Aircraft Sales Insights

A Service of Dallas Jet International

Market Volatility and Your Aircraft Purchase Decisions

August 15th, 2011 Posted in Aircraft Cost, Aircraft Sales, Background/Industry, Shawn Dinning
Aug, 15 2011
1 Comment »

With the last week of market volatility in Wall Street and across the globe, I have been asked where the aircraft market is going, and what aircraft buyers and sellers should be considering as we approach the home stretch of this year.  While I don’t ever say I can predict the future, my response to my clients’ inquiries on the future involves a major discussion of where we are and where we’ve been.

The Last Three Years

The height of the bubble that was the aircraft market was reached in early 2008.  Since early 2008, most markets have been in a steady, and sometimes rapid, decline.  While there is frequent discussion on the major causes of this market decline, allow me to review some raw numbers with you.  Below are average aircraft “Basic Selling Prices” as recorded in Q1 of 2008 and then in Q2 of 2011.  These prices are average, and I must advise you that aircraft were selling at higher and lower prices than the averages listed here, but these numbers are certainly good reference points.

Q1 2008  Q2 2011 % Change
1998 Gulfstream V $40,750,000 $22,000,000 -46%
2002 Gulfstream V $45,500,000 $26,000,000 -43%
2004 G550 $54,000,000 $37,000,000 -31%
2007 G550 $58,000,000 $41,000,000 -29%
2001 Falcon 900EX $34,800,000 $19,500,000 -44%
2007 Falcon 900EX $42,900,000 $28,000,000 -35%
2001 Falcon 2000 $22,200,000 $11,000,000 -50%
2007 Falcon 2000EX EASy $34,000,000 $20,000,000 -41%
2001 Bombardier Global $45,000,000 $25,000,000 -44%
2007 Bombardier Global XRS $60,000,000 $39,000,000 -35%
2001 Hawker 800XP $8,900,000 $4,000,000 -55%
2007 Hawker 850XP $13,300,000 $7,000,000 -47%
2001 Lear 60 $8,100,000 $4,100,000 -49%
2007 Lear 60XR $12,500,000 $6,900,000 -45%
2001 Citation Excel $8,500,000 $4,000,000 -53%
2007 Citation XLS $12,200,000 $6,900,000 -43%
2005 Citation CJ3 $7,200,000 $4,600,000 -36%
2008 Citation CJ3 $8,000,000 $5,700,000 -29%

 

As you can see, aircraft values have dropped dramatically over the last 3 years.  In some cases, values have dropped over 50% from their 2008 highs.  “Market Correction” is an understatement.

When people see these numbers, they are often shocked.  Aircraft owners and aircraft lenders have been hurt significantly by these value decreases.  Aircraft buyers, especially first time buyers who do not currently own an aircraft, are almost giddy about buying an aircraft that is 40%  cheaper than it was three years ago.

Are We At the Bottom?

A very common question for me is whether we are at the bottom of the market.  The question is difficult for me to answer, as the market has segmented itself.  Markets with the most momentum are 5 year old and younger large cabin aircraft such as the Gulfstream G550 and the Bombardier Global XRS.   These markets have shown a clear bottom, mostly in the latter part of 2009, and have stabilized at prices above the 2009 bottoms.  Markets that are still in a decline are all of the aircraft that are 20 years and older.  Even in markets such as the Lear 60 and Hawker 800XP, significant oversupply is making it difficult for prices to show any signs of appreciation in the near future.

Taking a Step Back – Looking At the Market Opportunity

In particular, aircraft buyers should take a look at this market from a broader historical perspective.  Are prices going to go lower?  In some markets, there is clear data that prices hit bottom over a year ago.  In other markets, they may.  But, in ALL markets, prices have made a major correction, in some cases over a 50% correction.  If anyone is seriously in the market, this could be just the right opportunity to secure a tremendous deal within the historical context of the market.  Moreover, the quality aircraft will always sell first. So, this could very well be the time to take the “pick of the litter” in many depressed aircraft markets.

In future articles, I will take some time and look at individual aircraft markets, showing you how a particular market is behaving in the context of the broader market.

Shawn Dinning, Director of Sales & Acquisitions

Mr. Dinning acquired his formal education at the United States Air Force Academy in Colorado Springs, Colorado, in the areas of Operations Research and Management Science and also holds a degree in Aeronautical Science from Embry-Riddle Aeronautical University. Mr. Dinning brings 16 years of aviation experience from a variety of aviation disciplines, including FAR 91, FAR 121, FAR 135, defense, and shared ownership sectors. A former full-time professional pilot, Mr. Dinning holds a current Airline Transport Pilot (ATP) certificate, and is type-rated in the Gulfstream V/G550/G500/G450/G400/G350/G300, Bombardier CRJ-200, and Citation 510 Mustang. He has logged over 5500 flight hours, with 3500 of those hours in corporate turbine aircraft. Mr. Dinning has been consulted in publications such as Business & Commercial Aviation on various issues related to turbine aircraft transactions.

Mr. Dinning brings to Dallas Jet International a rare and highly valuable skill set of operational and business acumen, and has become a leader in the professional marketing and procurement of corporate turbine aircraft all around the globe. He also specializes in aircraft mission analysis, aircraft valuation, and cash flow and operating cost analysis for private aircraft owners. Mr. Dinning has a track record of successful transactions that is well known amongst his clients and colleagues. His reputation for intelligent and meticulous management of aircraft transactions have made him one of the most respected aircraft brokers in the industry.

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Complex Transactions- Buy, Sell, or Trade, and in What Order?

July 28th, 2011 Posted in Aircraft Leasing, Aircraft Sales, Brad Harris
Jul, 28 2011
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Many clients come to Dallas Jet International in need of a different aircraft from the one they currently own.  Our objective is to find out your specific needs by asking the right questions. The first question we ask is, “Do you want to own two aircraft at the same time?”  The answer is typically no.

Therefore, many aircraft owners have a need to sell their current aircraft before they purchase another.  The dilemma owners are often faced with is, should they trade their current airplane, sell and buy at the same time, sell first or buy first?

Let’s break down the options:

  1. Trade your current airplane for the one you want.
  2. Sell your current airplane, and buy another one simultaneously.
  3. Sell your current airplane while a purchase is in progress.
  4. Buy a new airplane and then sell your old one.

1. Trade Your Current Airplane For the One You Want

Pros:

Many clients don’t want to pay fixed and operating expenses on two aircraft, but also don’t want to be inconvenienced by selling their current airplane while waiting for the purchase process on another.  This option also allows you to use a 1031 Like Kind Exchange. (See below for details.)

