industry news

Study Reveals General Aviation Supports Over 1.3 Million Jobs and $339 Billion in Economic Output

WASHINGTON D.C., – February 19, 2025 - An updated study, released today, details the robust contributions of general aviation to the U.S. economy. A group of eight general aviation associations welcomed the update, conducted by PwC US Tax LLP, which determined that general aviation supports a total 1,330,200 jobs and a total of $339.2 billion in total economic output in the U.S.

The General Aviation Manufacturers Association (GAMA), Aircraft Electronics Association (AEA), Aircraft Owners and Pilots Association (AOPA), Experimental Aircraft Association (EAA), National Association of State Aviation Officials (NASAO), National Air Transportation Association (NATA), National Business Aviation Association (NBAA) and Vertical Aviation International (VAI) sponsored the study. Leaders of the associations were encouraged by the study’s depiction of the significant contribution that the general aviation industry has on the U.S. economy. 

“We are proud to report that despite challenges that have plagued the entire aerospace industry since the beginning of the pandemic, the segment of the U.S. economy affected by general aviation grew over 150,000 jobs and an additional $92 billion in annual economic impact since last reported in 2020,” said Pete Bunce, GAMA President and CEO. “This growth takes place at a time when the importance of the societal benefits that general aviation brings to humankind around the globe cannot be overstated. From aerial firefighting, medical airlift, natural disaster response, law enforcement, agriculture protection, through drone vaccine delivery, general aviation is saving lives while our business aviation segment creates the corporate connectivity to allow companies the competitive advantage needed to create more jobs and promote economic growth. General aviation is the technology incubator for civil aviation – our evolution is spurring more sustainable propulsion systems, safety enhancing avionics capabilities, advanced material manufacturing, and improved maintenance, training and support. These amazing innovations all serve as a testament to the strength of our industry being propelled by the hardworking teams that are engineering, building, maintaining and servicing the aircraft of today and tomorrow.”

“This third report in just over a decade is further evidence that general aviation is a catalyst for local economies, a lifeline for rural communities, and essential to the makeup of American commerce,” said Mike Adamson, AEA president and CEO. “The economic contributions of this industry are profound, and the possibilities for the future are promising. As an industry dedicated to powering safer, more efficient flight, we are creating more high-tech and high-wage careers, innovating technologies, providing essential services and inspiring the next generation.”

See full report and PwC study here

This press release was originally published by GAMA on February 19, 2025.

Contact Information: 

Tracey Cheek  
TLC@NAFA.aero  
405.285.7005 

Chris Blanchard 
Element Aviation 
561.203.8203 
sales@element-aviation.com 

NAFA Welcomes New Member: Element Aviation 

Edgewater, MD — February 10, 2025 - The National Aircraft Finance Association (NAFA) is excited to announce that Element Aviation has joined its distinguished network of aviation professionals. 

 “NAFA members facilitate the financing of general and business aviation aircraft on a global scale,” said Ed Medici, NAFA President. “We welcome and support Element Aviation’s services that play a role in advancing the interests of NAFA members within the aviation industry.”  

Element Aviation provides comprehensive private aviation solutions, including elite charter services and expert aircraft sales. As the owner of an ARGUS Platinum-rated Part 135 air carrier, Element Aviation operates with the highest standards of safety, quality, and operational excellence, guaranteeing that clients travel with peace of mind. The ARGUS Platinum rating represents a commitment to stringent safety protocols, operational integrity, and a proactive approach to risk management, making Element a leader in private aviation safety and reliability. 
 

About Element Aviation: 

Element Aviation provides premier charter and aircraft sales services, offering a seamless, personalized experience in private aviation. Through its partnership with a trusted Part 135 air carrier, Element Aviation delivers access to a fleet of meticulously maintained jets, ensuring safety, reliability, and luxury for each journey. Whether for business or leisure, clients enjoy flexible, on-demand travel tailored to their schedule, with exceptional service every step of the way.   

In addition to charter services, Element Aviation specializes in aircraft sales, supporting clients through every stage of the buying or selling process. From market analysis to negotiating, Element’s experienced team navigates complex transactions with transparency and expertise, delivering optimal results. For discerning clients seeking high-quality charter flights or guidance on aircraft ownership, Element Aviation stands as a trusted partner committed to excellence in private aviation services. 

 For those seeking trusted expertise in charter services or aircraft transactions, Element Aviation is a premier partner, combining luxury, safety, and personalized support in private aviation. Learn more at https://www.element-aviation.com/.  

About NAFA:  

The National Aircraft Finance Association (NAFA) is a professional association that has been promoting the general welfare of aircraft finance for 50 years. Our network of members is comprised of lenders and product service providers who work together to finance general and business aviation aircraft. NAFA sets the standard for best practices in aviation finance by educating its members with the most up-to-date industry trends and best practices. Government legislation, market influences and industry insights allow member companies to provide the highest quality services the industry has to offer. 

