Aging Aircraft–Keep, Sell or Buy

50years_FalconL

Considerations to Keep, Sell or Buy

Older jet aircraft (25+ Years or older) are an interesting phenomenon in the market place.   Many of these aircraft are trading at salvage value. Others are salvage value plus the value of the engines and major inspection status. Some feel operating older aircraft is OK, others are concerned about reliability and possible safety issues. Many banks will not make loans on older aircraft as future values are too hard to predict. Ask 10 aviation people and expect 10 variations from pro-operating an older plane, to others wanting nothing to do with an older aircraft.

The following are some considerations to help the reader formulate their own opinion on whether to keep or sell the old aircraft, or whether to take advantage of an inexpensive aircraft and buy one of these old aircraft.

First we need to clarify a few terms that are used in the appraisal world to help frame some of the issues that face the older aircraft.

Physical Life—The number of years that a new property will physically endure before it deteriorates or fatigues to the point of being unsuitable for its intended use. i.e. Corrosion, wearing out, fatigue.

Economic Obsolescence—Or external obsolescence, the loss in value or usefulness of the property caused by factors external to the property. i.e. New regulations.

Functional Obsolescence—Depreciation in which the loss of value is due to factors inherent in the property itself, technology, operating costs, changes in design and lack of utility. i.e. engine efficiency, avionics capability, lack of parts and operating costs.

Normal Useful Life—The planned life expectancy that the aircraft may reasonably be expected to perform the primary mission it was designed for when the aircraft was built.

Remaining Useful Life—The life remaining of the aircraft before retirement.

Effective Age—The apparent age of an asset in comparison with a new asset of like kind. This is the age that is indicated by the actual condition of the asset. (May be older than chronological age due to care and condition.)

The old straight pipe jets obsolescence was easy to recognize, as the engines were loud and not fuel-efficient. Fan powered jets marked a new generation with greater range, lower sound levels and more thrust. A layman could see the difference.

We have entered into a phase of the market this time that is slightly different and more difficult to discern than in the previous example. Engine technology has improved, however the delta between current engines and older fanjet engines is smaller. Other factors are still in play with older airframes becoming increasingly more expensive to maintain, certain parts becoming more difficult to procure, increased maintenance downtime, corrosion issues, and avionics packages that are not only more expensive to maintain, may need expensive upgrades to be able to fly how the original plane was designed to fly.

The results while not as easy to see, are just as real as before. Simply put, these older planes appear to still have physical life, however they have, or in the short term, will become either functionally obsolescent or economically obsolescent.

There is another portion of the story and that is in the science of predicting failures. The inspection process is designed around the philosophy of finding issues prior to them becoming flight critical. In the most simplistic form, if a crack forms at a certain point in time during testing, or actual in-service use, inspections are developed at a point in time prior to any possibility of that item becoming a safety of flight issue. The most common inspections are hard time inspections, on condition and those that are monitored. At this point in the aircraft’s life it is definitely best to have a maintenance facility with experience in make and model do the inspections.

But, as history has proven, can we really predict all of the possibilities? Unfortunately, many of the items that can become flight critical are hidden and can be in areas that we do not have good methods of detecting. Corrosion in certain areas deep inside joints or fatigue cracks that promulgate quicker than previously thought are just a couple of examples.

This generation of older aircraft were engineered using fail safe design philosophies, even though extremely rare, there have been accidents and incidents that inspections failed to predict a critical failure due to the location of the issue. Some are related to hours and cycles, some are related to the environment the aircraft has been operated in, and a few are related to the aircraft just being old. The FAA, as part of its aging aircraft program, has stated that inspection programs may not prevent some of these issues.

The bathtub curve for failures is a common analysis tool. Basically, it states that after the burn in rate/infant mortality, that products fail at a normal rate up until the wear out phase. Modern production methods have significantly reduced the burn in/infant mortality portion of the curve. All components do not wear out at the same time leaving multiple components having different aging curves. However, ultimately, all components are subject to wearing out. (The military will rebuild wings and tails of aircraft to extend their life.) Many of these life limited components can be replaced. The typical business jet, more than likely, will have numerous life limited components replaced over time. These items extend the normal useful life of the airplane. Engine retrofit programs and avionics upgrades are other life extension programs that extend the remaining useful life.

