The term fractional ownership originally became popular for business jets. Richard Santulli of NetJets pioneered the concept of allowing businesses to purchase shares in a jet to reduce costs. With a fractional jet plan, members will typically fly in any jet available, not necessarily the one in which they own shares. The management company will reposition jets as necessary and provide flight crews. Companies with greater needs purchase larger shares to get access to more time.
The fractional-ownership concept has since been extended to smaller aircraft and has now become common for single-engine piston aircraft like the Cirrus SR22, which are beyond the financial means of many private pilots. The same concepts apply, except that the management company may not provide flight crews nor reposition the aircraft.
Many pilots get together to buy light aircraft in a privately bought and managed fractional ownership, this is often known as group flying.
Fractional ownership has played a significant role in revitalizing the general aviation manufacturing industry since the late 1990s, and most manufacturers actively support fractional ownership programs.
Other articles related to "history":
... has been seen in almost every society in history ... and Romans to Napoleon's France and Elizabethan England, much of history is filled with stories of entertainment based on games of chance ... In American history, early gambling establishments were known as saloons ...
... The Skeptical School of early Chinese history, started by Gu Jiegang in the 1920s, was the first group of scholars within China to seriously question the traditional story of its ... early Chinese history is a tale told and retold for generations, during which new elements were added to the front end" ...
... The breakup of Al-Andalus into the competing taifa kingdoms helped the long embattled Iberian Christian kingdoms gain the initiative ... The capture of the strategically central city of Toledo in 1085 marked a significant shift in the balance of power in favour of the Christian kingdoms ...
... History of Charles XII, King of Sweden (1731) The Age of Louis XIV (1751) The Age of Louis XV (1746–1752) Annals of the Empire – Charlemagne, A.D ... on the Manners of Nations (or 'Universal History') (1756) History of the Russian Empire Under Peter the Great (Vol ... II 1763) History of the Parliament of Paris (1769) ...
... The history of computing is longer than the history of computing hardware and modern computing technology and includes the history of methods intended for pen and paper or for chalk and slate, with ...
Famous quotes containing the word history:
“Jesus Christ belonged to the true race of the prophets. He saw with an open eye the mystery of the soul. Drawn by its severe harmony, ravished with its beauty, he lived in it, and had his being there. Alone in all history he estimated the greatness of man.”
—Ralph Waldo Emerson (18031882)
“Man watches his history on the screen with apathy and an occasional passing flicker of horror or indignation.”
—Conor Cruise OBrien (b. 1917)
“A great proportion of the inhabitants of the Cape are always thus abroad about their teaming on some ocean highway or other, and the history of one of their ordinary trips would cast the Argonautic expedition into the shade.”
—Henry David Thoreau (18171862)