From an early age, aviation captured Joe Dini's imagination. His first flight in 1945, at just four years old, was in a late 1930s Aeronca 50, piloted by his sister’s boyfriend. Secured only by a clothesline rope behind the rear seat, that experience ignited a lifelong passion for flying. As a teenager in the 1950s, he took to the skies in an open cockpit PT-19, further cementing his love for aviation. His journey continued with preflight training as a Midshipman at Pensacola Naval Air Station in 1962, and he has been a private pilot for decades. 

Entering the World of Aircraft Finance 

His career in finance began in 1967 at Bankers Leasing in Boston, where he managed equipment leasing programs across various transportation sectors. In 1973, he joined Arlington Leasing in Lexington, MA, where he facilitated the lease of nearly 100 aircraft, starting with an MU-2 to a Hollywood star. Arlington’s acquisition by Integrated Resources in 1977 introduced him to tax-motivated leasing structures, enabling innovative short-term jet aircraft leasing. By 1985, his expertise had contributed to nearly a billion dollars in aircraft financing and leasing transactions. 

Climbing the Ranks in Aviation Finance 

In 1985, he took on the role of president at First NH Resources, expanding the bank’s aircraft and equipment leasing capabilities. His journey then led him to Airfund, an American Finance Group company, where he was involved in financing the transition from Boeing 737s to the new 757 model. By 1988, he was recruited by DPF Group to establish an aircraft finance and leasing division, covering both business and airline aircraft. Around this time, he joined the National Aircraft Finance Association (NAFA) and built lasting professional relationships, including one with industry leader Lou Seno. 

In 1992, he ventured into entrepreneurship, founding his own aircraft finance brokerage and consulting company, later selling it to FINOVA Capital. He continued leading business aircraft financing at FINOVA before launching Air Credit Alliance in 2000. His expertise was sought after by GMAC and Merrill Lynch Capital, where he spearheaded business aircraft financing initiatives. By 2004, he joined Sovereign Bank, marking his first foray into financing owner-flown aircraft. 

After financing and leasing over $2.5 billion in aircraft, he transitioned into semi-retirement in 2010 by joining the board of AOPA Aircraft Finance. Alongside his professional achievements, he served twice as NAFA’s president and remains an active consultant in the industry. 

The Power of Collaboration and Mentorship 

Reflecting on his career, he credits NAFA with expanding his industry knowledge and visibility. “I feel that my joining NAFA significantly broadened my knowledge of aviation finance by interfacing with so many icons in the industry,” he remarks. “Without NAFA, my career would have been stagnant.” 

The association provided him with opportunities to contribute to aviation finance panels and collaborate with esteemed professionals like Lou Seno, Dick Ramsden, Mike Amalfitano, and Wayne Starling. However, his most rewarding experiences came from mentoring and witnessing the success of those he hired. 

His greatest mentor, Tom Hiniker, played a crucial role in shaping his career. Hiniker provided him with his first marketing position at Arlington Leasing and later offered him an ownership stake. Hiniker’s own transition from business aircraft leasing to airline finance left a lasting impression and set a standard for leadership and innovation. 

Advice for the Next Generation 

For those aspiring to build a career in aviation finance, he emphasizes the importance of mentorship and knowledge-sharing. “Success comes from sharing knowledge and mentoring others.  I encourage all members of NAFA to follow this path,” he comments, “giving is a reward in and of itself.” His philosophy is simple: success is not just about personal achievement but about uplifting others. He encourages all NAFA members to embrace mentorship, believing that the greatest reward comes from guiding the next wave of industry leaders. 

Through decades of dedication, innovation, and leadership, Joe Dini's legacy in aviation finance continues to inspire both seasoned professionals and newcomers alike. 

This article was originally published by NAFA on February 5, 2025.

NAFA member, Dean Roberts, Vice President of Strategy, Sustainability and Development at Rolland Vincent Associates, shares his recent article published in the January-March 2025 publication of TR News.

Business aviation, particularly business jet activity, plays an important part in the country's air transportation industry. In recent years, enhanced data availability from various sources in recent years has provided a better understanding of the intricacies of this sector. This article delves into different aspects of the U.S. business jet industry, including policy issues and an increasing focus on environmental sustainability.

Read full article on Page 10

Reproduced with permission of the Transportation Research Board; National Academy of Sciences, Engineering, and Medicine.

The Business Aviation calendar includes several mainstay industry predictions on future sales and trends, based on surveys of aircraft owners and operators worldwide. What’s needed to ensure these can be considered reliable projections? Dean Roberts explores…

In recent months, polling and surveys have taken center stage in the media, with a special focus on methodologies and accuracy driven by the recent US Presidential election coverage.

But these same issues extend to the rapidly growing survey industry in Business Aviation, where accuracy and methodology are vital. Following, we’ll put survey practices into context, exploring the essentials of robust survey design and the implications of choosing the right methodology.

In Business Aviation, survey work spans everything from informal polling at industry conferences—quick polls that stimulate expert panel debates—to rigorous statistical surveys designed to refine aircraft attributes with multi-million-dollar implications.

