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  • NAFA Administrator posted an article
    Understanding the Benefits and Challenges of the FAA’s Online Registry see more

    FOR IMMEDIATE RELEASE:  September 5, 2023

    Contact: Tracey Cheek 


    Understanding the Benefits and Challenges of the FAA’s Online Registry  


    In May, the FAA opened its online registration platform, the Civil Aviation Registry Electronic Services (CARES), for individual aircraft owners to submit their general aircraft registration application online. The online registry allows users to fill out and electronically sign self-guided aircraft registration applications, securely upload legal and supplemental documents, receive auto-generated notifications, request aircraft registration N numbers and make online payments.   

    The FAA still accepts paper registrations and will expand the online services to include corporations, LLCs, partnerships and non-citizen trusts. The decision to offer online registration will help alleviate some of the backlog of outstanding registrations and is a step to modernize the registration process.    

    Allowing individuals to register their aircraft with CARES makes registering more advanced, accessible and may reduce registration costs if they register themselves without professional assistance. However, owners and owner agents still need to be cautious of the possible complications and challenges of registering an aircraft themselves.  

    Registering an aircraft with the FAA has many rules, regulations and nuances, and even the most minor mistakes in the process may cause a delay in registration or the plane to be grounded. Mistakes in registering aircraft are not uncommon, and these errors carry significant costs and time spent cleaning these mistakes with the FAA if the registration is not completed correctly the first time.  

    In addition, the backlog of workload the FAA currently has in registering aircraft will increase the time to register if the information is not entered correctly in CARES. The additional time the FAA spends finding, reporting and amending registry mistakes delays the registration process significantly. 

    There are also security risks with opening the registry. To date, no checks and balances are in place to verify the identity of the person registering the aircraft. Additionally, digital signatures are accepted, making the system vulnerable to fraud or forgery or compromising in the authenticity of the information.    

    If not caught at the front end, the errors made at registration will eventually arise when the owner looks to sell the aircraft. If there were any errors made during the registration process, the seller and buyer may not be able to complete the transfer of ownership, or they may find the aircraft grounded until these mistakes are cleared with the FAA. Errors during registration also make obtaining an accurate title and ensuring the aircraft title is clean of all clouds, claims or liens challenging.  

    As part of the National Aircraft Finance Association’s (NAFA) Light Aircraft Roundtable, NAFA Vice President Bryan Byers raised concerns about opening the registry and its impact on the aircraft finance industry. “We may not see the mistakes entered in the registry initially; however, these errors may pose significant future challenges for transfers of ownership and resales to new buyers and those who help facilitate these transactions.” 

    Prospective buyers should always work with reputable aviation professionals when purchasing an aircraft, whether it comes to financing, insuring or registering. Experts focused exclusively on business aviation are equipped with the latest information to ensure you have a smooth experience throughout the life of the transaction. This is especially important when navigating the new registration portal so the aircraft you purchase can get flying as soon and as safely as possible. 

    Depending on your experience level, you should seek counsel on the registration process from an aviation professional to better understand the process, the issues and the roles of the team needed to close these deals successfully. 


    About NAFA:The National Aircraft Finance Association (NAFA) is a professional association that has been promoting the general welfare of aircraft finance for 50 years. Our network of members is comprised of lenders and product service providers who work together to finance general and business aviation aircraft. NAFA sets the standard for best practices in aviation finance by educating its members on the most up-to-date industry trends and best practices. Government legislation, market influences, and industry insights allow member companies to provide the highest quality services the industry has to offer. 

     September 06, 2023
  • NAFA Administrator posted an article
    NAFA Welcomes New Member: Thunderbird Airways see more

    FOR IMMEDIATE RELEASE:  September 5, 2023                                    

    Contact: Tracey Cheek  

    Steve Hofmann 


    NAFA Welcomes New Member: Thunderbird Airways 

    National Aircraft Finance Association (NAFA) is pleased to announce that Thunderbird Airways has recently joined its network of aviation professionals. Thunderbird Airways is an experienced, on-demand private jet charter operator and aircraft management company. 

    “NAFA members proudly finance, support or enable the financing of general and business aviation aircraft worldwide. We extend a warm welcome to Thunderbird Airways and support their services to further NAFA members in the aviation business,” said Ed Medici, NAFA President.  

    About Thunderbird Airways: 

    Thunderbird Airways provides on-demand charter flights anywhere in the continental U.S. Thunderbird also offers a full-service aircraft management program for corporate and personal aircraft, enabling aircraft owners’ peace of mind that their plane is cared for and maintains its airworthiness.   

    With a legacy in the private aviation sector, Thunderbird Airways connects people and destinations by putting the personal well-being of their passengers and crew first. Over decades, Thunderbird has earned the trust of a lasting customer base that transcends industries.  

    Thunderbird services include: 

    • Charter operator
    • Aircraft management 
    • Aircraft sales and acquisitions   

    Steve Hofmann, President of Thunderbird Airways and its parent company, E.N.G. Aviation, is an entrepreneur at heart. Steve's aim is to unite his passions for people, planes and technology to create a simpler, more seamless charter and aircraft ownership experience. His vision is to create an atmosphere of inspiration and comfort that makes the journey part of the destination.  

    Before joining Thunderbird Airways, Steve spent almost a decade pursuing his passion for innovation in the technology sector and is proud to have served in the United States Marine Corps. Steve's life-long love of aviation extends into his personal life as well. He is a multi-engine and instrument-rated private pilot with plans to achieve his first type-rating in 2023.  