Cons:

It is unlikely you’ll find a person who has the specific airplane you want that is willing to trade it for the specific airplane you have.  Statistically, more people want to upgrade to a newer or larger aircraft than to downgrade to an older or smaller one. For example, very seldom does an aircraft owner want to downgrade from a 2008 model Gulfstream G450 to a 1988 model Gulfstream GIV.

A perfect opportunity for a trade may never materialize, or you may wait a long time. Based on the demand for your current aircraft, Dallas Jet International can give you an idea of the probability for your particular situation.

2. Sell your current aircraft and buy another simultaneously.

Pros:

This is an ideal option for you if speed and simplicity is more important to you than getting the best value for your current airplane or the best deal on your new aircraft.

Cons:

People are used to “trading in” a car to a dealer when buying a new one. Unfortunately, the airplane market doesn’t work quite so conveniently. This sort of transaction usually means selling at wholesale (to a dealer) and buying at retail (from a dealer or end user) for maximum convenience.  The dealer will tend to “over allow” (or inflate) the price of the new airplane in order to take your old one in trade.  This is very similar to what occurs with used car dealers.   I It is harder form your consultant to negotiate better terms on either the sale or the purchase because time is the critical factor.

3. Sell Your Current Aircraft, Then Buy Another

Pros:

If your travel schedule has some flexibility, this is the best way to get the optimal value on both transactions. Your consultant can get the best possible deal on the sale of your current aircraft and the best possible deal on the purchase of your new aircraft (within your time parameters, of course) by working with each transaction separately.  This sequence also ensures that you don’t have two aircraft (and the expenses, logistics and tax implications) at the same time.

Cons:

Since the selling process often takes longer than the process of purchasing an aircraft, and there are times when a sale simply doesn’t materialize for one of many possible reasons, you can expect a gap of several weeks to several months where you will need to meet your transportation needs some other way, like using charter aircraft.  There are also tax implications for the timing between the sale and subsequent purchase.

4. Buy an airplane, then sell your current plane.

Pros:

If you don’t want to be without an airplane, and have the cash flow and credit to support two aircraft for a short time, this is the best option for you.   This offers the benefits of buying the right aircraft at a favorable price and then selling your aircraft at a favorable price.  This allows your consultant to make the best negotiated deal for you from a wider range of options when you purchase, and then when you sell.

Cons:

Supporting the expenses of two aircraft at the same time can involve more expense (or debt) than you can or want to support at any given time.  There are companies that Dallas Jet International works with who specialize in aircraft title transfer. These companies act as temporary holding companies that can make the purchase temporarily and lease the aircraft to you until your current aircraft sells.

Our recommendation for most clients is to use the third or fourth option – Complete each transaction independently.

Sell your airplane then buy another.  This option would provide more possibilities to negotiate the best deal on each separate transaction. We work with our clients to meet their individual needs.

DJI will make this process as painless as possible by doing the following:

  • Making the lag time between the sale and purchase as short as possible within their tolerances on price, by using less-aggressive sales techniques until the purchase process for the new aircraft is well underway before stepping up the sales efforts.  (Reverse 1031 Like-Kind Exchange)
  • Referring you to cost-effective options for temporary private transportation arrangements to bridge the gap between the sale of your old airplane and taking delivery of the new one.
  • Using an intermediary such as Time Value Property Exchange (TVPX) that will act as a holding company who will own and lease your new aircraft back to you until the sale of the old one is completed and then transfer title to you.  This option expands the financing, depreciation and tax options available.
  • Providing advice about asset exchanges, depreciation-reporting options, financing options and other resources that help you save time, money and headaches.

DJI works with you on every step of this complex process. We understand that most buyers want this to work like an automobile transaction – they simply want to buy a new airplane and dispose of their old one as profitably as possible, with as little inconvenience as possible.  Our experience and expertise will get you as close to that experience, given the complexities of the aircraft market.

More info on Like-Kind Exchanges Under IRC Code Section 1031

Whenever you sell business, investment property or aircraft and you have a gain, you generally have to pay tax on the gain at the time of sale. IRC Section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property or aircraft as part of a qualifying like-kind exchange. Gain deferred in a like-kind exchange under IRC Section 1031 is tax-deferred, but it is not tax-free.

The exchange can include like-kind property/aircraft exclusively or it can include like-kind property/aircraft along with cash, liabilities and property that are not like-kind. If you receive cash, relief from debt, or property/aircraft that is not like-kind, you may trigger some taxable gain in the year of the exchange. There can be both deferred and recognized gain in the same transaction when a taxpayer exchanges for like-kind property of lesser value.  Dallas Jet International works with several tax attorneys that work with our clients on tax matters.

 

Brad Harris

Brad Harris is founder and CEO of Dallas Jet International. Mr. Harris holds a Bachelor of Science Degree in Professional Aviation and Airway Science and a Masters Degree in human resources from Louisiana Tech University. Mr. Harris entered the aviation industry in 1989 as a corporate pilot for a Fortune 500 corporation. In 1993, he started a successful aircraft leasing and renting company which expanded to a successful aircraft management company in 1995. In 1993, Mr. Harris began his aircraft sales career and, in a very rapid fashion, became one of the most highly respected aircraft brokers in the World. In 1998, Mr. Harris started an aircraft sales, consulting, and brokerage company that is known today as Dallas Jet International. Mr. Harris is a current airline transport pilot who is type-rated in ten (10) different jet aircraft including the Gulfstream 550, 450, 350, GV, GIV, GIII, GII, Hawker 125, Falcon 10, Citation 550/500, Beechjet 400, 400A, Lockheed Jetstar II, Diamond Jet and King Air 300/350. In the many different aircraft markets, Mr. Harris parlays extensive hands-on knowledge and experience into clear results for his clientele. In addition to Mr. Harris maintaining a career focus on aircraft sales, he also has extensive experience in aviation consulting and management. Included on his client list are several clients for whom Mr. Harris and his firm have set up flight departments, consisting of aircraft crewing, aircraft management, aircraft maintenance and aircraft operating budgets. He and the firm are currently managing a Gulfstream V, a Gulfstream IV, a Falcon 50, a Citation II, a Citation ISP, a Citation Mustang, a Hawker 400XP, and two King Air 350’s.What most people do not know about Mr. Harris is that he possesses significant entrepreneurial experience in real estate and commercial insurance. This business experience, combined with his unparalleled experience in all facets of corporate aviation, has been the foundation of success for Dallas Jet International and its clients.

