Aircraft management is the term used to describe all of the services that are offered through an aircraft management company. Aircraft management can be categorized into charter aircraft management and turnkey aircraft management. Charter aircraft management services offer charter opportunities for a company or individual’s aircraft, while the client maintains the operations of the aircraft. Through this management service, clients have the potential of generating revenue by utilizing unused time of the aircraft. Before an aircraft is to be chartered, the aircraft would have to be approved for a charter certificate.
On the other hand, turnkey aircraft management is the total management of an individual or company’s private aircraft. This is considered a full-management service in which the owner transfers operational responsibilities to the aircraft management company. All day-to-day activities to maintain the aircraft are provided by the company. These services include: technical services such as maintenance and repairs, crew management such as hiring and payroll, training for crew personnel, security for the aircraft and travelers, and making sure FAA compliances are met. Customer service, to provide support for all details of the trip, is also provided, as well as accounting to streamline the aircraft’s financial management. Companies or individuals obtaining the services of turnkey aircraft management also have the opportunity to turn a company’s asset into revenue by charting the aircraft when not in use. Again, most charter companies require the aircraft to be approved on the charter certificate. Once it is granted, the company or individual has the potential to generate millions of dollars.