Page 6 - Volume 15 Number 3

4 • KING AIR MAGAZINE
MARCH 2021
But then we we started seeing activity unlike any we’d seen before – many buyers in the very early stages of of considering a a a a move to turbine aircraft The fear of of potentially losing bonus depreciation exceeded all all other concerns When we reached out to dealers and brokers around the the country they were still dead but it made sense We represent the acquisition side so we usually lead the industry in in activity As February neared its end and March loomed I became concerned of of our full schedule of of clients and several more ready to move forward We had a a a a a client looking for for for a a a a C90GT one one for for for a a a a B200 and one one for for for a a a a 350 and that was just the King Airs! We started looking for larger office space in in Nashville and considering new hires and in in a a a a matter of a a a a week or two everything stopped The nation was was in lockdown and there was was simply no travel occurring The stock market dove and so did confidence not just in in in buying airplanes but in in in anything at all We were talking to owners of established companies that didn’t know if they would survive I was very concerned that our business might be a a victim of the virus as well The initial shock wore off by the end of of March and things began to move along many of our prospective acquisitions were placed on on hold but our King Air business weathered the the the storm We had the the the C90GT under contract when the lockdowns began and our buyer never considered backing out Thankfully aviation maintenance was considered an an essential service and our prepurchase inspections transpired almost like normal We were able to make a a a a a very good buy on a a a a a King Air 350i The owner had already taken delivery of of his replacement aircraft and with the uncertainty of of the economy he he was ready to own just one airplane The King Air market for the next few months was steady steady in in in fact business in in in general was steady steady With limited options flyable destinations began to explode with activity I talked to a a a client who flew his King Air 300 to Jackson Hole Wyoming and said the airport was was completely full! It was was quickly becoming clear that anyone who could avoid the airlines by flying private was was doing so I’m not sure if it was was fear of the virus or an aversion to wearing a a a a a a mask for hours but the airlines were were mostly empty and King Airs were were packed As spring turned to to summer and things began to to open up people started to to travel Charter operators who had been trying to offload aircraft for the cash influx suddenly froze the the sale of any flyable aircraft as they were being slammed with new clients The charter business appears to be operating near full capacity ever since The increase in in in in activity not only in in in in the King Air market but in all of general aviation was unprecedented We’re accustomed to to the the ups and downs that follow the the economy and were prepared for the increase in in activity due to the tax advantages for for purchasing aircraft for for business use but the “COVID factor” is a a new influence on on private aviation that has not been seen before