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Now Is a Good Time To Buy or Sell your Airplane Through Dallas Jet International

June 16th, 2011 Posted in Aircraft Leasing, Aircraft Sales, Brad Harris
Jun, 16 2011
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Now is a great time to buy or sell your airplane through Dallas Jet International.  If you’ve been keeping an aircraft in storage or have been waiting for the economy to improve before you trade up or trade down, give us a call and let’s discuss your situation.

In an article at the end of March, we noted the market is definitely improving for large-cabin, newer aircraft.

We’re seeing improvement in aircraft sales, as evidenced by the number of transactions we’re completing at DJI. Improvement has been particularly dramatic in the first quarter of this year, especially since the first two quarters of each year are traditionally slower – there is generally a push of transactions in the last quarter of each year.

As a result, we’ve nearly sold out of our inventory.

We’ve sold twelve aircraft in the past six months, which involves quite a bit of travel, research, paperwork and fact-checking.  As a result of all that hard work, we’re now in a great position to start working with new clients and help them with their aircraft needs.

We now have more time available to spend building relationships. If it’s your first time selling an aircraft, we can walk through the process with you, spend the time  it takes to make sure you’re comfortable with every stage of the process. We look at every aircraft transaction with a new customer as the beginning of a long lasting relationship.

The people that we buy and sell airplanes for today are the very same people that call us months or years later to make another aircraft transaction, because they know that DJI provides straight answers and excellent service and results.

Call us today at (817) 328-2900 and let’s talk about your situation.

Here’s the list of aircraft we’ve sold in the last six months. This may also give you an idea of the types of airplanes that we have experience with buying and selling.

  • Challenger 601-5048
  • Citation Mustang 510-0088
  • Citation Encore 560-0695
  • Citation XLS+ 560-6032
  • Citation V 560-0064
  • Gulfstream IV-1104
  • Citation CJ 525-0300
  • King Air B200 BB-1956
  • GIVSP-1310
  • King Air 350, FL-441
  • King Air C90B-1455
  • Citation IST
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Overview of an Aircraft Purchase

May 26th, 2011 Posted in Brad Harris
May, 26 2011
2 Comments »

A Detailed Process

We really take ownership of every transaction, and we take the fiduciary responsibility to protect our buyer’s interests very seriously. We have developed a detailed process to make sure we have all of the bases covered.

We have bought, sold, leased and managed many aircraft over the course of many years.  This experience has defined and added to the system we have developed to ensure that we represent our client’s interests in the best possible way at every single step.

The Purchase Process

Each step in this diagram is actually a complete process in itself.  As an example, the Closing Process (Item 10) involves a 100-step checklist.

We’ll outline the basics of these twelve steps in this article:

Aircraft purchase process

 

1)       Analyzing Your Needs

When a person calls us, we start by taking the time to be sure we understand their needs.  We take the time to understand your business and your travel needs to find the best solutions for you.

 

2)       Choosing the Right Aircraft

This is the longest part of the process, and is outlined in detail in Finding the Right Aircraft is More About People Than Planes. This is the step in which the client is the most involved.

Taking the time to ask the right questions, truly listen to the answers,  and to thoroughly understand our clients’ needs is critical.

 

3)       Market Research

Of course we research the major sources of aircraft currently on the market, but we also have a wide network of relationships with dealers, brokers, manufacturers and fleet managers;  and are often aware of aircraft that are available before they formally become available “on the market.”

4)       Finding Three Possible Aircraft

Of course every client has different needs and priorities. For some, speed is the most important factor, others are willing to wait for an opportunity that will get a specific aircraft or better financial terms.   We generally find three aircraft that meet the needs of our client.  This puts us in a strong negotiating position because if our first choice doesn’t work out for any particular reason, we have already done the research and are prepared to begin negotiations on two others.

5)       Negotiation Process

The negotiation process can vary quite a bit depending on how sophisticated and motivated the seller is. Whatever the case may be, it is to the buyer’s advantage to have an experienced, skillful representative representing your interests.

6)       Letter of Intent

We provide the Letter of Intent (LOI) as a conclusion to successful negotiations.  We ensure that all terms are clear and favorable, and recommend attorneys when needed to avoid issues.

7)       Inspection Process

We monitor the pre-buy inspection on site. Since we are type-rated pilots in most of the aircraft we buy and sell, we can really understand the issues reported.

We can help interpret the inspection results and say “this is a good airplane for your needs,” or “this airplane is going to cause you problems for these reasons, so let’s walk away.”

8)       Technical Acceptance

When we have technical acceptance and our client has opened an escrow account prior to moving to a pre-purchase facility, we make sure the title searches are clear. We ensure that security interests on the aircraft are released, and all the documents are in order.

9)       Acceptance Flight

Next, we do a pre-delivery acceptance flight. We are onboard the aircraft for every flight in the sales process.

10)     Closing

We employ a 100-point closing checklist to ensure that no detail escapes our attention. Examples of the details that we track to conclusion include ensuring that  records are complete and correct, titles are clear, and liens are released.

11)     Taking Delivery

We’re on site for delivery. We get the delivery receipts signed and other documentation needed. We verify proof the delivery was accepted at the correct location; and we ensure that all the paperwork details are in order, such as ensuring that the Application for Registration pink copies are on the airplane.

12)     Post-Closing Critique

We do a post-closing critique, and put all of the documentation together in a complete file for the client’s transaction that is ready to keep in a safe place.

Summary

We take ownership of every transaction, and the fiduciary responsibility to protect our buyer’s interests.

Our company’s goal is to build relationships that last for a lifetime. We’re market specialists, in the relationship business. Our objective is to provide a flawless experience so that you call us each time you have a need to buy, sell, lease or manage an aircraft.

 

About Brad Harris

Brad Harris is founder and CEO of Dallas Jet International. Mr. Harris holds a Bachelor of Science Degree in Professional Aviation and Airway Science and a Masters Degree in human resources from Louisiana Tech University. Mr. Harris entered the aviation industry in 1989 as a corporate pilot for a Fortune 500 corporation. In 1993, he started a successful aircraft leasing and renting company which expanded to a successful aircraft management company in 1995. In 1993, Mr. Harris began his aircraft sales career and, in a very rapid fashion, became one of the most highly respected aircraft brokers in the World. In 1998, Mr. Harris started an aircraft sales, consulting, and brokerage company that is known today as Dallas Jet International. Mr. Harris is a current airline transport pilot who is type-rated in ten (10) different jet aircraft including the Gulfstream 550, 450, 350, GV, GIV, GIII, GII, Hawker 125, Falcon 10, Citation 550/500, Beechjet 400, 400A, Lockheed Jetstar II, Diamond Jet and King Air 300/350. In the many different aircraft markets, Mr. Harris parlays extensive hands-on knowledge and experience into clear results for his clientele. In addition to Mr. Harris maintaining a career focus on aircraft sales, he also has extensive experience in aviation consulting and management. Included on his client list are several clients for whom Mr. Harris and his firm have set up flight departments, consisting of aircraft crewing, aircraft management, aircraft maintenance and aircraft operating budgets. He and the firm are currently managing a Gulfstream V, a Gulfstream IV, a Falcon 50, a Citation II, a Citation ISP, a Citation Mustang, a Hawker 400XP, and two King Air 350’s.What most people do not know about Mr. Harris is that he possesses significant entrepreneurial experience in real estate and commercial insurance. This business experience, combined with his unparalleled experience in all facets of corporate aviation, has been the foundation of success for Dallas Jet International and its clients.