Not all surveys are created equal. Different goals require different survey methods. It's a "right tool for the job" mentality that’s worth remembering as we revisit survey basics, examine key issues, and offer guidance on selecting the most effective survey methodology.

Statistical Accuracy: The Core Metrics

Assessing survey accuracy rests on two essential metrics: confidence level and margin of error.

1. Confidence Level: This tells us how likely it is that the sample accurately reflects the larger population. In business research, a 95% confidence level is typical.

2. Margin of Error: This represents the amount of error acceptable in the results. In business, a margin of error of ±4-5% is common, while medical research typically demands a narrower margin of ±3% (at a 99% confidence level).

With these metrics in hand, researchers can determine the ideal sample size needed for a given population. Conversely, if you know the population, the sample size achieved, and required confidence level then you can calculate the margin of error to assess the survey’s reliability.

For example, to survey the business jet/turboprop owner population of approximately 21,000 with a 95% confidence level and a margin of error of ±4-5%, a randomized sample size of around 450 respondents would be needed.

Why Random Sampling Matters in Aviation Polls

Random sampling is crucial because it ensures a survey’s results truly represent the larger population, making findings more reliable. Here’s why:

• Reduced Bias: In a random sample, every individual in the population has an equal chance of being selected, which minimizes systematic bias and prevents any one group from being over- or underrepresented.

• Enables Probability Theory Use: With a random sample, researchers can calculate meaningful metrics like margin of error and confidence level, which help quantify the reliability of results.

Random sampling is the foundation of credible survey data because it provides a balanced view of the population, enabling actionable insights. Therefore, it’s essential for the surveyor to know the population size and obtain an adequate random sample to ensure results with real statistical worth.

Read full article here

This article was written by Dean Roberts, VP Strategy, Sustainability and Development at Rolland Vincent Associates and published in the January 2025 edition of AvBuyer, page 30. 

With a new US President taking office, an uncertain economic environment and conflict in Europe and the Middle East, 2025 could pose a range of challenges and opportunities for Business Aviation finance. Gerrard Cowan, with AvBuyer, explores.

It has been a turbulent few years for the global economy and for Business Aviation. 

Chad Anderson, CEO of business aircraft acquisition specialist Jetcraft, reflects that demand for pre-owned aircraft surged following the Covid-19 pandemic, “driven by a combination of supply chain issues affecting new aircraft production and an influx of first-time buyers entering the market”.

This dynamic could begin to shift in 2025, he says. With new aircraft production expected to ramp up and more deliveries coming online, the pre-owned market might soften slightly, which could impact aircraft values and loan-to-value ratios.

Still, well-maintained and newer pre-owned models are likely to be highly sought after and to hold their value, Anderson says.

“In a high-demand market, financing availability could become more competitive, especially for in-demand models that retain strong value,” he adds. “Buyers will need to act swiftly and be well-prepared to secure favorable financing terms.”

Demand is still very strong, but there is a division in the market based on aircraft age, notes Ramy Sidhom, Head of PNC Aviation Finance. Older aircraft experienced an unprecedented increase in demand and value in the first few post-pandemic years, but now the inventory of older models has stabilized and their values are falling.

“First-time buyers who bought older aircraft at their height of demand and value are now experiencing their first major maintenance events, leading them to explore upgrades for newer models,” he highlights.

There has been great speculation about what would become of the first-time buyers, post-pandemic – would they stay or go? They have not exited the market, says Sidhom, but rather have refined their searches, becoming savvier and exploring options that meet all of their unique mission needs.

This will impact the market heading into the coming year, he predicts. “We believe they are here to stay, and they will continue to appreciate the convenience, safety and productivity that Business Aviation provides.

“Additionally, newer aircraft remain in high demand and inventory remains very tight, a trend we expect to continue into 2025.”

Sidhom points to a range of other areas to watch for in 2025. For instance, he highlights the potential rise in inventory levels (particularly in older model aircraft), potential changes to the new aircraft order backlogs for the OEMs, their challenges with delivery schedules, and the general supply chain challenges faced by the industry.

Read full article here

This article was originally published by AvBuyer on December 11, 2024.

From its humble beginnings 53 years ago, National Aircraft Finance Association (NAFA) has taken flight and become a cornerstone of the aviation finance industry. Founded on a passion for aviation and a commitment to fostering responsible aircraft financing, NAFA has grown into a robust network of nearly 200 member companies. 

As 2024 draws to a close, NAFA reflects on a year marked by continued growth, a commitment to education, and fostering a strong and vibrant community. 

