complete process will provide you with both value and comfort throughout the acquisition process.

If you would like to speak with an experienced aviation advisor who can provide unbiased advice and help you through the aircraft acquisition process, contact Essex Aviation.

Essex Aviation Group, Inc. was founded in 2013 with the primary goal of providing clients with the most current industry knowledge and experience, a vital component in evaluating business and private aviation transportation needs.

Representing clients in a wide range of services, Essex builds client relationships through dedication to trust, integrity and a level of responsiveness not found anywhere else. Services include new or pre-owned aircraft acquisitions, new aircraft completion management, pre-owned aircraft refurbishment and upgrade management, block and ad hoc charter services, and much more.

This article was originally published on Essex Aviation's blog.