Jet Advisors President Interviewed for CBS News Regarding Corporate Jet Downsizing

Kevin O’Leary gives his two cents about the effects of the recession on the private jet market

Broomfield, Colo. March 30, 2009 – Kevin O’Leary’s professional advice on current trends of the private jet market is featured in the article: “TARP Banks: Downsizing Their Jets.” Mr. O’Leary explains that private jet sales continue to suffer and have acquired a great deal of negative press. However, O’Leary projects a slight turnaround.

CBS News investigative producer Laura Strickler covered the story in which she describes the pressures of yet another corporation to downsize their private jets in response to the economic recession. Many companies are scaling back despite low returns, in an effort to reverse negative public relations.

Strickler says, “Kevin O’Leary of the private aviation consulting firm Jet Advisors, says when he compares the first two months of 2009 to the first two months of 2008 he sees a 71% increase in inventory and sales are down by 56%. But he says that while jets were being sold at “fire sale” prices a few months ago, sometimes $10 million below market value, prices have recently gone up. He says he is seeing more corporate jets in the marketplace and he attributes it to pressure from the public and the Obama administration, ‘A private jet has a bad connotation right now.’”

The article ran on March 25, 2009. A full-version can be viewed at http://www.cbsnews.com/stories/2009/03/25/cbsnews_investigates/main4893176.shtml?source=search_story.