Masters’ in Aviation Finance Degree Adds NAFA Courses - Laying the Groundwork for the Future Workforce of Business Aviation Finance 

In late 2023, the NAFA Foundation announced an Endowment with Embry Riddle Aeronautical University’s School of Business (ERAU).  NAFA subsequently established an Education Committee to oversee the relationship between NAFA, the NAFA Foundation and ERAU. This group has been working together to create a business finance concentration within ERAU’s Master’s in Aviation Finance degree program, with two unique courses—NAFA1 and NAFA2. NAFA1 expands on the commercial aviation finance curriculum currently available; adding business aviation, while NAFA2 is a new course focused solely on business and general aviation finance. The goal is to make the program available for students in the 2025/ 2026 scholastic year starting mid-2025. 

Welcoming New Members and Fostering Collaboration 

NAFA has seen its membership base flourish in 2024, welcoming a remarkable 40 new member companies. This influx of fresh perspectives and expertise reinforces NAFA's position as a comprehensive network for all stakeholders within the aviation finance industry. From established lenders to niche specialists, NAFA provides a platform for collaboration, knowledge sharing, and the exchange of ideas that ultimately propel the industry forward. 

NAFA Members Connect at Key Events 

2024 was a year of strengthening connections within the aviation finance community. NAFA members actively participated in a series of impactful events, fostering collaboration and knowledge exchange. 

NAFA 52nd Annual Conference: Our flagship event held at the JW Marriott Tucson, AZ, served as the premier platform for a record-breaking 233 industry professionals to network, engage in thought-provoking discussions, and explore the latest trends and developments in aircraft finance.  

NAFA/IADA 2024 Networking Welcome Reception: This joint event with the International Aircraft Dealers Association (IADA), was held at the newly opened Fontainebleau in Las Vegas, NV. This was a valuable space for more than 600 attendees from both organizations to network, build relationships, and explore potential business opportunities. 

3rd Annual NAFA Reception at EAA AirVenture: This reception at the prestigious EAA AirVenture expo served as a unique opportunity for NAFA members to network with industry stakeholders from the general aviation community as well as Embry-Riddle students/interns. With more than 100 attendees, this event continues to grow in large numbers each year.  

We look forward to these events in 2025, and hope to see all of you there! NAFA’s 53rd Annual Conference has been set! Save the Date: April 8–10 at the Harbor Beach Marriott Resort & Spa located in Fort Lauderdale, FL. Registration opens soon for NAFA53, so sign up and start planning your trip!  

Equipping Members for Success with Transactional Integrity Resources and Industry Insights 

Recognizing the importance of upholding ethical standards within aircraft finance transactions, NAFA invested significantly in developing a robust suite of resources dedicated to transactional integrity. These resources, encompassing informative webinars and comprehensive materials, offer valuable guidance to members, empowering them to navigate complex transactions with confidence and transparency. All resources developed so far can be found on our new Transactional Integrity resources page, which serves as the hub for this member resource. 

The NAFA newsletter also supported our members with monthly articles covering important topics in aircraft finance. Our top articles this year include: 

• A Lender's Overview To Perfecting Your Aircraft Interests With the FAA 

• Essential Practices for Ongoing Due Diligence in Aircraft Transactions 

• Bill Allen: A Visionary Leader in Aircraft Financing with a Passion for Excellence and Community 

If you’re interested in contributing to an article for 2025, don’t hesitate to reach out to tlc@nafa.aero. 

Honoring a Legacy of Achievement 

The year was also marked by the celebration of Tony Kioussis' remarkable career. We were pleased to present Tony with the NAFA Lifetime Achievement Award at the NAFA 52nd Annual Conference. The Lifetime Achievement Award recognizes individuals who have made outstanding contributions to the aircraft finance industry throughout their career and underscores the importance of the association’s values.  

Leadership and Vision for the Future 

NAFA welcomed several new board members in 2024, Beau Baird, Republic Bank; Jim Simpson, Solaris Aviation; and Paula Staciarini, Embraer. Ed Kammerer, Greenberg Traurig has taken over the role of General Counsel. These individuals' expertise and leadership has been and will continue to be instrumental in guiding the association towards a bright future. Their diverse backgrounds and proven track records ensure that NAFA remains a dynamic and forward-thinking organization at the forefront of the aviation finance industry. Thank you to the following outgoing Board members for their commitment and dedication to the NAFA Board: Richard Barret, Huntington Bank; Stephen Friedrich, Embraer; and Dave Warner who served as our General Counsel.  

Looking Ahead: NAFA in 2025 

As we move in 2025, NAFA will focus on providing the business and general aviation finance community opportunities for growth and betterment through collaboration, member expertise, and educational content. Stay tuned and keep an eye on your inbox for updates! 

Contact Information:

Tracey Cheek
TLC@NAFA.aero
405-285-7005

Kristi Tucker
Airbus in North America
202-961-4798
kristi.tucker@airbus.com

NAFA Welcomes New Member: Airbus

Edgewater, MD — NOVEMBER 21, 2024 - National Aircraft Finance Association (NAFA) is thrilled to announce that Airbus has recently joined its network of aviation professionals.

“Airbus joining NAFA is a step forward in advancing our mission to improve and facilitate the financing process to support aircraft buyers,” said Ed Medici, NAFA President. We welcome Airbus to our growing organization and enhancing opportunities for all our members.”

