The private jet business suffered from a major contraction in the fourth-quarter of 2008, but is now on track for a record second quarter, said Andrew Zarrow, CEO of V1 Jets International.
“The fourth quarter had been the worst we’d ever seen — down 40 percent in on demand charter, usage was down about 30 percent,” Zarrow told CNBC.
“Our industry has become a scapegoat for corporate excess and I believe it’s truly unfair. For each one executive who might have used a corporate asset inappropriately, there’re hundreds of CEOs who have used private aviation amazingly effectively to deliver shareholder returns.”
There is now resurgence in private aviation usage, said Zarrow. In terms of the business, he said he sees “green shoots all over America” now.
No immediate information was available for Zarrow or his firm.
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