Perhaps one of the harder systems to predict the health of is the wiring in the plane. There are miles and miles of wires in even the light jets. Studies have shown that all wires do age and the insulation becomes more brittle over time. Certain environmental factors can increase the aging process such as water, hydraulic fluids, jet fuel, de-ice fluids and cleaning solutions. It has been found that tight bends or stretching can cause more rapid aging of the insulation. (Modern aircraft route wires with radius tolerances determined to best practices.) Vibration and jostling of wire bundles, metal shavings from replacing screws, new installations etc., clamps and areas where after time the wire bundle starts to rub against the airframe or another component can all cause insulation to crack or deteriorate and expose wires. (Note, wires rubbing against these places are not by original design but could result in years of bumps and bundle movement.)

Inspections may actually have an influence on the increase of wire issues as the bundles are moved around inspecting other areas of the aircraft. There are also those wire bundles deep in the plane that would be nearly impossible to inspect. There are efforts to find methods of determining the health of wires but so far none are accurate enough.

A 25+ year old aircraft has had many stressors to the wiring. So, the plane might look good, have all of the corrosion remedied, many upgrades completed and still have wires that have been exposed to all kinds of stressors and in places that are deep in the bowels of the plane. In fact, some of the methods to increase the life of the aircraft with detailed major inspections, updated equipment might even put more stress on the wiring causing cracks in the insulation or issues with connectors. Check with the remanufacturers of aircraft for what they have found. Wiring is probably the highest risk factor in the older aircraft and even those with impeccable maintenance records.

A final consideration is the reliability and availability of the aircraft. Most people have a good idea of the reliability of their aircraft. Just as important is the availability of the aircraft. Down time to keep the plane flying in the safest condition takes more time the older the aircraft is. Older aircraft have more parts that need replaced, the inspections typically take longer to complete with more issues found to rectify, and parts availability becomes a factor. An aircraft that needs to be flown 450 hours per year, might not be able to keep up. On the other hand, it might do just fine for the person who only flies 250 hours per year in spurts allowing enough time to get the plane back into airworthy shape.

It is expensive to properly maintain older aircraft. When you calculate the cost of unavailability of the aircraft the dollars become even a larger consideration. Not calculating this number is not providing a full picture of the total economics of ownership. Airlines and high utilization operators are forced to know these numbers as it is the difference between poor service or increased overhead with more aircraft in the fleet to cover for the down time. This is the functional obsolescence part of the equation and the reason that the airlines retire older aircraft.

There are no simple answers to when to stop flying the old aircraft. Our suggestions are:

Perform an in-depth cost analysis that includes maintenance costs, residual values and the cost of lack of availability of the aircraft to accurately compare alternatives.   Tracking both reliability and availability is critical to an accurate analysis.

If the decision is made to operate an older aircraft, maintaining the older aircraft by experienced mechanics in the model of aircraft is even more important than when the aircraft was new. Doing everything possible to maintain the integrity of the wiring is critical.   When there are electrical issues, consider replacing large amounts of wiring if deterioration is found.

Aircraft can be flown for long periods of time with proper maintenance. However, the costs at some point in time outweigh the capital cost and the plane may not be able to keep the schedule that you need.

Mike McCracken is President of Hawkeye Aircraft Acquisitions. Mike has been in aviation since 1978. He is a 6,500 ATP pilot with three type ratings and sold new and used planes for two major OEM’s since 1985. He is a certified ASA Senior Aircraft Appraiser. Since 2014 he primarily assists clients with fleet analysis and acquisition of new and used aircraft.

Mike McCracken

[email protected]

www.Hawkeye-aircraft.com

 

 

 

 

Aircraft Acquisition Expert or going Solo?

                                 Poet, playwright and critic T.S. Eliot, circa 1920. PHOTO: GETTY IMAGES

How hard can it be to buy a plane in the internet age?  Everyone now has access to information at their finger tips.  Perhaps this excerpt from T.S. Eliot’s essay The Perfect Critic for the literary journal Athenaeum in 1920 will shed some light on the subject.

The vast accumulations of knowledge—or at least of information—deposited by the nineteenth century have been responsible for an equally vast ignorance. When there is so much to be known, when there are so many fields of knowledge in which the same words are used with different meanings, when every one knows a little about a great many things, it becomes increasingly difficult for anyone to know whether he knows what he is talking about or not. And when we do not know, or when we do not know enough, we tend always to substitute emotions for thoughts.