As a new NAFA member, ACJ aims to foster stronger relationships within the business aviation finance community, gain insights on the latest trends and best practices to elevate the customer experience by sharing its OEM expertise, and participate in collaborative efforts to create value for customers.

About Airbus:
Airbus pioneers sustainable aerospace for a safe and united world. The company constantly innovates to provide efficient and technologically advanced solutions in aerospace, defense, and connected services. In commercial aircraft, Airbus designs and manufactures modern and fuel-efficient airliners and associated services. Airbus is also a European leader in space systems, defense and security. In helicopters, Airbus provides efficient civil and military rotorcraft solutions and services worldwide.

Airbus Corporate Jets offers the most modern and comprehensive corporate jet family in the world, giving customers the greatest choice of unique, customizable and spacious cabins, with intercontinental range, with the lowest costs of operation.

ACJ’s aircraft are not just tools for transportation; they are state-of-the-art solutions designed to empower our customers to make an impact, wherever and whenever it is needed. Whether they are supporting national defense, connecting economies, enabling global cooperation & partnerships and creating employment, ACJ’s aircraft are at the heart of driving positive change.

About NAFA: 
The National Aircraft Finance Association (NAFA) is a professional association that has been promoting the general welfare of aircraft finance for 50 years. Our network of members is comprised of lenders and product service providers who work together to finance general and business aviation aircraft. NAFA sets the standard for best practices in aviation finance by educating its members with the most up-to-date industry trends and best practices. Government legislation, market influences and industry insights allow member companies to provide the highest quality services the industry has to offer. The company now has three offices: Geneva, New York City and Dubai.

Starting Nov. 5, 2024, the Federal Aviation Administration (FAA) Civil Aviation Registry will remove electronic access to Work in Process (WIP) documents as a result of FAA Order 1370.121B. The following notice was submitted to FAA Public Documents Room Permittees: 

Effective November 5, 2024, the FAA Civil Aviation Registry will discontinue the daily index document CD service and remove electronic access to Work in Process (WIP). FAA Order 1370.121B, FAA Information Security and Privacy: Policy, prohibits the disclosure of personally identifiable information (PII). After consultation with the FAA Privacy Office, it has been determined that, because documents in WIP have not been reviewed for PII or accepted into the aircraft record, the Registry can no longer provide access to these documents.  

Data indexes of all received documents will continue to be available on the Registry’s website (Document Index Inquiry), which is updated each Federal working day at Midnight.  

The new process aims to protect personally identifying information in the unprocessed documents by removing public access to documents before they are reviewed. Historically, closing agents were able to view these WIP files and understand what is being filed, by whom, and what impact it may have on closing.  

Under this new process, closing agents will have no visibility until a document is processed, potentially 12 or more days from the time it is filed. Closing agents will be able to see whether there are WIP documents filed, but not the contents or type of filing. Documents that could impact the sale, such as filings by other lenders, claims of lien, bills of sale, etc., will not be visible until they are fully processed by the FAA. 

Key impacts of this new process include: 

• Delayed Access to Filed Documents: Lenders may be unable to access recently filed documents, including those related to aircraft titles and lien interests, for up to 12 days. This delay could hinder due diligence processes and impact the ability to accurately assess status of the title.  

• Transaction Uncertainty: In particular, delayed access to cancellation notices could create uncertainty regarding the import process. New documents filed could also contain information on parties involved in the transaction that you may need to know before moving forward. 

• Potential for Delayed Closings: The inability to access timely and accurate information may lead to delays in obtaining necessary legal opinions or title searches, or stalling closing transactions. This could increase transaction costs and create financial risks for lenders. 

With this new process, it will be more important than ever to remain flexible should any last-minute filings appear on the index prior to closing.   

Many thanks to Scott McCreary with McAfee & Taft for his contribution to this article.   

This article was originally published by NAFA on November 12, 2024.

FOR IMMEDIATE RELEASE: November 11, 2024
 

Contact: Tracey Cheek  
tlc@nafa.aero   
405-285-7005

Andrew Gratton 
Chief Operating Officer 
andrew@wingform.com  
wingform.com 

NAFA Welcomes New Member: Wingform 

Edgewater, MD - November 11, 2024 – The National Aircraft Finance Association (NAFA) is pleased to announce the addition of Wingform to its membership. Wingform, a leading provider of digital transaction management solutions for the aircraft industry, joins NAFA’s community of professionals dedicated to advancing the aviation finance sector. 

Wingform’s innovative platform offers a comprehensive suite of tools designed to streamline the aircraft buying and selling process. By leveraging technology, Wingform enables brokers and service providers to manage transactions more efficiently, reducing paperwork, improving communication, and enhancing overall customer experience. 

"We are excited to join NAFA and connect with a community of experienced professionals who share our commitment to innovation and efficiency in aircraft transactions," said Andrew Gratton, chief operating officer of Wingform. "Wingform's comprehensive digital platform streamlines the buying and selling process for aircraft brokers and service providers, and we believe our solutions will be a valuable asset to NAFA members." 

