New York City, NY (PRWEB) March 10, 2009
Revolution Air, a charter broker company providing private jet charter services and travel solutions, has seen an increase in corporate charter flights from companies receiving government financial assistance. This increase is due to updated restrictions related to participation in TARP (Troubled Assets Relief Program), EESA (Emergency Economic Stabilization Act), and other government financial assistance programs.
On February 4, 2009, the United States Treasury announced new restrictions on executive compensation for organizations that receive government assistance in handling problems related to the current economic climate. Companies affected include companies receiving exceptional financial recovery assistance and financial institutions participating in generally available capital access programs. Included in these restrictions were expenditures related to aviation services, which are under tight scrutiny by both organization CEOs and the government.
With these restrictions, many Fortune 500 companies, smaller organizations, and financial institutions are selling their corporate aircraft, closing associated flight departments, and backing out of aircraft purchase agreements. However, these organizations still have a strong need for private business travel to attend high-level and essential corporate meetings, negotiations, and events.
"It's no secret that corporate flight departments are currently being regarded as luxury items for businesses, which is rather unfortunate given their necessity in today's worldwide competitive corporate environment," said Ron Goldstein, President of Revolution Air. "Even though the government would prefer for all of these organizations to use commercial transportation for business travel, it is not always a viable option. For instance, high-level executives require certain security measures for not only their personal safety but the safety of sensitive documents they travel with, which is not feasible on a commercial airline. Revolution Air charter flights offer an affordable solution that provides privacy without undue costs."
Using charter travel, such as that arranged by Revolution Air, provides the conveniences and security associated with a company-owned and managed corporate aviation flight department, without the overhead associated with operating one in-house. Chartering an aircraft allows for multiple business meetings in multiple locations in the same day, without the added expenses of hotel and ground transportation or time lost due to layovers, connecting flights, or other commercial travel obstacles.
According to Goldstein, changes in the economy have also changed the purposes for use of charter travel. "Previously, when high-level individuals chartered aircraft, it was for business as well as personal use," said Goldstein. "Now, Revolution Air sees a trend forming where corporate executives use charter aircraft for business travel and rely on commercial travel for recreational activities such as golfing in Naples or skiing in Aspen."
About Revolution Air
Founded in October of 2003, Revolution Air has provided private air charter and transportation solutions for high-profile individuals and many corporate organizations. With locations in New York City, New York, and Pittsburgh, Pennsylvania, Revolution Air provides access to air charter jets seating 6 to 15 passengers or larger VIP-configured business jets accommodating 15 to 150 or more passengers. Its beyond-first-class air charter services offer a safe and secure flight environment with a dedicated flight team who manages every nuance and personal request for each trip, from the on-board amenities to the distribution of up-to-the minute itinerary information. Revolution Air prides itself on delivering travel for the finest 21st century lifestyle. At Revolution Air, our world revolves around you. For more information regarding Revolution Air, visit http://www.revolutionair.com, e-mail info(at)revolutionair.com, or call 866-REV-JETS or 212-755-2000.