    For more information, visit


    About NAFA:    

    The National Aircraft Finance Association (NAFA) is a professional association that has been promoting the general welfare of aircraft finance for 50 years. Our network of members is comprised of lenders and product service providers who work together to finance general and business aviation aircraft. NAFA sets the standard for best practices in aviation finance by educating its members on the most up-to-date industry trends and best practices. Government legislation, market influences and industry insights allow member companies to provide the highest quality services the industry has to offer.

     September 05, 2023
  • NAFA Administrator posted an article
    NAFA Welcomes New Member: Signature Bank see more

    FOR IMMEDIATE RELEASE: August 28, 2023                                    

    Contact: Tracey Cheek  

    Ross Thomson
    SVP Commercial Banking Division Head 

    Dave Wymer 


    NAFA Welcomes New Member: Signature Bank 


    National Aircraft Finance Association (NAFA) is pleased to announce that Signature Bank has recently joined its network of aviation professionals. Signature Bank provides tailored banking solutions to facilitate the lending process for aircraft buyers.   

    “NAFA members proudly finance, support or enable the financing of general and business aviation aircraft worldwide. We extend a warm welcome to Signature Bank as a valuable addition to our association,” said Ed Medici, NAFA President.

    About Signature Bank: 

    “We are inclined to lend” is Signature Bank's philosophy, demonstrating its commitment to going beyond the numbers to understand the stories behind a client’s business. Signature Bank helps clients find solutions whether their goals involve enhancing cash flow, expanding operational capacity, acquiring new ventures or restructuring existing debt.   

    Signature Bank offers products and services catered specifically to the needs of the aviation business industry, including the following: 

    • Expertise: Knowledgeable Bankers that provide insights and solutions tailored to your challenges 

    • Customization: Flexible financial packages, from aircraft financing to cash flow, hangar and equipment solutions 

    • Efficiency: Streamlined processes for quick access and decision making 

    • Connectivity: Access to a national network of aviation contacts 


    Signature Bank’s products and services for aviation business across the nation include:  

    • Aircraft financing for Part 91 or Part 135 operators 

    • Hangar construction and permanent financing 

    • FBO improvement, working capital and equipment financing 

    • Customized corporate credit programs 

    • Expanded FDIC insurance coverage on deposits 

    • Online Banking platform with custom automated payment solutions     

    For more information, visit


    About NAFA:   

    The National Aircraft Finance Association (NAFA) is a professional association that has been promoting the general welfare of aircraft finance for 50 years. Our network of members is comprised of lenders and product service providers who work together to finance general and business aviation aircraft. NAFA sets the standard for best practices in aviation finance by educating its members on the most up-to-date industry trends and best practices. Government legislation, market influences and industry insights allow member companies to provide the highest quality services the industry has to offer. 

     August 28, 2023
  • NAFA Administrator posted an article
    Aero Asset releases their Heli Market Trends Half Year 2023 Report Single Engine Edition see more

    NAFA member, Aero Asset, recently released their Heli Market Trends Half Year 2023 Report Single Engine Edition.

    Key Findings


    • Retail sales decreased 60% S1 2023 vs same period 2022 (YOY).

    • Supply for sale ended 70% higher year over year (YOY).

    • Absorption rate increased to 8.5 months of supply at current trade levels.


    • North American buyers accounted for 2/3rd of all transactions S1 2023.

    • Retail transactions to Europe dropped 75% YOY.

    • Europe & North America account for 2/3rd of the worldwide supply for sale.


    • Average asking price increased 11% YOY, buoyed by arrival of low time helicopters on the market.

    • Average transaction price increased 23% YOY.

    • Average days on market dropped 46% YOY.




    • The most liquid preowned market during the 1st half of 2023 was the Bell 407/GX/P/I followed by the Airbus AS350 B3/B3e/H125, and the Airbus EC130 B4/H130.

    • The least liquid preowned market during the 1st half of 2023 was the Leonardo AW119K/Ke/Kx, with an absorption rate of 14 months.



    Download the full Heli Market Trends reports here:

     August 08, 2023
  • NAFA Administrator posted an article
    NAFA Regulatory Committee Ancillary Documents Update see more

    On June 12, 2023, the FAA implemented a new process to make ancillary files accessible in the Public Documents Room (PD Room) for title review purposes. PD Room employees of companies holding permits with the FAA (“Federal Contractors”) were required to sign a Non-Disclosure Agreement (“NDA”), finalized following input by several members of NAFA’s Regulatory Committee, in order to obtain access to these documents.

    Ancillary documents supporting aircraft registrations have been required to be filed with the FAA and have been available to the public, title companies, financial institutions and others needing to determine aircraft ownership for more than 60 years. Ancillary documents include LLC statements, trust agreements, powers of attorney, name changes, certificates of incorporations, estate records, board resolutions, guardianships, receiverships and bankruptcy documents utilized by the title service industry to confirm ownership, other title interests such as liens and leases and to ensure that submissions to the FAA Aircraft Registry (“Registry”) are in recordable form.  

    On December 12, 2022, the Registry announced that it was denying PD Room permit holders access to ancillary documents citing concerns over the inadvertent release of proprietary data and personal identification information (“PII”). Efforts were immediately made by a sub-committee of NAFA’s Regulatory Committee, partnering with representatives from NBAA and GAMA, to obtain an audience with Registry officials in order to discuss industry needs for access to the ancillary documents and solutions for restoring access. Interim solutions involving obtaining and submitting of consent forms from document owners and requests for redacted ancillary documents from the Registry proved unworkable for both the FAA and the title service industry.

