More XOJet Details
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www.xojet.com. This excerpt came from a recent XOJet press release (XOJet got a huge investment from a well-known private equity firm called Texas Pacific Group):
"XOJET distinguishes itself by
offering both fractional ownership and charter services, a range TPG likes, McGlashan added. Fractional ownership is about a $5 billion industry, he said, while charter is a roughly $28 billion market.
Paul Touw, president and CEO of XOJET, said in the statement that "there has been no significant innovation in this industry since fractional ownership was introduced more than 20 years ago."
About 50% of XOJET's business is generated from contracted clients who lock in an average of 200 to 300 hours of flight time a year, Solinger said. That's far above the 25 to 50 hours that is typically offered by the fractional ownership model, which requires customers to purchase a share of the aircraft. "
We don't require anyone to buy," said Solinger, though the company offers ownership if a customer desires.
In 2006, XOJET generated $36 million in revenue, he said. He quickly added that annual revenue has been more than doubling since January 2005. Earlier this month, the company said it was acquiring 30 Cessna Citation Xjets and 80 Bombardier Challenger 300 jets with a combined market value of $2.5 billion.
The orders will boost XOJET's fleet to 127 super-mid size jets by 2012. All told, and including the lease financing, the company has
raised $542 million."