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Aircraft Finance Update – Availability of Funds Increasing in International Markets, Lenders Still Want “Skin in the Game”

May 12th, 2011 Posted in Aircraft Cost, Background/Industry, Shawn Dinning
May, 12 2011
2 Comments »

I just returned from  Fort Lauderdale, Florida, where DJI attended the annual National Aircraft Finance Association (NAFA) meeting and conference.  Here’s what I observed this year.

 

As one might expect, the core attendance of this conference includes most of the major players in the aircraft finance arena.   Banks, capital companies, private equity firms, and finance brokers were all in strong attendance.   Some people asked me why an aircraft broker/dealer would go to a finance conference.  The answer is that the two specialties are highly reliant upon each other.  The availability and adaptability of aircraft lending makes such a significant impact on the transactions of which I am a part.  Part of the value that DJI adds to the transaction process for our clients that we understand the options and the constraints of the aircraft finance space, so we found this conference highly valuable to our organization and our clients.

 

Having said all of that, these were some of my impressions from the recent event:

 

  • Appetite to Lend Money: Despite the fact that most of DJI’s transactions have had buyers who were paying cash, it was very evident to me that most of the aircraft lenders out there are looking for more business and looking to grow their portfolios.    This is good news for all involved in aviation.  As the supply of financing makes a comeback, aircraft prices will stabilize, and in certain markets, show signs of gradual increase.

 

  • Wide Scope of Lending Solutions:  While some lenders might suggest that they have a financing solution for almost everyone, one of the big themes of the conference was that, while no single lender can appeal to all aircraft buyers, there is enough variation between the focal points of the various lenders, that almost any reasonable financing need can be met.  In other words, whether your next planned transaction is a $50 million large cabin aircraft, or a $2 million turbo-prop finance lease, there are professionals in the lending space who focus on that area of aircraft finance and who want to earn your business, assuming that you are credit-worthy.  The one exception is that most lenders are still shying away from aircraft older than 25 years.

 

 

  • “Skin in the game” is essentially mandatory in this credit market.  In other words, most loan structures that lenders are comfortable with are going to require the borrower to advance 15% to 30% of the transaction value, and in some unique cases, 50%.  Keep in mind that back in 2007, some lenders were advancing 110% of the transaction value so that buyers could take the excess advance and apply it to aircraft improvements!

 

  • International Market: Most of the lenders are focused on the international marketplace and are vocal about the fact that the international marketplace is where much of the growth is going to happen in the business aircraft segment.  Here in the US, this is important to the sellers, as many of the future buyers on DJI’s US listings are going to be from another country, and many of them are going to need financing to make the deal happen.  Brazil, China, India, and Russia are all showing signs of significant growth in their appetites for business aircraft.

 

Overall, the conference was an excellent event, and one which left the DJI team  cautiously optimistic.  If any of you out there have questions about financing as it relates to the purchase or sale of a business aircraft, please do not hesitate to call me.  I would enjoy the opportunity to chat with you.

 

Shawn Dinning, Director of Sales & Acquisitions

Mr. Dinning acquired his formal education at the United States Air Force Academy in Colorado Springs, Colorado, in the areas of Operations Research and Management Science and also holds a degree in Aeronautical Science from Embry-Riddle Aeronautical University. Mr. Dinning brings 16 years of aviation experience from a variety of aviation disciplines, including FAR 91, FAR 121, FAR 135, defense, and shared ownership sectors. A former full-time professional pilot, Mr. Dinning holds a current Airline Transport Pilot (ATP) certificate, and is type-rated in the Gulfstream V/G550/G500/G450/G400/G350/G300, Bombardier CRJ-200, and Citation 510 Mustang. He has logged over 5500 flight hours, with 3500 of those hours in corporate turbine aircraft. Mr. Dinning has been consulted in publications such as Business & Commercial Aviation on various issues related to turbine aircraft transactions.

Mr. Dinning brings to Dallas Jet International a rare and highly valuable skill set of operational and business acumen, and has become a leader in the professional marketing and procurement of corporate turbine aircraft all around the globe. He also specializes in aircraft mission analysis, aircraft valuation, and cash flow and operating cost analysis for private aircraft owners. Mr. Dinning has a track record of successful transactions that is well known amongst his clients and colleagues. His reputation for intelligent and meticulous management of aircraft transactions have made him one of the most respected aircraft brokers in the industry.

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Finding the Perfect Aircraft Is More about People than Planes

April 21st, 2011 Posted in Aircraft Leasing, Aircraft Sales, Brad Harris, Models of Aircraft
Apr, 21 2011
1 Comment »
It's important to consider a number of factors, including where, why and how you fly to get the perfect aircraft.

It's important to consider a number of factors, including where, why and how you fly to get the perfect aircraft.

Ensuring that a client has the aircraft that will best serve his business and personal needs is a responsibility we take very seriously at DJI.  There are many brokers that are knowledgeable about various makes and models of aircraft, but we pride ourselves on putting the focus where it belongs- on the people and the company the aircraft is intended to serve.

To make the best match, we start with a series of questions about personal and business objectives and preferences.

How much can you spend?

The first consideration (as probably expected) is the budget.  Besides the obvious question of what is available to spend on the acquisition of the aircraft, we also want to know preferences for ongoing expenses.

Depending on cash flow and timing considerations, sometimes it’s preferable to spend more on the acquisition of an aircraft that will have lower direct operating costs, or vice versa.

Acquisition Budget Annual Direct Operating Cost Budget
Aircraft A $10,000,000 $1,000,000
Aircraft B $15,000,000 $600,000

 

In this example, Aircraft B is a newer aircraft which may cost more to acquire but has lower direct operating  costs because of fuel efficiency improvements and a longer time before engine overhaul and other major expenses.