    Acknowledging that they were unable to address the backlog of requests for redacted ancillary documents, the Registry announced on May 9, 2023, a new process to restore access to the documents by having PD Room employees of permit holders execute an NDA. Comments and revisions to the NDA were made by NAFA’s Regulatory Committee members, and the FAA issued a revised version. Access to the ancillary documents was restored by the Registry on June 12, 2023, to PD Room employees who had submitted signed NDAs. Key features of the NDAs, further confirmed through communications with the Registry, are:


    1.Ancillary files may be shared internally within the PD Room employee’s company, provided the files do not contain any sensitive personal Identification information (“SPII”). The ancillary documents may not be disclosed to anyone, and the FAA must be notified if SPII is found in the files.

    2.SPII was defined in the NDA as “…information that is linked or linkable to an individual which, if lost, compromised, or disclosed without authorization, could result in substantial harm, embarrassment, inconvenience or unfairness to an individual. This includes social security numbers, driver’s license or state ID numbers, passport numbers, alien registration numbers, financial account numbers and biometric identifiers.”

    3.The information in an ancillary file that does not contain SPII may be used for title search reports, preparing transaction and registration documents, discussions with transaction party representatives, and other things normally done in the ordinary course of business.

    4.The ancillary files themselves may not be shared with anyone outside the PD Room employee’s company, such as buyers, sellers, attorneys, brokers or lenders unless a vetted copy is first requested from and provided by the Registry.

    5.The NDA contains several very onerous provisions for anyone violating the terms of the NDA, particularly anyone attempting to sell SPII or profit from the sale of SPII.

    In summary, the new process for access to ancillary documents seems to be working well and has permitted users of these documents to get back to business as it was before the FAA implemented the restrictions in December 2022. As a side note, I met personally with Kevin West, Manager, Aircraft Registration Branch, AFB-710, in Washington D.C. last week, and he shared the good news that Registry’s backlog in processing registration documents has now been reduced to 43 days!

    Bruce L. Marshall

    Chair – NAFA Regulatory Committee

    EVP and General Counsel - AIC Title Service

     August 07, 2023
  • NAFA Administrator posted an article
    Explore the Advantages & Opportunities of Business Aviation see more

    Time is a precious commodity, and companies of all sizes and in all industries need to make every moment count. That’s often easier said than done, especially for organizations that operate on a global scale and require regular travel from their executive team. 

    Corporate aviation aims to solve this problem by offering companies the freedom and flexibility they need to set their own travel schedules, arrive closer to their final destinations and be productive while on the go. 

    Check out NAFA member Essex Aviation's H. Lee Rohde, III, President and CEO's latest blog post to learn more about the benefits of and key considerations for business aviation.

    Read blog post here

    This blog post was originally published by Essex Aviation on July 11, 2023.

  • NAFA Administrator posted an article
    Moving from Part 91 to Part 135 to speed up the FAA approval process see more

    The existing backlog that blankets the FAA has frustrated everyone registering private aircraft in the United States. Additionally, those wanting to take flight as Part 91 operators are discouraged by the backlog of obtaining Letters of Authorization LOAs. What was a two to four-week process before COVID-19 could now average well over a year.  

    Although there is no end in sight to the increased demand for private aircraft, the understaffing of the FAA and the backlog of LOA approvals, owners and operators seeking to engage in flight activity sooner can benefit from switching from operating under Part 91 to Part 135.  

    Why move to Part 135? 

    Part 135 operators may engage in commercial operations, while Part 91 operators focus on private and company-owned aircraft. Instead of facing the backlogged LOA process, some operators may consider leasing their aircraft to a 135 operator so that it can be added to the operator’s OpSpecs. This workaround may get owner-operators flying sooner.  

    The FAA did make moves to streamline the process for LOA approvals; however, this process primarily benefited the new aircraft market. With the increased demand for used aircraft, the new streamlined process has not benefited many looking to purchase used aircraft.    

    Of course, additional costs are associated with Part 135 operations, such as higher fees, maintenance costs and crew training. Buyers should be especially aware of any conformity costs that may apply when trying to add a pre-owned aircraft to a 135 operator’s OpSpecs when such aircraft has been operating under Part 91 for most of its operating life. The costs to switch to Part 135, in this case, can be costly.  

    But moving to Part 135 also offers more benefits to owner-operators than simply receiving FAA authorizations quicker, including discounted insurance, third-party charter income, discounts on fuel and liability protection. Additionally, working with a large and established 135 certificate holder could improve the aircraft ownership experience by leveraging scale to tackle modern issues in training availability, component and materials shortages, crew recruitment and retention.  

    Although moving to Part 135 may not be the right choice for every owner-operator, Andrea Villa of Harper-Meyer has helped several clients move forward with the FAA’s operating approval process by making the switch. “Especially with clients with global operations, moving to Part 135 has been beneficial,” Villa said. The switch has provided the added benefit of shortening the certification process, getting these clients operating their equipment the way they envisioned when they purchased the aircraft.”  

    Avoiding more delays 

    Looking for some relief from the FAA backlog, some may cut corners to work around the LOA obtainment process, but this practice is not recommended. If you receive advice that there is a quick fix to getting your FAA special authorizations, there is a good chance this opportunity is untrue and may lead to significant delays once enforcement discovers the loopholes.  

    The FAA has anticipated and witnessed an uptick in illegal operations and has stepped up its efforts on LOA enforcement. If caught flying without the proper authorizations, violations can cost owner-operators dearly, including starting the LOA process from the beginning and wasting significant time the aircraft could be operating.  


    The LOA backlog doesn’t look to be ending anytime soon, despite conversations groups such as NAFA, NBAA and GAMA have had with the FAA and the FAA’s request for an increased budget to handle the backlog and understaffing.  

    To alleviate the process, it’s a good idea for owner-operators to begin the process of approvals as soon as possible. Business aviation professionals that work with the registration process daily are an invaluable source to navigate the delays and are equipped with the latest developments at FAA offices and specific registering officers. 