Mr. Eliot would be amazed at the information overload of our times!

Hiring a dedicated and knowledgeable third party acquisition expert is sound business.  Similar to any other specialist that we use everyday, they know the landscape and are a valuable asset to the purchase.

Mike McCracken
President
Hawkeye Aircraft Acquisitions



Does Complying with the Aviation Alphabet Soup make you any SAFER?

Does complying with the aviation alphabet soup make you any safer?   
Where are you as an organization with your safety and best practices?  You have done your SMS, perhaps you have completed your IS-BAO process or gone through the processes, just not the audit—Are you any safer? 
Everyone’s goal is to have a flight department that meets the highest standards of safety.  The challenge is how to accomplish this and check yourself?  One approach is the traditional audit, which will give you a snapshot in time for one standard.  We feel the next step is to use a scenario based workshop to work together to build on the current foundation, compare industry standards and practices with your department, and work as a team to come up with ways of continuing self-improvement.  One step past a checklist.
Aviation safety is born out of best practices and adopting them and living them every day.  There are multiple ways to accomplish the same end result.  By taking what is working and building on those fundamentals, the flight department can become better at what they do. 
True professionalism is always looking at how to make things better in the future.  It takes each person in your organization to take responsibility to work on their individual shortcomings with a combination of the whole organization looking at preventing small errors by always working on eliminating them. 
Dr. Tony Kern in his book “Blue Threat” discusses that accepting “to err is human” is tempting fate for consequences that would be life threatening to you, those around you and your organization.  Good enough is not acceptable in our world.  First, we need to recognize there are gaps in what each of us does.  Encouraging individuals to look for their gaps, and then as a team, learn to be aware of gaps that can be fixed is what continuous improvement is all about.

Society expects that new checklists/procedures will fix the problem.  But why do we still have accidents with checklists and procedures that were designed to prevent the accident?  The goal of the workshop is to help you look at issues with different points of view and then encourage you to internalize what will make you better into your own personal performance.  The final results are a team that functions better and is vigilant for gaps in performance that lead to errors.
Please check out our web site or contact us for more information on our Safety and Best Practices Workshops.
Mike McCracken
President
Hawkeye Aircraft Acquisitions

ROI of Buying a Business Aircraft

Business metrics are an important part of effectively managing a business.  It goes beyond the basics of costs, revenues and profits.  One such calculation is return on investment or ROI.
ROI has many uses and can be applied to both invested capital as well as investments in human capital.  The capital of the brand, people, and productivity are hard to calculate, however that does not make them any less real. 
ROI also exists in the buying and selling of aircraft.  Most people would not think of buying a multiple million-dollar asset without enlisting the help of experts.  Most often those experts come from outside the company as the cost benefit or ROI of maintaining that expertise in-house is not attractive. 
What we have seen in the aviation industry is that more and more people are realizing that the cost of hiring an expert is far less than their own in-house ROI.  They do the same for their commercial real estate, or in house counsel who relies on outside legal experts in matters they do not do day in and day out.  Simply put, unless your business is in the buying and selling of aircraft, your human capital resources are best utilized in other more productive portions of the business.  Executives running the day to day business and flight departments managing the complexity of operations with a focus on safety.
Any business executive knows there is more than just looking at the numbers.  What makes you successful is the interpretation of the facts and applying them to retain the best results.  The internet has made information on aircraft more readily available, but the devil is in the details of understanding and properly applying the data.
Over the past 30+ years I have seen or heard of various executives and flight departments think they knew all of the answers and make costly mistakes.  From buying the wrong plane for the wrong reasons, or buying a “deal” that really wasn’t a deal, or not finding out the real market on the new plane.  We have all heard of the story of buying planes without an adequate pre buy to find out at the next inspection that they need to spend hundreds of thousands of dollars.

At this point, I am sure that some are saying, well that won’t happen to me, or our company.   I suggest one of two things, you have been extremely lucky or you have more than likely invested too many resources in an activity that you do not do enough and the results are a ROI that you would never accept in your business.   


Mike McCracken
President
Hawkeye Aircraft Acquisitions
Office 727 796 0903
[email protected]
www.hawkeye-aircraft.com
“See the Difference”

Private Aviation versus Business Aviation–What is the Difference?