In some cases, we may advise a client they don’t need to spend as much as they had expected to, depending on choices they will make.

How many people will travel in this aircraft most of the time?

While there are always exceptions, it is good to know what the “typical” passenger complement would be.  If the typical passenger contingent is 2 people, a smaller aircraft would be comfortable.  If the usual party is four or five, then we’d be looking at midsize cabins.  For eight to ten people, we would look at large cabin sizes.

How much luggage do you carry?

This is a consideration that might affect cabin size or luggage configuration. For a client that frequently takes a group to golf in Scotland, we need to ensure that there is convenient space for golf clubs.   Other considerations are camera crews that require a lot of camera and lighting equipment, clients that may need to carry industrial parts of various sizes, or skis (some aircraft have factory installed ski tubes or other conveniences.)    We also need to consider the size and placement of doors to ensure your equipment can be safely and conveniently loaded and unloaded.

We once experimented with four folding bicycles for one buyer that wanted to be sure that they could travel with them.   It is important to ensure that the aircraft will accommodate whatever you need or want to travel with.

Where do you go?

We need to know where the aircraft will be based and the frequent and expected destinations so that we can choose an aircraft with the appropriate range and other characteristics.  Traveling predominantly in one region could require a shorter-range aircraft than one that needs to travel coast-to-coast or internationally on a regular basis.

We also want to know if you travel frequently to high-altitude destinations like Aspen or Telluride.  Although some aircraft are designed to perform well at those altitudes, some will need to take off in the morning or evening , (high temperature exacerbates the effect of high altitude on engine performance)  or take off “light” at the high-altitude airport, then stop in Pueblo, Denver or Grand Junction to fill up with fuel.

As an example, if you anticipate needing to leave and arrive at very high altitude or very hot airports at any time of the day and don’t want to be dependent on favorable weather conditions, we need to take those factors into consideration.

We also need to consider your destinations to ensure adequate runway length for your aircraft. Short runways, (4500 feet or less) usually in smaller or more remote airports are also a consideration. Some aircraft need a longer runway to take off and land safely under many conditions.

How fast do you need to get there?

This is most often a function of how often you are willing to stop for fuel. Few of our clients care about the time difference between an aircraft that flies at 300 vs. 400 knots.

The largest variety to choose from

Many brokers represent one or two major aircraft manufacturers.  We remain independent and are free to recommend the best aircraft for your needs and preferences.

Both Shawn Dinning and I are type-rated pilots in most of the aircraft listed, and can help you make a choice you will be very satisfied with.

Here are a few of the aircraft that we place frequently.

Very Light Jets currently on the market

  • Cessna Mustang
  • Embraer Phenom 100
  • Eclipse 500

Very light jets undergoing flight testing

  • Cirrus Vision SF50
  • Diamond D-Jet
  • Honda HA-420 HondaJet
  • PiperJet

Light Jets

  • Learjet 40
  • Learjet 40 XR
  • Learjet 45
  • Learjet 45 XR
  • Citation CJ
  • Cessna Citation CJ1
  • Cessna Citation CJ2
  • Cessna Citation CJ3
  • Cessna Citation CJ4
  • Cessna Citation Bravo
  • Cessna Citation Encore
  • Embraer
  • Phenom 300
  • Beechcraft Premier I
  • Hawker 400
  • SJ30-2

Midsize

  • Learjet 60 XR
  • Learjet 85
  • Cessna Citation Columbus
  • Cessna Citation XLS
  • Cessna Citation Sovereign
  • Dassault Falcon 50EX
  • Embraer Legacy 450
  • Embraer Legacy 500
  • Gulfstream 150
  • Gulfstream 250
  • Hawker 750
  • Hawker 800XP
  • Hawker 850 XP
  • Hawker 900XP

Midsize Longer Range

  • Bombardier Challenger 300
  • Challenger 605
  • Cessna Citation X
  • Dassault Falcon 900DX
  • Dassault Falcon 900EX
  • Dassault Falcon 2000DX
  • Dassault Falcon 2000EX
  • Embraer Legacy 600
  • Gulfstream G350
  • Gulfstream G450

Super Mid-Size

  • Bombardier Challenger 300
  • Bombardier Challenger 605
  • Cessna Citation X
  • Dassault Falcon 900DX
  • Dassault Falcon 900EX
  • Dassault Falcon 2000DX
  • Dassault Falcon 2000EX
  • Embraer Legacy 600
  • Gulfstream G350
  • Gulfstream G450
  • Hawker 4000

Heavy Jets

  • Airbus A318 Elite
  • Airbus A319CJ
  • Airbus A380 Flying Palace
  • Boeing Business Jet
  • Embraer Lineage 1000
  • Large Cabin jets
  • Bombardier Aerospace
  • Bombardier Global 5000
  • Bombardier Global 7000
  • Bombardier Global 8000
  • Bombardier Global Express
  • Bombardier Challenger 850
  • Gulfstream IV
  • Gulfstream V
  • Dassault Falcon 7X
  • Gulfstream G500
  • Gulfstream G550
  • Gulfstream G650
  • Gulfstream G450

Brad Harris

Brad Harris is founder and CEO of Dallas Jet International. Mr. Harris holds a Bachelor of Science Degree in Professional Aviation and Airway Science and a Masters Degree in human resources from Louisiana Tech University. Mr. Harris entered the aviation industry in 1989 as a corporate pilot for a Fortune 500 corporation. In 1993, he started a successful aircraft leasing and renting company which expanded to a successful aircraft management company in 1995. In 1993, Mr. Harris began his aircraft sales career and, in a very rapid fashion, became one of the most highly respected aircraft brokers in the World. In 1998, Mr. Harris started an aircraft sales, consulting, and brokerage company that is known today as Dallas Jet International. Mr. Harris is a current airline transport pilot who is type-rated in ten (10) different jet aircraft including the Gulfstream 550, 450, 350, GV, GIV, GIII, GII, Hawker 125, Falcon 10, Citation 550/500, Beechjet 400, 400A, Lockheed Jetstar II, Diamond Jet and King Air 300/350. In the many different aircraft markets, Mr. Harris parlays extensive hands-on knowledge and experience into clear results for his clientele. In addition to Mr. Harris maintaining a career focus on aircraft sales, he also has extensive experience in aviation consulting and management. Included on his client list are several clients for whom Mr. Harris and his firm have set up flight departments, consisting of aircraft crewing, aircraft management, aircraft maintenance and aircraft operating budgets. He and the firm are currently managing a Gulfstream V, a Gulfstream IV, a Falcon 50, a Citation II, a Citation ISP, a Citation Mustang, a Hawker 400XP, and two King Air 350’s.What most people do not know about Mr. Harris is that he possesses significant entrepreneurial experience in real estate and commercial insurance. This business experience, combined with his unparalleled experience in all facets of corporate aviation, has been the foundation of success for Dallas Jet International and its clients.