“NAFA members facilitate the financing of general and business aviation aircraft on a global scale,” said Ed Medici, NAFA President. “We welcome and support Wingform’s services that play a role in advancing the interests of NAFA members within the aviation industry.”  
 

About Wingform:
Wingform is a revolutionary digital platform that streamlines the entire aircraft buying and selling process in one secure, user-friendly platform. Wingform empowers brokers and service providers to manage every aspect of a transaction, including communication with third-party service providers, document management, and escrow services. Wingform is designed to save time, reduce costs, and improve the overall transaction experience for all parties involved. 
 

About NAFA:
The National Aircraft Finance Association (NAFA) is a non-profit professional association serving the general and business aviation finance industry. NAFA's nearly 200 members include lenders, brokers, appraisers, attorneys, title and escrow firms, and other aviation finance professionals. NAFA promotes professionalism, education, and advocacy within the industry. 


This NAFA press release was originally published on November 11, 2024.

AvBuyer's Chris Kjelgaard asks industry experts what conditions they reckon will prevail in the market for pre-owned business aircraft in 2025.

Barring a major geopolitical event or environmental calamity, 2025 should prove to be a year of price stability and healthy trading levels for the younger examples of the world’s fleet of pre-owned business aircraft. Such is the view of four senior aircraft traders...

But the outlook isn’t anywhere near as rosy for business aircraft which have been in service for 20-plus years as the pre-owned market settles back to what insiders consider a “normal” state of buying and selling activity.

The aircraft brokers see the market in North America, and particularly the US, continuing to dominate pre-owned aircraft for sale activity. And not only will activity in the US domestic market continue at a high level, but internationally the US will be a net accepter of pre-owned business aircraft from around the globe.

The hungry US market is expected to particularly look to Europe for pre-owned jets and turboprops, partially because European Business Aviation is under an increasingly intense spotlight from the continent’s environmental organizations and governments.

While much of that scrutiny is uninformed and unfair, the pressure is anticipated to continue to result in used aircraft leaving the European fleet to make their way elsewhere – particularly to the US (for smaller and larger aircraft alike) and to the Middle East and Asia (for large business jets).

Current & Near-Future Used Aircraft Market Conditions

Tony Theis, Vice President of Sales, Acquisitions and Consulting for Central Business Jets, notes the market for used business aircraft has become much more stable in 2024, with the buying frenzy prevalent during the peak of the COVID-19 pandemic calming.

“What Central Business Jets is seeing is that prices have really come back to a healthy stabilization,” he adds. “They have come down about 10% across the board from the highs of 2021 to 2023.”

In the globally dominant US market, growth has been very modest in 2024, because the US’s GDP has stagnated and could even end the year down. “The thing we do know that affects the [used] aircraft market is not the stock market, but the GDP of the economy,” Theis continues. “We see growth when we get over the 2% range” in GDP growth.

Because the US GDP is not growing at a strong clip, Theis reckons "we are not seeing 4-6% growth” in the aircraft market as a result. Additionally, he says “we’re seeing discounts because aircraft...were too highly priced” during the pandemic-led trading bubble.

That said, the market “is still up quite a bit from pre-COVID levels and we’re still seeing very healthy numbers” of inquiries for Central Business Jets’ listings of aircraft for sale, he says, revealing his company received about 30 inquiries for a Bombardier Challenger 300 it listed the previous week.

While most were from individuals or companies who were “just curious” about the aircraft, five or six were from those who were “really thinking of upgrading” to a younger or bigger aircraft.

Overall, he adds, the healthy state of the used-aircraft market is benefiting from the fact that the “OEM backlogs [of new aircraft on order] are stable and really healthy – the OEM market drives the used market”.

Business Aircraft OEMs Hold Fire

According to Johnny Foster, President & CEO of OGARAJETS, today business aircraft manufacturers are all boasting orderbook backlogs of 18-24 months at current production levels.

Read full article here

This article was originally published by AvBuyer on November 5, 2024.

The FAA Aircraft Registry issued a notice today to the FAA Public Documents Room Permittees, copy attached. The notice confirms that in an effort to keep personally identifying information that may be in the documents confidential parties will no longer be able access Work in Progress files.

When documents are filed with the FAA they are file stamped with the date and time of filing. The documents are then quickly indexed against the equipment involved, normally within a few hours, thus providing notice to the public that a filing exists. This is important because priority of the conveyance filed under the FARs relates back to the date and time the documents are filed, not when they are recorded or show up in the FAA record for an aircraft/engine/propeller/spare part location.

Historically filed documents were moved to Work in Progress or “loose documents”, yet we could access copies of the documents from the FAA Public Documents Room. There is no way to know with certainty what documents were filed, parties involved, etc., by just looking at the FAA index.