    The backlog of obtaining LOAs at the FAA has become frustrating for those operating Part 91 aircraft. With the process possibly taking well over a year, individuals are encouraged to explore the potential benefits associated with Part 135 operations, as this switch may benefit owners and operators seeking to engage in flight activity sooner.  

    Starting the approvals process as early as possible is recommended to ease the burden. Business aviation professionals who work with aircraft registration on a daily basis can be invaluable resources to navigate the delays appropriately and get aircraft operating as quickly as possible.  

  • NAFA Administrator posted an article
    NAFA Elects Andrew Farrant as Second Vice President see more

    Contact: Tracey Cheek 


    NAFA Elects Andrew Farrant as Second Vice President 


    Edgewater, MD — June 6, 2023

    The National Aircraft Finance Association (NAFA) is pleased to announce the unanimous election of Andrew Farrant as the Second Vice President. Mr. Farrant joins current Vice President Bryan Byers.  

    Farrant is Chief Marketing Officer at Global Jet Capital and brings a wealth of experience and expertise to NAFA. He is committed to advancing the industry and serving NAFA members’ needs.  

    “I am very excited that Andrew has been elected to a Vice President role with NAFA,” said Ed Medici, NAFA President. “I’m appreciative of the energy, time and advice he has already given NAFA, and I look forward to working with him over the next two years to make NAFA the premier aviation finance industry association.”  

    Farrant expressed his gratitude and eagerness to contribute to NAFA’s mission. “I’m honored to accept this nomination, and I’m looking forward to working with Ed, the balance of the board and our membership as we look to build on the great platform created over the past 50-plus years,” said Farrant. 

    For more information about NAFA and a full list of board members, visit


    About NAFA: The National Aircraft Finance Association (NAFA) is a professional association that has been promoting the general welfare of aircraft finance for 50 years. Our network of members is comprised of lenders and product service providers who work together to finance general and business aviation aircraft. NAFA sets the standard for best practices in aviation finance by educating its members on the most up-to-date industry trends and best practices. Government legislation, market influences, and industry insights allow member companies to provide the highest quality services the industry has to offer. 

  • NAFA Administrator posted an article
    Examining the Impact of Canada’s Select Luxury Items Tax Act on the Aviation Industry see more

    In September 2022, the Canadian government passed the Select Luxury Items Tax Act, which imposes a 10% tax on aircraft valued at $100,000 or more. This tax can potentially impact the large Canadian business aviation industry, including OEMs, buyers, sellers, lenders, dealers and the supply chain of the business aviation industry.   

     Luxury taxes are controversial because they directly affect an individual’s purchasing power. As the Canadian government aims to increase its tax base, this article will discuss how the new luxury tax impacts those involved in aircraft transactions and the aviation business industry.   

    What is the Select Luxury Items Tax Act?    

    The Canadian government passed the Select Luxury Items Tax Act, which levies a 10% tax on selling and importing aircraft worth more than $100,000. The new tax went into effect on September 1, 2022. The Act also applies to luxury cars over $100,000 and boats over $250,000. 

    The legislation applies to “subject aircraft,” meaning an airplane, glider or helicopter. The aircraft must be manufactured after 2018. There are a few exemptions, including: 

    • aircraft designed and equipped for military activities

    • aircraft equipped for the carriage of goods only 

    • aircraft registered with a government before September 2022, provided that a user of the aircraft has possession before this date   

    The luxury tax also does not apply to the sale of a subject aircraft priced above the price threshold where a purchaser and a vendor have entered into a written agreement for the sale of the subject aircraft before 2022 in the course of the vendor’s business of selling subject aircraft equipped for military activities or solely for carrying goods.  

    A manufacturer, wholesaler, retailer or importer is required to register with the Canada Revenue Agency (CRA) under the Select Luxury Items Tax Act if you are, and in the course of your business activities, you sell or import aircraft priced over $100,000.   

    Those that qualify are required to apply to register with the CRA as a registered vendor of aircraft by the earlier of:   

    • the day of the first sale of an aircraft  

    • the day of the first importation of an aircraft  


    How does the new tax affect aviation finance?     

    This tax can potentially impact the significant business aviation industry in Canada. According to the International Trade Administration, Canada is still one of the world’s largest for engineering and manufacturing in aerospace. Canada is the number one civil flight simulator producer, third in civil engine production and fourth in civil aircraft production. In addition, about 80% of Canada’s aerospace sector is civil-oriented, and 20% is military oriented.    

    Because this luxury tax is new, it is hard to determine the exact impact on the Canadian business aviation industry. However, according to a research report by Jacques Roy, professor at HEC Montreal Business School, the luxury tax on aircraft may reduce federal income by 29.9 million a year and lead to at least 2,000 direct jobs lost. 

    This tax can impact the large Canadian aerospace industry in several ways.     

    First, sellers will likely pass the 10% tax on to the buyer. Therefore, Canadian buyers may look for solutions to avoid the tax, but beware there may be hefty fines if not compliant. 

    Lessors may also be impacted if a lessee defaults on an aircraft lease and the lessor is forced to sell the aircraft at a 10% higher price. Sellers who add 10% to an aircraft’s sale price may push the market value for a specific aircraft, which affects the number of potential buyers who would consider that aircraft.     

    Secondly, Roy’s report estimated a loss of nearly 540 million for aviation companies because potential buyers will begin looking for alternatives, such as basing aircraft in the US or waiting to see if the details of the law’s applications changed. 

    A report by the Parliamentary Budget Officer (PBO) estimated the government would receive nine million in new revenue from the aviation sector, which accounts for less than ten percent of the new revenue gain (would mostly come from auto sales). The report also estimated that the tax might reduce sales of autos, boats and planes by more than 600 million a year.    