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Sell Your Aircraft with Confidence…Even in a Slow Market!!

April 11th, 2011 Posted in Aircraft Sales, Shawn Dinning
Apr, 11 2011
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Sell Your Aircraft with Confidence…Even in a Slow Market!!In my last blog article, I discussed the importance of confidence, decisiveness, and speed in the business turbine aircraft purchase process.  If you don’t have a well-researched confidence in the aircraft market – what I like to call “market intelligence” -  you will lack what it takes to “pull the trigger” and engage an airplane at the right price.  The purchase opportunity will pass you by, and that could mean hundreds of thousands of dollars as well as hundreds of hours of wasted effort.

 

In the aircraft selling process, I can confidently say that confidence, decisiveness, and speed are equally as important.  You must react immediately to a prospective buyer’s offer.  Not only must you react quickly, but you must react properly.  What does it mean to react properly?  You and your broker MUST know whether the offer is competitive.   To know  the offer is competitive, you must understand three things:

 

  • Current Market Offerings:  How many other aircraft of the same make/model are for sale, and where are they priced?  What are asking prices and projected “strike prices?  What are the confidential or “off-market” aircraft priced at?  At DJI, we use our research process to capture all of this data.   And, don’t underestimate the off-market airplanes for sale.  They represent a significant portion of the market, and they are often some of the better deals that drive the market pricing.  If a broker doesn’t keep you informed of the entire market, they aren’t giving you the real picture.  Without a good broker, you’re “flying blind”.

 

  • Recent Sales: What have similar aircraft recently sold for?  In the real estate business, you would ask, what are the “comps”?  This data is very closely guarded by most buyers and sellers of recent transactions, and only a well-researched and well-connected broker can provide you with this data.  In many cases, recent selling prices tell the story much more clearly than an analysis of 35 different asking prices, 50% of which are probably over-inflated prices with unrealistic sellers.

 

  • Market Trend Analysis: Where has the market been, and where is it going?  This is the most subjective part of market analysis, but it’s also extremely important, because it gives you the ability to evaluate an incoming offer in the context of trends.  This is especially important when there is a lower than usual selling volume in a particular market.  You may not have recent selling prices due to inactivity, so you must evaluate an offer based on its larger historical context.  At DJI, we keep selling price histories over many years, so that we know where the market is cyclically.

 

Now that you retained an excellent broker like DJI, you can be armed with this information as offers come “flying” in, or come “trickling” in.  You can suggest counter offers with confidence and market reinforcement, instead of just countering $150,000 or $350,000 below your asking price like you’ve always done.  You can do this with speed so you can show the Buyer that you are earnest and educated in your efforts to sell your airplane.  Many buyers are attracted to Sellers who are knowledgeable and represented by firms like DJI.  Buyers assume that, if the seller takes that much care in pricing and marketing their airplane, then the same seller must take similarly excellent care of their aircraft maintenance.

 

So, remember, even in a down market,  corporate jet sellers who sell with confidence will always win the race.

 

Shawn Dinning, Director of Sales & Acquisitions

Mr. Dinning acquired his formal education at the United States Air Force Academy in Colorado Springs, Colorado, in the areas of Operations Research and Management Science and also holds a degree in Aeronautical Science from Embry-Riddle Aeronautical University. Mr. Dinning brings 16 years of aviation experience from a variety of aviation disciplines, including FAR 91, FAR 121, FAR 135, defense, and shared ownership sectors. A former full-time professional pilot, Mr. Dinning holds a current Airline Transport Pilot (ATP) certificate, and is type-rated in the Gulfstream V/G550/G500/G450/G400/G350/G300, Bombardier CRJ-200, and Citation 510 Mustang. He has logged over 5500 flight hours, with 3500 of those hours in corporate turbine aircraft. Mr. Dinning has been consulted in publications such as Business & Commercial Aviation on various issues related to turbine aircraft transactions.

Mr. Dinning brings to Dallas Jet International a rare and highly valuable skill set of operational and business acumen, and has become a leader in the professional marketing and procurement of corporate turbine aircraft all around the globe. He also specializes in aircraft mission analysis, aircraft valuation, and cash flow and operating cost analysis for private aircraft owners. Mr. Dinning has a track record of successful transactions that is well known amongst his clients and colleagues. His reputation for intelligent and meticulous management of aircraft transactions have made him one of the most respected aircraft brokers in the industry.

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The Aircraft Sales Market is Improving for Large-Cabin, Newer Airplanes

March 30th, 2011 Posted in Brad Harris
Mar, 30 2011
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We’re seeing improvement in aircraft sales, as evidenced by the number of transactions we’re completing at DJI. Improvement has been particularly dramatic in the first quarter of this year, especially since the first two quarters of each year are traditionally slower – there is generally a push of transactions in the last quarter of each year.

Aircraft sales - Number of Transactions

You can see from the chart that first quarter sales for 2011 have eclipsed the first half year in the previous two years.  The trend line displayed is conservative, since the last period reported is a quarter rather than a half year. Other brokers are reporting similar results.

This is a good sign indicating aircraft values will improve as surplus inventory is sold. Buyers are back in the game, but they are being selective.  Demand is improving most for large cabin aircraft that are well-equipped, low time, and newer than 10 years old.   Demand for small to mid-cabin and older aircraft remains flat to slightly appreciating. Demand is still depreciating for aircraft older than 20 years that are higher time and less well-equipped.

Gulfstream 550 Transaction Values

A Gulfstream 550 is a newer, large-cabin aircraft.  We saw the values dip in 2010 and then begin to recover in 2011 as pictured above.

Older & smaller aircraft transaction values

This chart shows the continued (but possibly reducing rate of) decline of values of mid-sized, older aircraft.  The Hawker 800XPs on the market tend to be in the range of 10 years old or so, and Falcon 50s were made until 1996 (replaced by the Falcon 50EX) and are therefore at least 15 years old.

Aircraft Sales - time on the market

Again, we see that larger, newer aircraft are spending less time on the market than mid-sized older models.

Chart - Number of aircraft on the market

We see owners re-entering the market, up from a low in 2010.  While demand will continue to strengthen for large, new aircraft, we suspect that prices will remain low for the smaller, older aircraft for the near future due to the increasing number of aircraft entering the market.

