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Regular European business travellers view travelling on commercial airlines as inefficient and inconvenient~ Mostly it is not the airlines' fault but the infrastructure they have to work with. Private aircraft are being bought primarily not to save money on tickets but to save time. Scheduled flights in Europe cover only 10 per cent of the destinations available. Delays, more likely than not in European travel these days, waste precious time. The number of hours top executives with huge salaries waste has a direct impact on cost-effectiveness.
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The gradual completion of Europe's single market means that more and more executives are crisscrossing Europe looking for business. With European domestic air fares extremely high, a corporate jet looks more attractive for executives flying three or four times a month. Even some of Europe's smaller companies are investigating it. However, the larger European airports operate priority regulations which govern slot allocation for take-off and create delays; airlines have first priority, chartered flights come second, air taxis third and business jets are fourth on the list. Smaller airports pose problems of access and a risk of inadequate ground handling.
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Most businesses will not discuss their corporate aircraft or even reveal whether the already high-earning chief executive has an aircraft, for fear of shareholder reaction. There is still some stigma attached to ownership of a business jet. With new planes costing anything from $5 million upwards plus extra comforts in the interior, many companies feel they can't justify the expense to shareholders and employees. For some European managers a private jet is seen as an unacceptable perk indicating serious problems in a company's management.
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The market for private aircraft divides into two sectors: the no-expense-spared rich man's plaything - the popular image - and the serious business tool owned by corporations. Manufacturers deliver the former as what is called a 'green' aircraft - a plane that is unfinished except for a green corrosive-resistant paint which covers the bare metal. Owners personalise the plane with telephones, dining areas and even cinemas. The latter sector is very different and planes are normally bought with straightforward seating.
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Fractional ownership of aircraft has opened up the market, as the low acquisition costs and predictable monthly fees are more palatable to shareholders, and to first-time buyers. Some of the biggest names in the business jet industry have launched their own fractional ownership schemes. Several smaller companies are also getting in on the act and are trying to beat the larger companies down the runway by offering cheaper prices. Yet critics claim that fractional ownership is untested and faces the customer with a wide range of liabilities.