    In addition, since the tax only applies to aircraft manufactured after 2018, an older aircraft may be more appealing to a buyer, impacting the demand for new aircraft, manufacturers and the labor market. This also counters the government’s efforts to reduce carbon emissions by manufacturing more fuel-efficient planes.  

    In a letter written by Anthony Norejko, President and CEO of the Canadian Business Aviation Association (CBAA) to Chrystia Freeland, Canada’s Minister of Finance, Norejko said, “the imposition of a luxury tax on aircraft in Canada will have negative consequences for Canada’s aviation and aerospace sectors, affecting job creation, business competitiveness, and importantly, the ability of operators to adopt the cleanest and greenest aircraft, impeding progress related to achieving Canada’s net-zero goals.”   

    Moving forward  

    CBAA leaders are encouraging the Canadian government to understand the luxury tax’s full impact on jobs and the economy. They suggest changes in the law, such as increasing the sales price threshold and pausing the luxury tax until the Department of Finance can conduct an economic analysis. 

    Since the new tax is still in effect, it is important to analyze how it will affect any aircraft transaction. The Canadian Revenue Agency is frequently updating the Luxury Tax specifics, so it is best to consult with a tax professional to determine if you are liable for the new tax and how the purchase of aircraft in Canada will affect your tax obligations.   

    In addition, each aircraft lender may approach the Luxury Tax differently, so it’s important to speak with your lender when there's a Canadian entity involved to discuss how the additional tax will be handled in the transaction.   


    Similar to the new Canadian Luxury tax, The United States enacted a 10% federal luxury tax in 1991 but repealed it in 1993. Many see luxury taxes as damaging for luxury goods and believe they do not provide enough revenue to outweigh the damaging effects.    

    Although we cannot predict the sustainability of the Canadian Luxury Tax, experts agree this will affect the Canadian aviation industry while it is still enforced. To understand how this tax will affect you, the National Aircraft Finance Association (NAFA) recommends speaking with a professional lender and tax professional before engaging in an aircraft transaction in Canada.     

    For more information about the Select Luxury Items Tax, please see the website:   


  • NAFA Administrator posted an article
    NBAA Welcomes Passage of NOTAM Improvement Act see more

    Washington, DC, May 23, 2023 – The National Business Aviation Association (NBAA) applauds congressional passage of the NOTAM Improvement Act of 2023, which directs the Federal Aviation Administration (FAA) to improve the Notice to Air Missions (NOTAMs) system. 

    The bill now heads to President Biden, who is expected to sign it. 

    An NBAA-backed amendment in the bill calls for a deadline of Sept. 30, 2024, for the FAA to implement a new Federal NOTAM System (FNS), with an accompanying backup system to mitigate the impact of any primary system outages. 

    “This vital legislation will ensure the NOTAM system operates with the most up-to-date technology available to make it more resilient and create a safer National Airspace System (NAS) for all operators,” said NBAA President and CEO Ed Bolen. 

    “We thank all those who supported this bill, including House sponsors Rep. Pete Stauber (R-8-MN) and Rep. Mark DeSaulnier (D-10-CA), as well as Senate sponsor Sen. Amy Klobuchar (D-MN) and co-sponsors Sens. Jerry Moran (R-KS) and Shelley Moore Caputo (R-WV),” he added. 

    NOTAMs provide real-time information about airports and airspace to help ensure a flight is conducted safely. However, several flaws in the current system were revealed in January, when the FAA issued a nationwide ground stop in the NAS following a widespread system outage. 

    Also included in the final bill is an association-supported amendment that acknowledges the work by a longstanding industry coalition to overhaul NOTAMs and prioritize safety-focused information. 

    This group – led by NBAA Senior Director of Air Traffic Services and Infrastructure Heidi Williams, and composed of representatives from general aviation, commercial airline, ATC and regulatory stakeholders – submitted its recommendations to the FAA in 2020. 

    The FAA subsequently began to modernize the NOTAM process, including the implementation of the coalition’s recommendation of an Aeronautical Information Systems Office within the FAA Air Traffic Organization as a central location for operators to address questions about aeronautical information.


    Founded in 1947 and based in Washington, DC, the National Business Aviation Association (NBAA) is the leading organization for companies that rely on general aviation aircraft to help make their businesses more efficient, productive and successful. The association represents more than 10,000 company and professional members and provides more than 100 products and services to the business aviation community, including the NBAA Business Aviation Convention & Exhibition (NBAA-BACE), the world’s largest civil aviation trade show. Learn more about NBAA at


  • NAFA Administrator posted an article
    Global Jet Capital Publishes Annual Business Jet Market Forecast see more

    Media Contact:
    Aimee Talbert Nardini, Global Jet Capital
    561.212.1594 [mobile]


    Global Jet Capital Publishes Annual Business Jet Market Forecast

    Five-Year Outlook Points to Steady Growth After Record-Setting Demand Cools
    Forecast Projects $195 Billion in Total Transaction Volume Over the Next 5 Years


    Danbury, CT – May 22, 2023 – Global Jet Capital, a global leader in financial solutions for business aircraft, released its annual Business Jet Market Forecast today. In the updated report, the company projects continued growth for the next five years. The forecast also contains insights and projections for the business aviation market through 2027, including breakdowns of new deliveries and pre-owned transactions. The high level of detail in the report is based on outputs generated by Global Jet Capital’s proprietary transaction forecast model.