These are two terms that used interchangeably however they should not be.  While they look the same they are different.

Private Aviation is transporting passengers on private aircraft for either business or pleasure.  Generally, private aviation is a very broad reaching term.  Business aviation is much more narrowly defined.  It is using the same private aircraft but the flights and purpose are for business use.
This might sound like semantics to some, however it is an important distinction.   Why is it important?  The lack of distinguishing the two leads to the many erroneous comments by the press and politicians about ALL private aircraft.   It becomes guilt by association.
Lets take a couple of examples.  First, lets start with the President.  Air Force One is the most visible private aircraft in the world.  It can be used both for business and for personal flights.  A flight to meet a world leader to discuss an important trade agreement is a business trip.  A trip to South Florida to play golf with friends is a private aviation event.  Same plane, two different events.  (While there is an argument that can be made for security purposes and therefore even the golfing trip is business, the ultimate purpose is different.)
I own a small single engine Cirrus.  I use the plane for business use and for personal use.  You might see my plane on a ramp for a ballgame and assume wrongly that it was flown as a pseudo business trip.  But yet, not one dime of that trip is written off.  The same happens on larger planes with SIFL and entertainment tax rules. 
There are many companies that use the aircraft for only business use and do not allow any personal flights of any nature.  By tax code, those who do use some personal flying have to account for that in their taxes and if a public company, that must be reported as income on the SEC filings. 
Assuming that planes flown to special events are just for the rich and famous and they are getting subsidized on their taxes is not correct.  Sure there are some people who have made it to the big time and use their aircraft mainly for personal private aviation uses.  That is the beauty of America, that you can spend your money on things that make your life more convenient.  How their tax structure for the plane is handled is way different than how the masses are led to believe. 
So as an industry, we need to do more to help the masses understand that just because it looks the same, it is very different.  Perhaps we need to be honest with ourselves and admit that there is a mix, just like there is a mix for the President.

Mike McCracken
President
Hawkeye Aircraft Acquisitions
Office 727 796 0903
“Jets without Regrets”

Professional Golf and Private Aviation

Arnold Palmer is often credited with being the first golf professional flying to tournaments in his own plane.  However, it was Johnny Bulla and a few golf pros who bought a war surplus C-47 to fly himself and fellow golfers to tournaments in the late 40’s.   One of the first time shares?!  This year at the Masters tournament the ramps will be filled with fractional aircraft dropping off golfers and fans as well as many personal aircraft.  Arnie’s original single engine Cessna would be dwarfed.
With the invention and popularity of the fractional ownership/time card models from NetJets, the combined Flight Options/Flexjet brand , Wheels UP plus several more specialty providers, private aviation is much more accessible to touring pros.   Just look at the number of these companies logos on golfers hats or shirts.  It allows them to travel to more events, spend time with family and pursue other interests.  Plus there are still a handful who have found, for their missions, owning their own plane is more cost effective.
Some would call it a luxury, others who spent over half of their life on the road would call it an investment in their personal life.  Think of Mickelson flying overnight so he would not miss his daughters 8th grade graduation.
Private aviation is sometimes criticized for being a toy of the rich and famous.  Whether for the business of golf or the running of a competitive business, the reality is, if it did not make people more productive it would not exist.  The bottom-line is the increased accessibility of traveling by private aircraft has made many more of the new generation of golfers be able to enjoy a career, have a family life and pursue business opportunities off the course.
The one universal truth is time.  It is finite and how efficiently we use it makes a difference in the journey of life.  How one measures the costs of time and convenience may be subject to discussion, however no one can argue the benefits. 

Mike McCracken
President
Hawkeye Aircraft Acquisitions
Office 727 796 0903
“Jets without Regrets”


Why is the value of the corporate plane so subjective versus objective?

