Tracey Cheek posted an articleAppraising the Truth - Why Business Aviation Needs Accurate Aircraft Valuations and Appraisals see more
NAFA member, Jason Zilberbrand, President of Vref, writes about why business aviation needs accurate aircraft valuations and appraisals.
Q: How did Vref get started down the road of providing prices and supporting data on aircraft?
A: The Vref story began roughly 25 years ago. The first Vref guide was published in January 1994. Vref was first published by Fletcher Aldredge, a former analyst at Aircraft Blue Book. He was unhappy with how information and data were being published, collected and updated so he started his own Guide. Fletcher created a platform that was ahead of its time and has the most trusted data in the industry. Vref is used by every bank, financial
institution, broker and aviation professional as one of the trusted resources they can depend on for accurate information on aircraft. By providing up to date real time values for helicopters, all fixed wing aircraft, and now engines and commercial narrow bodies; Vref is the predominant force in aircraft value data.
Q: So how did you and Ken Dufour, the CEO of Vref, get involved?
A: Ken and I were brought in to oversee the day-to-day business operations, run the company and implement new services. Ken and I have very different skill sets and backgrounds. I have spent the better part of my life in aviation, having come into the business when I was still in college, when my father started Jet Support Services Inc. (JSSI), which we sold in 2008. For the last 15 years I ran an international aircraft dealership and brokerage.
My time at JSSI was invaluable in preparing me for what I now do at Vref, in that we were myopically focused on maintenance events and costs, and I was introduced to an amazingly diverse network of people in the MRO shops, the OEM community and in the aircraft financing and banking sectors. Buying and selling aircraft further honed my skills, and by applying my maintenance and engine knowledge base to brokerage it created opportunities
that I might not have ever been able to identify. However, when the crash hit on 29 September 2008, a day I will remember forever since it was also the day my eldest daughter was born, we were holding some $320 million in aircraft inventory, in the form of 23 aircraft that we suddenly had no buyers for those were harsh times for many in the sector as deals dried up all over the place. We were able to reach fair solutions to those positions and moved on. However, what happened over the next few years as companies started shedding jobs was that large numbers of people decided to reinvent themselves as aircraft brokers. Simply by selling one aircraft a year they found they were doubling whatever they had been paid in their old jobs. What was once a career that you were lucky enough to get into or in most cases born into, was now nothing more then a cell phone, website and access to classifieds. In that environment, being a broker no longer held out much interest for me. I was much more interested in the challenge of how one could go about gathering the data required to put a realistic and accurate value on particular aircraft. I was spending more and more of my time trying to determine where forecasts of values were going and appraising aircraft. It was apparent when I started doing more aircraft appraisals that Vref would be the perfect company for me to grow my career.
Q: I believe Ken came into it from an entirely different route?
A: Absolutely. Ken is without question the foremost expert appraiser of aircraft in the US. He is a Accredited Senior Appraiser with the ASA and he has appeared as an expert witness in over fifty cases and has helped his side to win them all. I should mention that he has been mentoring me as far as becoming an expert witness is concerned, and I have now appeared as an expert witness in two cases, both of which we won. We now offer expert witness services as part of the Vref portfolio of services, be it via actual court appearances and testimony, or via deposition.
Q: Can you give us something of a flavour of the kinds of cases involving business aviation aircraft that call for expert witness testimony?
A: A very common scenario is where you are acting either for the owner of an aircraft that has sustained damage, or for the insurance company or OEM. What you are trying to determine is what the value of the undamaged aircraft would have been at that point in time, and what its value is now that the damage has been sustained. It is a hugely complicated calculation, with a lot of moving parts. Ken is an absolute master at producing an evidence-based appraisal and his work has never been successfully challenged. That is part of the skill we bring to Vref.
Click here to read the full article.
This article was originally published in Business Aviation Magazine, Summer 2018, p. 78.
Tracey Cheek posted an articleVREF Aircraft Reference Value & Appraisal Services Announces Partnership with AIC Title Service for VREF Verified Reports.VREF Aircraft Reference Value & Appraisal Services announces Partnership with AIC Title Service see more
VREF Aircraft Reference Value & Appraisal Services, the leading provider of aircraft valuations, celebrates its 25th Anniversary by announcing a strategic partnership with AIC Title Service (AIC).
VREF and AIC are excited to be offering a comprehensive report that includes both an aircraft’s value statement as well as its title records.
VREF Verified Reports provide buyers and sellers of aircrafts with a comprehensive report that features critical information on the value of a specific aircraft by equipment and serial number. Now, thanks to its partnership with AIC, these reports will also include airframe title, including 337’s, along with engine and propeller searches to produce one report with VREF .
“We couldn’t be more excited about the collaboration with AIC for the creation of our reports. It is a win-win for aviation, and AIC has proven itself to be a leader in implementing technology to support its products, services and clients,” said Jason Zilberbrand, VREF President and CTO. “This partnership will allow for a seamless integration into VREF’s new platform, which is in current development.”
“VREF Verified Reports has long been known in the industry as the ‘CarFax’ of aviation,” said Clay Healey, President of AIC Title Services. “We are proud to partner with VREF to provide our customers a one stop shop to find the values of an aircraft and its equipment, as well as its title records, including 337s.”
VREF Verified reports are available today direct from both VREF and AIC Title Services’ websites as well as numerous resellers including AOPA, air.one and Primary Flight Controls.
VREF is the Official Valuation Guide for the AOPA.
VREF –Aviation’s Most Trusted Valuation Guide offers its real-time valuation tool Aircraft online via subscription as well as Fully Comprehensive Appraisal Services by ASA’s and the VREF Verified “Carfax” Report.
For further enquiries or interviews please contact the VREF team. E: email@example.com
About AIC Title Service
AIC Title Service is one of the most innovative and technologically-advanced aviation service providers in the industry. AIC is the global industry leader in aviation Title Services, Escrow, Document Filing, Lien Clearance, and International Registry filings. AIC is the exclusive provider of title searches for AvSure, easing client access to aviation title insurance both domestically and internationally. Customers can request title searches online, and complete escrow transactions all within the Aircraft Closing RoomTM, the only virtual aircraft closing platform in the industry. Additionally, the Closing RoomTM is protected by Blockchain, making AIC’s customer data the most secure in the industry. AIC's team of 40+ employees boasts over 600 years of aviation experience and completes over 15,000 title searches and 4,000 closings annually. AIC makes aircraft transactions seem simple.
For further enquiries or interviews please contact the AIC Title team. E:firstname.lastname@example.org