    “As expected, we have seen a leveling off from the unprecedented demand that our industry experienced post-pandemic, but looking ahead, we see a steady growth pattern for both new and pre-owned aircraft. Most OEMs have strong backlogs and should see improvements in supply-chain challenges that limited deliveries in 2022 and so far in 2023. Pre-owned transactions continue to return to rates more in line with historical trends and are expected to pick up in 2024 and beyond to reflect increasing demand from new aircraft models,” Andrew Farrant, Chief Marketing Officer, stated.

    Based on its econometric top-down model, Global Jet Capital projects $195 billion in total transaction volume of new and pre-owned transactions between 2023 and 2027, with a compound annual growth rate of 3.1 percent during that time.

    In the report, the company forecasts that deliveries of all size categories will increase during the period, but heavy long-range jet demand should increase at faster rates than other sizes as demand favors more international travel. North America is expected to remain the largest business jet market over the next five years, with Europe remaining the second largest market.  Latin America is also forecasted to continue its important pre-owned market interest.

    Global Jet Capital believes that the projections contained within the forecast are a useful tool for individuals and organizations navigating the business aircraft industry. To download the Market Forecast, visit:

    About Global Jet Capital

    With more than $3.5 billion in originations, Global Jet Capital provides financing solutions for the business aircraft market. The Global Jet Capital management team has served the business aircraft industry for a combined 250-plus years and has completed thousands of aircraft transactions. The Company has the expertise, financial strength, industry relationships and infrastructure necessary to offer a variety of flexible financing solutions at the speed the market requires. Visit to learn more.

  • NAFA Administrator posted an article
    How Can Financing Terms Impact your Flight Ops? see more

    Planning to finance your next aircraft? What are the restrictions that lenders may impose on the operation of your aircraft? Gerrard Cowan, with AvBuyer, asks the experts, outlining how such stipulations can serve the bank’s and borrower’s best interests simultaneously.

    While many aircraft owners finance the purchase of their aircraft, financing can impose restrictions and costs that operators should carefully consider before going ahead with a deal, though such stipulations could also offer significant benefits to the owner.

    Mike Smith is President of Scope Aircraft Finance and a long-time member of the National Aircraft Finance Association (NAFA). He explains that every lending institution has its own process and approach to aircraft lending.

    “I like the word ‘guidelines’ instead of ‘restrictions’ because an experienced lender will design a loan structure to match the borrower needs while keeping in line with the lending institution’s risk profile,” he says.

    In a good lending relationship, both the borrower and lender will understand what usage is allowed per the loan terms well in advance of the loan closing, Smith adds.

    “Some examples of guidelines could be maximum hours flown per year and guidelines around usage of the aircraft in charter operations,” he illustrates. “Each lending institution has its own parameters related to aircraft size, age, and more, and the associated ‘guidelines’ tied to the individual aircraft will vary among institutions.”

    Read full article here.

    This article was originally published by AvBuyer on May 11, 2023.

  • NAFA Administrator posted an article
    NAFA 51st Annual Conference: A Truly Exceptional Event see more

    FOR IMMEDIATE RELEASE:  9 May 2023       


    Contact: Tracey Cheek  


    NAFA 51st Annual Conference: A Truly Exceptional Event 


    Key Largo, Fla. – The National Aircraft Finance Association (NAFA) successfully wrapped its 51 Annual Conference on April 22 at the Ocean Reef Club in Key Largo, Florida. This year’s event saw a record turnout, with attendance 40% higher than pre-pandemic levels.  In addition, the Conference fielded a truly unique and unprecedented lineup of speakers and presentations, coupled with high-value networking opportunities, all in an amazing venue – the Florida Keys.

    Headlined by the aviation industry’s top thought-leaders, NAFA 2023 heard from Ed Bolen, President & CEO of NBAA, Pete Bunce, President & CEO of GAMA, Mark Baker, President of AOPA, and Jack Pelton, President of EAA.  Further complimenting the lineup were impactful discussions with Thierry Betbeze, CEO of Dassault Falcon Jet, Mark Burns, President of Gulfstream Aircraft, Craig Sincock, President & CEO of AvFuel and Matt Field, CFO of Joby Aviation.  “Never before have we had such an incredible lineup of speakers and panelists” commented Lou Seno, Conference Chair.  “NAFA seems to raise the bar every year with meaningful content, thoughtful presentations, and engaging the industry’s leadership.”

    “The high energy members brought to the event was inspiring and contagious” commented NAFA President Ed Medici. “Connections were made that will undoubtedly lead to fruitful partnerships and collaborations. We couldn’t be happier with how the event went and the opportunity to build upon NAFA’s strong organization.”   

    The keynote speaker this year was Jeff Kreisler. Jeff is Head of Behavioral Science for JP Morgan Chase, a Princeton-educated lawyer turned award-winning comedian, best-selling author and champion for behavioral economics. In addition, Economic Analyst Dr. LaVaughn M. Henry, former senior economist for the Council of Economic Advisors in the Executive Office of the President of the United States, spoke to the audience about the state of the U.S. economy and monetary policy.  Spirited panel discussions on changes with the FAA Registry, preventing fraud, aircraft values and the pre-owned aircraft market provided additional context to a rapidly changing industry.

    NAFA is particularly appreciative of the record level of sponsorship to support the event, with Platinum sponsors including Aero Asset, AirFleet Capital, Embraer, GE Aerospace, Jet Aviation and Rolls-Royce. Gold Sponsors included AIC Title Service, Engine Assurance Program, Essex Aviation, Gilchrist Aviation Law, Insured Aircraft Title Service, JETNET and Soar Aviation Law. Silver sponsors included 1st Source Bank, Aero-Space Reports, Echo Aviation Leasing,  JetLoan Capital, JSSI, LLJohns Aviation Insurance, PNC Aviation Finance and Scope Aircraft Finance, and Bronze sponsors included AircraftPost, Inc., Aviation Legal Group, Dassault Falcon Jet Corp., GAMA and Vinci Aeronautica.  