Of course, you don’t always have a choice of when to buy or sell an aircraft. The market is one of many factors you need to consider, as well as your business transportation needs, budget, cash flow and other timing considerations.  We use extensive, custom research to make the most successful transaction possible out of every aircraft purchase or sale.

If you have the option, now is a great time to sell if you have a larger, newer, better–equipped aircraft.   Now is a great time to buy if you’re looking for a mid-size or smaller cabin, older aircraft.

Brad Harris

Brad Harris is founder and CEO of Dallas Jet International. Mr. Harris holds a Bachelor of Science Degree in Professional Aviation and Airway Science and a Masters Degree in human resources from Louisiana Tech University. Mr. Harris entered the aviation industry in 1989 as a corporate pilot for a Fortune 500 corporation. In 1993, he started a successful aircraft leasing and renting company which expanded to a successful aircraft management company in 1995. In 1993, Mr. Harris began his aircraft sales career and, in a very rapid fashion, became one of the most highly respected aircraft brokers in the World. In 1998, Mr. Harris started an aircraft sales, consulting, and brokerage company that is known today as Dallas Jet International. Mr. Harris is a current airline transport pilot who is type-rated in ten (10) different jet aircraft including the Gulfstream 550, 450, 350, GV, GIV, GIII, GII, Hawker 125, Falcon 10, Citation 550/500, Beechjet 400, 400A, Lockheed Jetstar II, Diamond Jet and King Air 300/350. In the many different aircraft markets, Mr. Harris parlays extensive hands-on knowledge and experience into clear results for his clientele. In addition to Mr. Harris maintaining a career focus on aircraft sales, he also has extensive experience in aviation consulting and management. Included on his client list are several clients for whom Mr. Harris and his firm have set up flight departments, consisting of aircraft crewing, aircraft management, aircraft maintenance and aircraft operating budgets. He and the firm are currently managing a Gulfstream V, a Gulfstream IV, a Falcon 50, a Citation II, a Citation ISP, a Citation Mustang, a Hawker 400XP, and two King Air 350’s.What most people do not know about Mr. Harris is that he possesses significant entrepreneurial experience in real estate and commercial insurance. This business experience, combined with his unparalleled experience in all facets of corporate aviation, has been the foundation of success for Dallas Jet International and its clients.

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The (Air)Speed of Business

March 14th, 2011 Posted in Aircraft Cost, Aircraft Leasing, Aircraft Sales, Shawn Dinning
Mar, 14 2011
1 Comment »

Most people are surprised when they hear me say that the airplane business often moves at lightning speed.  In one of the worst down markets since the inception of business aviation, it would seem logical that everything moves with the speed of a tortoise.  When you analyze the aggregate numbers of the current market and the rate and volume of transactions, it truly is moving slower than normal.  Values are at record lows, with some markets continuing subtle descents.  So, how can our current business environment be associated with speed?

Speed will get you the very best airplanes.  What we are seeing today is that most airplanes that are transacting are on the market for a very brief period of time, as compared to the airplanes that are not transacting.   I’ve seen airplanes last as little as 2 days on the market, even in this environment.  Quality always goes first.  It is the broker’s job to get our clients first in line to this quality, “best deal” airplane.  We do this by being nimble, quick, decisive, and proactive.  Each day we study and research the various business aircraft markets, and  educate our clients on the statistics of the markets as well as past and predicted trends.   By providing that “market intelligence”, we give our clients the confidence they need to act swiftly when the right deal presents itself.

How does the best deal present itself?  My experience indicates that it presents itself in one of 3 ways:

  • Unannounced, aggressive price reduction. A seller makes the decision to aggressively reduce their price after watching their aircraft sit on the market for months with little to no interest.  The reasons for the price reduction could be many, but the bottom line is that there is a sudden price reduction.  The relationships that DJI has with all of the various brokerage firms who, like us, represent sellers, prove invaluable here.  Guess who the seller’s broker is going to call before they announce the price reduction to the retail open market?  They are going to call me and many of my peers first.  Because of these relationships DJI will always have news of a price reduction before the open market hears about it.  By capturing that information early, we can position our clients first in line to the deal.
  • A transaction falls through, suddenly making a quality airplane available again. There is always a relatively high chance that an aircraft deal can fall through.  Our motto is to never give up on a good deal.  It’s not sold until it’s sold!  DJI’s staff tracks pending deals in the various business aircraft markets.  By doing this, we will know a deal is falling through before the open market.   Again, this knowledge allows us to act quickly and swiftly to get our buying clients first in line to the best values.
  • An airplane is being newly offered.  If you wonder how a $10 or $20 million airplane can sit on the market for only 3 days, wonder no more.  I can assure you that the buyer and the respective agent knew about that airplane well before it hit the market.  Again, the market intelligence that we provide will get our clients first in line to the deal.  A large number of the best value aircraft transactions are consummated before even being published on the open market.

The only way to acquire this solid market intelligence and capitalize on the best value aircraft is to retain the professional services of a broker such as DJI, that conducts this level of research.  Speed and market intelligence provide our buyers an unmatched competitive advantage over unrepresented buyers in this marketplace.  The best deals are won with quickness and confidence, even in a Buyer’s market.

As our readers may know, approximately 50% of DJI’s brokerage business is representing sellers.  In a future article, I will write on the importance of speed and market intelligence in the aircraft selling process.  The consequences for sellers are significant if they do not have the proper information to act swiftly and confidently in the marketing and pricing of their aircraft.

Shawn Dinning, Director of Sales & Acquisitions

Mr. Dinning acquired his formal education at the United States Air Force Academy in Colorado Springs, Colorado, in the areas of Operations Research and Management Science and also holds a degree in Aeronautical Science from Embry-Riddle Aeronautical University. Mr. Dinning brings 16 years of aviation experience from a variety of aviation disciplines, including FAR 91, FAR 121, FAR 135, defense, and shared ownership sectors. A former full-time professional pilot, Mr. Dinning holds a current Airline Transport Pilot (ATP) certificate, and is type-rated in the Gulfstream V/G550/G500/G450/G400/G350/G300, Bombardier CRJ-200, and Citation 510 Mustang. He has logged over 5500 flight hours, with 3500 of those hours in corporate turbine aircraft. Mr. Dinning has been consulted in publications such as Business & Commercial Aviation on various issues related to turbine aircraft transactions.