Aviation will always be in the cross hairs of those who do not fully understand the value of the benefits and see the plane as a luxury.  While study after study has proven that those with a plane produce higher revenues, grow faster and have better returns for their investors, to a small vocal few, it falls on deaf ears.  More needs to be done to incorporate modern productive/human capital valuations that can be used in NPV, IRR and CBA analysis.  Methodology that investment bankers and accountants can use in valuing human capital in other business enterprises is in desperate need to be utilized in our industry. 
The high visibility of the plane has always been a flash point for emotional versus objective decisions.  The last 7-8 years we saw just how negative the politics of guilt by association can be with comments like “fat cats” and their tax savings and the Big 3 automakers huge blunder.  The blunder wasn’t showing up in their planes, but not knowing how to defend their use in black and white terms that would have made the question of why they flew to the meetings silly even to the non aviation community.  Private aviation became politically incorrect. 
The National Aviation Business Association (NBAA) has commissioned studies regarding how to calculate productivity by time savings, work environment etc. and yet it never reaches mainstream benefit analysis in the form of calculating revenues.   The story becomes a discussion of the chicken and the egg, which came first, success that allowed them to buy a plane or success because they purchased the plane? 
Return On Investment (ROI) for human capital is not new, however it is getting much more refined for calculating the value of human capital in a company.   The management axiom, “what can be measured can be managed” needs to become mainstream in the corporate aviation world.  Developing productivity or human capital returns should be a goal to corporate aircraft operators to prove the value in more black and white terms.  More productive time should not be as elusive as it seems to be to calculate and used for productivity measurements.

My challenge to those who are in positions of influence within our community is to continue to strive and update methods that can calculate the value of the plane.   There are plenty of bright people who calculate various efficiencies and productivity in the business world.  ROI of human capital is one method that should help.  Our industry needs to develop an accepted model that companies can use to take the plane from being considered a toy to the real business tool it is.  

Mike McCracken
President
Hawkeye Aircraft Acquisitions
Office 727 796 0903

“Jets without Regrets”

Aging Aircraft-How old is too old?

Two thirds of the aircraft’s value can be attributed directly to the chronological age of the aircraft.  The remainder becomes the value of the engines and maintenance.  At the 20 year point plus or minus, most planes are at the portion of their life that a majority of their value is in the last third category of engine and maintenance being the main driver of value.  A well maintained plane therefore brings top dollar and continues to operate.  But is that the end of the story?
There is another portion of the story and that is in the science of predicting failures.  The inspection process is designed around the philosophy of finding issues prior to them becoming flight critical.  In the most simplistic form, if a crack forms at a certain point in time during testing or actual in-service use, inspect a proper interval prior to the crack to ensure no safety of flight issues.  There are hard time inspections, on condition and those that are monitored. 
The bathtub curve for failures becomes of interest.  Basically, it states that after the burn in rate/infant mortality, that products fail at a normal rate up until the wear out phase.  Modern production methods have significantly reduced the burn in/infant mortality portion of the curve.  All components do not wear out at the same time leaving multiple components having different aging curves. However, ultimately, all components are subject to wearing out.
But, as history has proven, can we really predict all of the possibilities?  Even with fail safe design philosophies, there are numerous accident and incidents that have failed to predict a critical failure due to the location of the issue.  Some are related to hours and cycles, some are related to the environment the aircraft has been operated in, and a few are related to the aircraft just being old.  The FAA, as part of its aging aircraft program, has stated that inspection programs may not prevent some of these issues.
Unfortunately, many of the items that can become flight critical are hidden and can be in areas that we do not have good methods of detecting.  Corrosion in certain areas deep inside joints or fatigue cracks that promulgate quicker than previously thought are just a couple of examples.
Perhaps one of the harder ones to predict is the health of the wiring in the plane.  Studies have shown that vibration and jostling of wire bundles over time can cause cracking in wires and their protective casings.  Common areas are around clamps and in areas where after time the wire bundle starts to rub against the airframe or another component.  (Note, wires rubbing against these places are not by original design but could result in years of bumps and bundle movement.)  Inspections may actually have an influence on the increase of wire issues as the bundles are moved around inspecting other areas of the aircraft.  There are also those wire bundles deep in the plane that would be nearly impossible to inspect.  There are efforts to find methods of determining the health of wires but so far none are accurate enough.
So, how old is too old?  No one really knows.  It can vary within the same aircraft model and type.  There are many variables and many of them outside of detection that can influence the reliability of the plane.  I would suggest that when the plane’s intrinsic value is primarily in the engines and maintenance portion of its life that you have reached the point of diminishing returns. 

Mike McCracken
President
Hawkeye Aircraft Acquisitions
Office 727 796 0903
“Jets without Regrets”

Keep or Sell the 20+ year old Jet?

