U.S. markets close in 1 hour 29 minutes
  • S&P 500

    3,757.67
    -62.05 (-1.62%)
     
  • Dow 30

    30,803.47
    -466.62 (-1.49%)
     
  • Nasdaq

    12,704.26
    -293.49 (-2.26%)
     
  • Russell 2000

    2,122.69
    -85.10 (-3.85%)
     
  • Crude Oil

    63.59
    +2.31 (+3.77%)
     
  • Gold

    1,694.60
    -21.20 (-1.24%)
     
  • Silver

    25.33
    -1.06 (-4.02%)
     
  • EUR/USD

    1.1977
    -0.0090 (-0.74%)
     
  • 10-Yr Bond

    1.5410
    +0.0710 (+4.83%)
     
  • GBP/USD

    1.3900
    -0.0053 (-0.38%)
     
  • USD/JPY

    107.8520
    +0.8500 (+0.79%)
     
  • BTC-USD

    48,257.00
    -3,173.80 (-6.17%)
     
  • CMC Crypto 200

    967.33
    -19.88 (-2.01%)
     
  • FTSE 100

    6,650.88
    -24.59 (-0.37%)
     
  • Nikkei 225

    28,930.11
    -628.99 (-2.13%)
     
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Aviation marketplace FLYJETS sees interest double amid pandemic

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Yahoo Finance’s Alexis Christoforous and Jessica Fisher, FLYJETS CEO, discuss growth amid the COVID-19 pandemic.

Video Transcript

ALEXIS CHRISTOFOROUS: Private jets are no longer just for the uber-wealthy. Travelers looking for ways to avoid crowded airports are now turning to charter jets for the convenience and privacy that they afford them. Joining me now is Jessica Fisher. She is CEO of FLYJETS, a startup for private jet flights. Jessica, thanks for being with us. So I'm curious what demand has been like for these private jet flights today versus a year ago this time.

JESSICA FISHER: So we're definitely seeing an increase in demand, and travelers looking for options that will increase their spatial requirements and make them feel and function in a completely safe way. So we've definitely seen an increase in inquiries. We've seen new customer inquiries, at least double, triple this year.

But, you know, I think just getting from point A to B, whether someone's looking to fly charter or commercial, the trend is really in how do I increase-- how do I get more space? How do I have an extra seat next to me? How do I make sure that I'm sharing a charter aircraft with less people? So really we're just listing that demand for ways to increase space and still get to where you need and still enable people to get to where they need to go.

ALEXIS CHRISTOFOROUS: So I'm curious on, well, a number of fronts. But let me ask who the client is here. And are they older people? Are they at-risk fliers? Are they fam-- I mean, I'm a family of five, and I would think that this would be out of reach, that this would just be, you know, too costly to do.

So my other question would be, how does the price for a private jet compare to a commercial flight? I mean, is it 10% more, 15% more, more than that?

JESSICA FISHER: So it's interesting, because it really depends on current market dynamics, right. So FLYJETS is-- and we built an electronic aviation marketplace for flyers and aircraft providers so our customers-- it's a two-sided marketplace. We have fliers. We connect them with aircraft providers who are owners, managers, and operators. And we connect them in a way that buyers and sellers traditionally connect.

So when you digitize a marketplace, you're always-- you're increasing transparency. And price has become a lot fairer, right. They really reflect market value. So when you ask what the difference between air charter prices and commercial prices are, it really depends on what current market dynamics are. Right. So perhaps my flight from New York to Florida may cost $15,000, $20,000 for a one-way way on a certain day.

On another day there could be some kind of discount. And based on supply and demand and being able to match up with other parties on similar routes, that price could go down to $10,000, to $8,000, which is really the reason we built this up, right, to show people what their opportunities are, how commercial seats on-- whether it's economy, business, or first class-- compares to a seat on a charter or to a full charter aircraft and let them pick for themselves.

So I think that the question about specific prices is a little bit-- it's a little bit more complicated than just one-offs. But, again, you have kind of a standard price depending on the aircraft and that price changes daily, just depending on supply and demand.

ALEXIS CHRISTOFOROUS: Are the folks who were flying doing this for business purposes? Is it leisure travel? Are they families? Who's using the service?

JESSICA FISHER: Yeah. It's a little bit of everyone. Obviously right now we're seeing an uptick in need-based trips, right-- people who want to what-- we're seeing a lot of people who want to visit their grandparents, right, and people who are concerned for health reasons. But we're also seeing typical vacation travel this time of year, right. How do I get-- people are asking us, how do I get where I need to go in the safest, easiest, most hassle-free way possible?

ALEXIS CHRISTOFOROUS: Are you anticipating any partnerships with commercial airlines? I mean, today JetBlue's CEO came out and said he doesn't believe business travel will come back in one to two years. And we know we're seeing the furloughs at these companies, we're seeing the struggles that they're going through. Do you foresee FLYJETS entering some sort of a partnership with a commercial airline in the new year?

JESSICA FISHER: Absolutely. So we're actually-- this week we go live with our full commercial functionality. So we're psyched. We're now offering air charter and commercial options all in one place, right. So we don't have the specific one-off relationships, but we will be offering JetBlue on our website. What's cool about that is, I can see, you know, what is the right way for me to travel on this specific trip? Do I want to charter a plane? Do I want to charter a plane with other people and take up a space? Or do I want to take one, two, three seats on a commercial airline? It's really about enabling access and getting people where they want to go in the optimal way.

ALEXIS CHRISTOFOROUS: All right. Jessica Fisher, CEO of FLYJETS. Thanks for being with us.

JESSICA FISHER: Alexis, thank you for having me.