Mr. Dinning brings to Dallas Jet International a rare and highly valuable skill set of operational and business acumen, and has become a leader in the professional marketing and procurement of corporate turbine aircraft all around the globe. He also specializes in aircraft mission analysis, aircraft valuation, and cash flow and operating cost analysis for private aircraft owners. Mr. Dinning has a track record of successful transactions that is well known amongst his clients and colleagues. His reputation for intelligent and meticulous management of aircraft transactions have made him one of the most respected aircraft brokers in the industry.

 

 

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What questions would you like to ask an aviation sales specialist?

February 24th, 2011 Posted in Aircraft Sales
Feb, 24 2011
1 Comment »

Brad Harris of Dallas Jet International specializes in ensuring an airplane for sale meets his client's needsSelecting someone to guide you through an aircraft sale or purchase is an important decision.  Before you select the right person, you probably will ask several questions and evaluate the answers.

A reporter recently asked Brad these questions for an article. We thought they were good ones, so we’ll start with these.

Question – How do customers in different countries have different expectations, or negotiate differently?

Brad Harris - This is a casual transaction for the American customer, who is often referred by another customer. We find that Americans use the Internet and the news media, and are quite astute about the aircraft before they call us. It’s a very relationship driven transaction from that point forward. We spend as much time as needed educating the customer. When we look at the culture in the Middle East, Asia and Europe, all of those cultures are different. An excellent broker will understand those cultures. As an example, we have a particular customer in the Middle East who doesn’t want to sign a document guaranteeing exclusive representation, but they give us their word that they will use us and they do. It’s all about trust, time, and referrals from other clients.

Question -  How long does it take to buy or sell and airplane?

Brad Harris – Every client has a different situation. Every client has an ideal timeframe that suits his or her financial picture, business transportation needs, geography requirements, dependency on the sale of another aircraft, price requirements, flexibility, and so on. One person might need an aircraft immediately; in that situation we would shop for a retail aircraft. The objective is to buy the best aircraft at the best price you can find that’s on the market now. That transaction usually includes one week of negotiations, one week for the pre-buy phase when we fix any discrepancies, and then we close in the third week. That said, we just closed a G-IV transaction within one week from start to finish, when we simply reviewed an inspection that had already been done. The longest transactions usually happen when a client has very particular requirements in terms of price or a particular aircraft. It could take several months to identify the ideal aircraft, and then several months again to wait for the right price opportunity.

Question – What are the most common problem that occurs in the transaction process?

Brad Harris - The most common problem is incorrect pricing. The market intelligence for price is very well defined. Of course we reference the Aircraft Bluebook and the VREF values but we also create a complete market summary with transactions over the last six to twelve months. With that information, we can price an aircraft very well. But if someone doesn’t have good representation; they might get ideas from friends or pilots or other brokers that aren’t factual and well-researched. They might overbuy, or buy something cheap. A buyer might not understand what’s hidden behind a low price – damage history, missing records, a big inspection coming due, engines coming due. So it comes down to experience and knowledge and someone you can trust to represent you so that you don’t get caught with those gremlins.

Question – Is it stressful to be in the aircraft sales business?

Brad Harris - The typical aircraft sales representative has a very good life. It’s a very small community and we all tend to know each other and get along fairly well. I will tell you that it can be stressful at times. We have a passion for aviation and long-lasting relationships with our customers and clients, and our strongest suit is that we are problem solvers. To do that, you have to have quality people that are willing to put in the extra hours and the extra travel. We manage the entire transaction process from start to finish, so we have Dallas Jet employees on site for every inspection and for every test flight. We review the data, we understand the airplane, oversee the prebuy inspection, so of course there is a lot of travel. It is very helpful when a sales rep has a very supportive family that understands what you do and how you do it. That really helps manage the stress. In the end it’s a great lifestyle and a great group of people.

Question –  How do you handle a customer whose heart is set on an unsuitable aircraft?

Brad Harris - About twenty to thirty percent of the time, clients come to us with an aircraft in mind. Part of our process is to define the need. We must know the requirements for that particular customer. What range are they flying? How long are they staying, so how much baggage space do they need? Are they operating in high and hot environments, mountainous terrain, or overseas? Once you put those requirements together, you can present the best aircraft for them. Even if they’ve come in with ideas from people they’ve talked with on the golf course or other casual business setting, we find that ninety nine percent of the time, they will listen to what we have to say. But it’s ultimately their decision and we will help them buy the aircraft that they decide on.

Question –  Do buyers always expect a test flight, and how do you assess their seriousness?

Brad Harris - Buyers always expect (and should expect) a test flight. We typically arrange for the test flight to be from the home base of the aircraft to the maintenance facility where they’re going to complete the prebuy inspection. We will not provide a test flight without a letter of intent or formal purchase agreement executed, with a refundable deposit in escrow. What that means is that if they reject the aircraft after the test flight, the buyer will pay for those costs.

What questions would you like to ask?

 

Brad Harris

Brad Harris is founder and CEO of Dallas Jet International. Mr. Harris holds a Bachelor of Science Degree in Professional Aviation and Airway Science and a Masters Degree in human resources from Louisiana Tech University. Mr. Harris entered the aviation industry in 1989 as a corporate pilot for a Fortune 500 corporation. In 1993, he started a successful aircraft leasing and renting company which expanded to a successful aircraft management company in 1995. In 1993, Mr. Harris began his aircraft sales career and, in a very rapid fashion, became one of the most highly respected aircraft brokers in the World. In 1998, Mr. Harris started an aircraft sales, consulting, and brokerage company that is known today as Dallas Jet International. Mr. Harris is a current airline transport pilot who is type-rated in ten (10) different jet aircraft including the Gulfstream 550, 450, 350, GV, GIV, GIII, GII, Hawker 125, Falcon 10, Citation 550/500, Beechjet 400, 400A, Lockheed Jetstar II, Diamond Jet and King Air 300/350. In the many different aircraft markets, Mr. Harris parlays extensive hands-on knowledge and experience into clear results for his clientele. In addition to Mr. Harris maintaining a career focus on aircraft sales, he also has extensive experience in aviation consulting and management. Included on his client list are several clients for whom Mr. Harris and his firm have set up flight departments, consisting of aircraft crewing, aircraft management, aircraft maintenance and aircraft operating budgets. He and the firm are currently managing a Gulfstream V, a Gulfstream IV, a Falcon 50, a Citation II, a Citation ISP, a Citation Mustang, a Hawker 400XP, and two King Air 350’s.What most people do not know about Mr. Harris is that he possesses significant entrepreneurial experience in real estate and commercial insurance. This business experience, combined with his unparalleled experience in all facets of corporate aviation, has been the foundation of success for Dallas Jet International and its clients.

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