    About NAFA:     

    The National Aircraft Finance Association (NAFA) is a professional association that has been promoting the general welfare of aircraft finance for over 50 years. Our network of members is comprised of lenders and product service providers who work together to finance general and business aviation aircraft. NAFA sets the standard for best practices in aviation finance by educating its members on the most up-to-date industry trends and best practices. Government legislation, market influences and industry insights allow member companies to provide the highest quality services the industry has to offer.  

  • NAFA Administrator posted an article
    Trending Toward Older Aircraft: What You Need to Know and Consider Before Purchasing see more

    The private aviation industry is constantly evolving with changes in demand, technology and market trends shaping the industry. One such trend observed in recent years is the increased interest of owners and operators to increase the lifespan of an aircraft. 

    The average life expectancy of an aircraft is between 25 to 30 years, but in today's market, where supply is low, and demand is high, people are continuing to fly their aircraft for five to ten years further. In the past, the market may have had three to four owners in an aircraft's lifetime, but now it is seeing potential for five to six. As a result, people have been shifting away from new aircraft due to lack of availability and considering more mid to late-term planes. 

    Current Market Trends 

    In a typical market, if 8 to 10% of the available operating fleet is for sale on the market, the market is in a supply/demand equilibrium. If that figure exceeds 10%, aircraft prices will see downward pressure and faster market depreciation. Over the past two years, aircraft pricing has increased across the board due to low supply.  

    Peak demand post-COVID-19 saw about 2.5% of the operating business jet fleet available for sale. Since COVID-19, the prices and demand for aircraft have remained high. With fewer options, people push more life out of their plane, and new buyers are open to buying pre-owned, mid to late-term models.   

    Several factors also contribute to the trend of purchasing mid to late-term aircraft, including:  

    • The wait for new aircraft could be two years or more, so people are pursuing the used aircraft market instead of waiting.  

    • Market acceptance for older aircraft is growing, broadening the customer base. 

    • Older aircraft sometimes have unique features that owners and operators like (pilot preference, parts availability, and familiar maintenance requirements). 

    • Greater demand for rental and exchange engines for older model planes indicates that people are trying to gain more life from their aircraft and run their aviation business more efficiently. 


    Things to keep in mind when considering a mid to late term aircraft   

    When thinking of purchasing an older aircraft or extending the life of one, people need to consider certain factors. “When considering purchasing an aircraft that is mid-term (15 to 20 years) or late-term (25 to 30 years and beyond), it is like dealing with a different product entirely rather than one straight off of the production line,” said Nathan Schnitzlein, Director of Strategy at JSSI Parts & Leasing.   

    New entrants into the market are also looking for the best and most cost-effective way to explore business aviation, and operating costs are a large part of the decision-making process. Schnitzlein explains that the operating costs for an aircraft will have peaks and valleys throughout its life due to large airframe inspections and engine shop visits, and these costs vary depending on what point of the lifecycle the aircraft is in.    

    Because operating costs are one of the more important elements in considering an aircraft, and these costs trend up with older aircraft, potential buyers should consider the following when considering purchasing a mid to late-term plane: 

    1. The plane’s maintenance records. Tasks in the Airplane Maintenance Program (AMP) can become more expensive as the plane ages, so it's essential to check with the maintenance schedule to see if any checks are due or upcoming. In addition, there is currently a shortage of parts and maintenance services, which may slow the aircraft from receiving the required service.  

    2. The engine maintenance program. If the aircraft is not covered on an engine maintenance program, what do the forecasted costs look like? Will a buy in or pro rata enrollment help mitigate future expenses? As aircraft increase in total time and cycles. Life Limited Component (LLC) coverage is important to consider.  

    3. The general condition of the airplane and where the aircraft has been operating. For example, the airframe should be inspected for any corrosion due to the elements. Where does the airframe stand in terms of heavy checks and landing gear inspections? A Heavy Maintenance visit (HMV), also known as a D or C check, occurs every six to twelve years, depending on the make and model. These can be an expensive undertaking if one is due. 

    4. The aircraft's operating history. It's important to obtain updated records that reflect everything accurately, including how the plane has been operating, such as if it was a charter plane or for personal use. Additionally, understanding where and how an older plane was registered and operated can increase future maintenance costs. For example, if a plane was registered as a Part 91 for the life of the plane and then a new operator wants to register it as a Part 135, the cost of switching is high. 

    5. The market liquidity of a particular aircraft. Certain makes and models are always in high demand in the aftermarket. Still, if it's a unique plane, reselling it may be more challenging. If owners and operators look to buy a plane later in life, they should consider whether they want to fly it until its retirement or decide to keep the resale window open. 

    6. Total time flown, not just the age of the aircraft. 

    7. How will the plane be financed? Older models may require additional financing requirements compared to newer ones. 


    Looking Forward 

    Heading into the second quarter of 2023, the market is trending back to equilibrium (close to 6%) across all business jets. For some aircraft fleet types, the percentage available for sale has surpassed 10%, and price softening is expected in the near future. For others, that percentage has stayed below 5% and continues to hold strong value among typical charter operating types of aircraft.   

    The private aviation industry is constantly changing. The trends discussed above are just a few ways the industry is evolving toward longer lifespans for aircraft, extending the usage of popular models and demanding more rental engines. As the industry adapts to meet the needs of consumers, we can expect to see new trends emerge that will shape the future of private aviation.   

    Purchasing an older aircraft can be an attractive option for buyers as it can be less expensive than buying a newer model; however, potential buyers should consider the operating costs that may accompany an older plane. Those interested in a mid to late model should consider several factors before purchasing, including the operating costs, maintenance records, engine maintenance program general condition and operating history of the aircraft. 