Under the new process when parties run an index and determine documents were recently filed, they won’t be able to access the Work in Progress or “loose documents” for about 12 days +/-.  This won't affect every deal, but there are many transactions where documents may be showing up on the index, but not processed, prior to a closing. It will likely affect matters involving imports, where the notice of cancellation received by the FAA may not be available for days. Cancellation notices often contain references to filings or other parties that create clouds on title. In some instances law firms will not be able to provide clean opinions until the documents are processed and moved out of work in progress, which will likely delay closings.

The Registry has worked with the aviation industry to address similar issues in the past, and we expect they will provide solutions where possible.

Please reach out to the McAfee & Taft Aviation Group if you have questions.

This article was originally published by Scott McCreary with McAfee & Taft on October 31, 2024.

Contact Information: 

Tracey Cheek  
TLC@NAFA.aero  
405-285-7005  
 

Denise Wilson, CAM
denise@thejetagent.com
(480) 955-JETS

 

NAFA Welcomes New Member: The Jet Agent 
 

Edgewater, MD — October 31, 2024 - National Aircraft Finance Association (NAFA) is pleased to announce that The Jet Agent has recently joined our network of aviation professionals. The Jet Agent provides expert representation to help clients navigate the complex process of buying or selling a jet. Specializing in Citation aircraft, they offer a range of services, including aircraft valuation, negotiation, and transaction management. The company has a team of experienced professionals who are dedicated to providing their clients with the highest level of service. 

“NAFA members proudly finance, support or enable the financing of general and business aviation aircraft throughout the world, and we are happy to add The Jet Agent to our association,” said Ed Medici, President of NAFA.   

“As Citation sales and acquisitions specialists, we wouldn’t be successful without the partners in aviation finance,” said Denise Wilson, Founder and President of The Jet Agent. We're proud to join the NAFA family and look forward to collaborating to network and learn from the membership and provide industry insights on the markets we serve.” 

For more information about The Jet Agent, visit thejetagent.com. 

About The Jet Agent: 
Founded in 2023 by Denise Wilson, CAM, The Jet Agent leverages decades of experience to help aircraft buyers and sellers achieve their dream outcomes when buying their first or jet or transitioning to their next. As a jet broker, acquisition representative and private aviation consultant, The Jet Agent offers concierge-level service throughout jet acquisitions and sales, ensuring clients become well-informed jet owners. Specializing in Citation jets, the firm’s expertise spans training, management, maintenance, operations and oversight, as well as seamlessly guiding clients through the entire process. Headquartered in Scottsdale, Arizona, The Jet Agent demonstrates its commitment to industry excellence as a member of the Citation Jet Pilots Association, The Arizona Business Aviation Association and the National Business Aviation Association.  

For more information, subscribe to monthly Citation aircraft market reports at thejetagent.com/aircraft-market-reports, call (855) 525-JETS and follow The Jet Agent on LinkedIn, Instagram and Facebook. 

About NAFA:  
The National Aircraft Finance Association (NAFA) is a professional association that has been promoting the general welfare of aircraft finance for 50 years. Our network of members is comprised of lenders and product service providers who work together to finance general and business aviation aircraft. NAFA sets the standard for best practices in aviation finance by educating its members with the most up-to-date industry trends and best practices. Government legislation, market influences and industry insights allow member companies to provide the highest quality services the industry has to offer. The company now has three offices: Geneva, New York City and Dubai. 

Looking to join NAFA? Reach out to admin@nafa.aero for more information. 

Las Vegas, NV—October 28, 2024: The NAFA/IADA 2024 Networking Welcome Reception, a cornerstone of NBAA-BACE, once again proved to be a dynamic hub for industry professionals. Held at the Fontainebleau in Las Vegas, the event brought together aircraft brokers, dealers, and financiers from across the globe. The lively atmosphere facilitated valuable connections and discussions, fostering collaboration and innovation within the aviation finance community. 

The event provided a vibrant atmosphere for industry professionals to reconnect, network, and discuss the latest developments in aviation finance. Attendees enjoyed the opportunity to catch up with colleagues, explore new business opportunities, and learn about the latest industry trends. 

“What sets the NAFA/IADA Welcome Reception apart is the unique blend of professionals it attracts,” said Ed Medici, president of NAFA. “Brokers, dealers, and financiers come together to share insights, explore new opportunities, and drive innovation. It's a truly collaborative environment that benefits everyone involved.” 

NAFA and IADA would like to thank the sponsors who generously supported the event and helped make the reception a success: Diamond Sponsor Scope Aircraft Finance; Platinum Sponsor JSSI; Gold Sponsors Eastern Recovery, Inc, Insured Aircraft Title Service, Leviate Air Group, Gilchrist Aviation Law, and Aviation Legal Group; and Bronze Sponsors Bank OZK Business Aviation Group, Bank of America, Flying Finance, and PNC Bank.  