For companies who are flying 20+ year old jet aircraft they are facing some hard decision points.  Do they keep flying the current aircraft and spend $500,000 to over $1,000,000 to fly in portions of the world and airspace now or to be ready to fly in certain US airspace in 2020?  In addition, some of these planes are reaching points in their careers where in addition to high operating costs, large inspections might be 1/3 or more of the value of the aircraft.  You could easily spend over half the value of the plane just to keep flying.  At what point are you throwing good money after bad?
What if anything can replace the current plane and do the job?  What price do you have to pay to get the same mission capability?  The plane is fully paid for and depreciated and off the radar, new capital costs can raise eyebrows.
What will the residual value considerations be?  We know they are low based on the current economy, will they come up or continue to deteriorate?  On some older aircraft the values have come and gone, meaning they are at salvage and will not improve significantly.  For those of you operating planes not yet 20, these are good discussion points about changing aircraft prior to this legacy group to maintain higher residual values.
There is a psychological issue that executives start to have when operating older equipment.  Every company is unique when it comes to those.  How do your executives feel about the age of the aircraft?
All of the above are important considerations. 
One item that is worthy of analysis is the reliability and availability of the aircraft.  Keeping track of maintenance and reliability factors becomes critical on older aircraft.  For companies that can afford to spend large amounts on maintenance, reliability becomes one of the most limiting factors.  And I am not necessarily talking about dispatch reliability.  It is the amount of maintenance downtime it takes to keep the plane flying and how at some point that will limit the number of days and amount of hours you can fly the aircraft.  It is calculating productivity of a machine.  The boss always has a plane no matter how many days, nights and hoops it takes to get it ready.  However, at some point, there are not enough extra days and hours based on your scheduled flying days and hours to keep the plane in the air.
I think it is a calculation that should be done on every aircraft, even new aircraft, but at a minimum it should be part of anyone operating an older aircraft’s routine tracking.  At any given point you will know your availability, be able to see trends and be able to advise management on how efficient the plane is doing from a productivity standpoint.  You will also know if they decide to increase your flying 10 hours or more a month whether the current equipment can actually meet the scheduled demand.  Or, you may be able to advise management that we can keep the current planes flying but expect no more than X days/hours availability on a consistent basis.
There isn’t an easy answer and not a one size fits all.  However, I do feel that reliability and availability records are an excellent resource that supplements the operating cost portion of the picture as well as many other considerations.    When a plane can’t keep up it will require supplemental lift or multiple aircraft to do the mission of one, and that might be OK or it might not be acceptable.  This is just another tool you have to help management make a well informed decision. 

Hawkeye Aircraft has developed a simple to use basic tool for calculating reliability and availability.  Please contact us for details.
Mike McCracken
President
Hawkeye Aircraft Acquisitions
Office 727 796 0903
“Jets without Regrets”

What is the next plane for Hawker owners?

What and where do Hawker 800XP, 850XP & 900XP owners go when they need to upgrade?
Having worked for Hawker Beechcraft for 28 years of which the last 16 of those years I sold Hawkers I feel like I am uniquely qualified to assist Hawker owners transition to their next plane.
Hawkers were the most popular mid-size jet.  They were not the fastest, there were others that had slightly more range, they had less baggage space than any other aircraft, and had a cabin that was bigger than most but not the longest.  Yet it had solid lead in market share and commanded premium prices.  The reasons for its success are many, however I always felt that while it did not excel in every category, it did everything well and offered the most comfort for the typical mid-size passenger load.  Not flashy but a solid choice.
So, what is the right plane to replace your Hawker?  Well that depends on several variables including how old is your current aircraft, how old a plane you want to fly, your replacement time frame, mission profile to name just a few.
There are the same choices that were there when you purchased your Hawker (new G-150, Sovereign+, used Lear 60XR) and there are new planes (Latitude, Legacy 450) entering the market place.  It will be even more important to understand your mission and future missions to make the best choice for your future operations.
As an aviation acquisition specialist I help companies formulate a fleet/aircraft purchase plan as well as a future exit plan.  Your plane represents a large capital investment and should be treated the same way with a thorough process.  Knowing and understanding why you selected the Hawker is important part of the next plane acquisition.
Hawkeye Aircraft Acquisitions is your professional aviation expert.  For more information on our services please contact us.

Mike McCracken
President
Hawkeye Aircraft Acquisitions
Office 727 796 0903
“Jets without Regrets”