    About Jet Support Services, Inc. (JSSI) 

    For over 30 years, Jet Support Services, Inc. (JSSI) has been the leading independent provider of maintenance support and financial services to the business aviation industry. JSSI offers worldwide support for aircraft owners, operators, and MROs through its Maintenance Programs, Parts and Leasing, Maintenance Software (Traxxall and SierraTrax), Advisory Services and Conklin & de Decker, which provides data and analysis tools. 


    About NAFA 

    The National Aircraft Finance Association (NAFA) is a professional association that has been promoting the general welfare of aircraft finance for 50 years. Our network of members comprises lenders and product service providers who work together to finance general and business aviation aircraft. NAFA sets the standard for best practices in aviation finance by educating its members on the most up-to-date industry trends and best practices. Government legislation, market influences and industry insights allow member companies to provide the highest quality services the industry has to offer. 

  • NAFA Administrator posted an article
    NAFA Welcomes New President and Board Members see more

    Edgewater, MD — May 5, 2023  National Aircraft Finance Association (NAFA) is pleased to announce the election of Ed Medici as the new NAFA President. NAFA also elected four new board members: Megha Bhatia, Vice President of Sales and Marketing for business aviation at Rolls-Royce; Jack Gilchrist, Founding Director and Shareholder of Gilchrist Aviation Law; Isabelle Lafond, AVP, Aviation Finance at LBC Capital, Inc., and Scott McCreary, Vice President at McAfee & Taft. 

    “I am pleased to serve NAFA as the new President, replacing Jim Blessing, who served for four years,” said Medici. “We also welcome Megha, Jack, Isabelle and Scott to the NAFA Board. The arrival of these new members to the board of directors adds a fresh perspective. We will value the unique skills, diverse perspectives and unwavering commitment they will undoubtedly bring to grow the overall quality of NAFA.” 

    Outgoing board members include J.C. Ferrer of Holland & Knight, Cathy Nyen of Cirrus Aircraft and Lee Rohde of Essex Aviation. 


    About Ed Medici: 

    Edward Medici is Managing Director of Capital Markets for Banc of America Global Corporate Aircraft Finance (GCAF) at Bank of America Merrill Lynch. Based in Providence, Rhode Island, Medici is responsible for managing and developing strategic investor and trading relationships, overseeing sales of transactions to third-party investors and supporting GCAF’s activities across its global platform. 

    Medici began his work experience in contracts and has been a part of Banc of America Leasing’s Capital Markets group for general equipment and corporate aircraft transactions since 1998. He earned a B.A. from Connecticut College and J. D. from Roger Williams School of Law and is a member of the Rhode Island Bar. 


    About Megha Bhatia: 

    Megha Bhatia is Vice President of Sales & Marketing for the dedicated business aviation organization at Rolls-Royce. Before her current position, Bhatia specialized for more than a decade in sales and strategy with Rolls-Royce.  

    Bhatia’s passion for technology combined with a degree in Aerospace Engineering and a Master of Business from Embry-Riddle University has enabled her to drive change within the aerospace industry. 

    During her time in business aviation, she launched CorporateCare® Enhanced, the first aftermarket program to expand its premier comprehensive protection for the full powerplant, including engine & nacelle.  


    About Jack Gilchrist: 

    Jack Gilchrist is the Founding Director and Shareholder of Gilchrist Aviation Law. He serves as Special Counsel, representing clients involved in all areas of the aviation industry. Since 1989, Gilchrist has specifically focused his career on aviation transactions involving every current structure of aircraft, including engines, propellers and spare parts. 

    Gilchrist has counseled clients around the world in aircraft transactions, including many of the major air carriers, aircraft and engine leasing companies, fractional ownership programs, air cargo companies, corporations, banks and other lending institutions. He also works closely with aircraft brokers, dealers and manufacturers.  


    About Isabelle Lafond: 

    Isabelle Lafond has served as Assistant Vice President Aviation at LBC Capital Inc. for over four years. Previously, she was Financing Manager at Export Development Canada and has spent her career in the aviation business industry.  


    About Scott McCreary: 

    As Vice President at McAfee & Taft, Scott McCreary represents local, national and international clients in connection with matters involving the buying, selling, leasing and financing of aircraft. His practice is primarily focused on matters relating to the Cape Town Convention, the Federal Aviation Act and the FAA Aircraft Registry, such as aircraft title, registration, finance and leasing law, as well as regulatory issues relating to the operation of aircraft under Part 91 of the Federal Aviation Regulations. 

    McCreary is a frequent speaker at aviation conferences in the United States and abroad and has presented at venues such as the Strategic Research Institute’s Annual FAA Aircraft Registration, Lien & Securities Interest Conference, the Federal Bar Association’s Aircraft Title, Registration, Finance and Leasing Law Conference and more.  


    Current officers: 

    • Ed Medici: President 

    • Bryan Byers: Vice President 

    • Tobias Kleitman: Treasurer 

    • Theresa Myers: Secretary 

    • Dave Warner: General Counsel 

    • Jim Blessing: Ex-Officio 

    For more information about NAFA and to see a full list of board members, visit   

    About NAFA:
    The National Aircraft Finance Association (NAFA) is a professional association that has been promoting the general welfare of aircraft finance for 50 years. Our network of members is comprised of lenders and product service providers who work together to finance general and business aviation aircraft. NAFA sets the standard for best practices in aviation finance by educating its members on the most up-to-date industry trends and best practices. Government legislation, market influences, and industry insights allow member companies to provide the highest quality services the industry has to offer.