About NAFA: The National Aircraft Finance Association (NAFA) is a professional association promoting the general welfare of aircraft finance for more than 50 years. Our network of members includes lenders and product service providers who work together to finance general and business aviation aircraft. NAFA sets the standard for best practices in aviation finance by educating its members on the most up-to-date industry trends and best practices. In addition, market influences and industry insights allow member companies to provide the highest quality services the industry offers. 

Dave Madden, a seasoned professional in the aviation finance industry, has carved a unique path that showcases the diverse opportunities and rewards within this specialized field. From his early days as a pilot to his current role as a leader in aviation finance at Banterra Bank, Madden's career journey is a testament to the power of mentorship, lifelong learning, and a passion for aviation. 

Madden remarks, “it's funny how you start out one way, and you go down the end of the road, you look back and you did something maybe totally different, but within the industry. But at the same time, if I could change anything on my career path, I wouldn't change a thing.” 

A Winding Path to the Present 

Madden's career has not been without its twists and turns. Originally aspiring to become an airline pilot, he holds an Airline Transport Certificate along with multiple Instructor ratings but was forced to pivot his career path due to economic downturns in the airline industry during the late 70’s and early 80’s. His first steps into aircraft finance took him to a bank where he gained experience in asset management and repossessions. In this first position, Madden gained exposure to the process of assessing and valuating an asset, determining how to liquidate it, and go through the legal process to collect any remaining deficiency on the loan balance. 

Eventually, Madden would go on to launch his own aircraft finance company, Aircraft Banking Centers, becoming one of the top three largest volume lenders in the industry before selling the company in 2012, to a bank in Tampa. During that process, an opportunity came up with Banterra Bank, his current place of employment. 

Madden joined Banterra Bank in 2014, at a time when the bank was a relatively small financial institution with assets under $1 billion dollars. Since then, Banterra Bank has experienced remarkable growth, surpassing the $3 billion dollar mark in assets in 2023. Despite its size, Banterra Bank has established itself as a specialty lender, focusing on RV, marine, and aircraft financing. Madden's division, specializing in aircraft finance, has been particularly successful, contributing significantly to the bank's overall growth. 

Over the past decade, the aviation finance division has maintained a zero-delinquency rate, demonstrating Madden and Banterra’s strong risk management practices and the quality of its lending portfolio. Additionally, the division has consistently generated high yields, making it one of the top-performing products within Banterra Bank. 

Madden attributes much of the division's success to the support and encouragement he has received from Banterra Bank, especially from the Chairman and founder of the bank, Everett Knight. “Banterra Bank has been extremely supportive of the division, allowing me to create new programs,” he comments. “They were willing to look at those opportunities, see if they made financial sense and if they were viable and allowed me to create those. They’re just a phenomenal organization.”   

The Power of Lifelong Learning and Industry Relationships 

Madden's commitment to lifelong learning and building relationships has been another key factor in his career success. He actively seeks out opportunities to expand his knowledge and network, whether through industry conferences, mentorship relationships, or on-the-job experiences.  

This continuous learning has allowed him to stay ahead of industry trends, adapt to changing market conditions, and develop innovative solutions. Madden sites many mentors who have had a direct hand in his successes along the way, including Sam Peoples, Bill Allen, Kevin Buckland, Stephen Asper, Pam Cooksey, Bob Howe, Charlie Sauter and the late and dearly missed, Adam Meredith. 

Madden has been a dedicated member of the National Aircraft Finance Association (NAFA) for many years, emphasizing its importance in fostering collaboration, knowledge sharing, and professional development within the industry. NAFA offers a wealth of resources, including educational seminars, networking opportunities, and industry insights. 

As Madden puts it, "NAFA has been a game-changer for my career. The connections I've made and the knowledge I've gained through NAFA have been invaluable. It's a must-join organization for anyone in the aviation finance industry." 

Advice for Aspiring Aviation Finance Professionals 

Based on his extensive experience, Madden offers the following advice to individuals aspiring to enter the field of aviation finance: 

• Gain Aviation Knowledge: While a background in finance is beneficial, having a solid understanding of aviation concepts and terminology is essential. Consider obtaining a pilot's license or taking aviation courses to deepen your knowledge and look for opportunities to understand the field of aviation down to its bones.  
  “Try as many things as possible when you're young. Diversification of job experiences within the banking, the finance, and aviation world. Learn what collateral, what types of collateral there are.” 

• Build Relationships: “Everyone gets along in this business and it's fun. You know, one of the things I tell the younger folks getting in is get to know some of the other folks that do your job with other lenders, build relationships. I don't need to tell you, but jobs come from relationships, not from online ads. It's who you know, it really is.” 

• Be Persistent: The path to success in aviation finance may not always be straightforward. Perseverance and a willingness to overcome challenges are essential qualities. 
  “In 10 or 15 years, you’re going to be the primary players. So stay the course, persevere, learn as much as you can, and be ready for a setback or failure now and then, but just utilize that as a positive learning experience.”    

Learn more about Banterra Aircraft Finance by visiting their website www.BanterraAircraft.com or connecting with one of their seasoned professionals, like Dave Madden at (888) 254-5731.