Private Aviation Charter Company Using AI to Enable High-End Client Service
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
Craft, a private aviation charter company launched in 2020, is changing the way the aviation industry approaches private air travel. The company has introduced artificial intelligence into its operations and rolled out a novel 721 exchange fund designed to "provide investors with a meaningful way to diversify their portfolio while enjoying the unique benefits of access to private aviation."
The company's new exchange fund works similarly to traditional exchange funds. Investors can contribute their stock to the private fund in exchange for a share of the fund's portfolio. This decision can be beneficial for investors as it defers the need to pay capital gains taxes.
Unlike other funds, Craft holds private aircraft as assets. When an investor diversifies with the fund, they essentially own a part of a private aircraft.
What makes the investment unique is that Craft allows investors to access and use the aircraft they've invested in. This allows individuals to enjoy the benefits of private air travel without the responsibilities of upkeep, licensing, insurance and storage that come with private airplane ownership.
Craft's fleet features Bombardier Challenger 300 mid-size business jets and Bombardier Challenger 350 super mid-size business jets.
Craft's fleet features Bombardier Challenger 300 mid-size business jets and Bombardier Challenger 350 super mid-size business jets.
Craft
"Historically, the aviation industry has been slower than other industries to innovate. But, at Craft, we have always seen tremendous potential to bring new ideas to the marketplace. Our 721 exchange fund is one such innovation, and we're excited to be combining private aircraft with this unique investment opportunity," said Israel Slodowitz, CEO of Craft, told Newsweek.
"Investors are increasingly looking for new and exciting ways to diversify their portfolios. Craft's exchange fund offers the perfect opportunity for diversification, and offers investors the unique benefit of access to private aircraft for their own use," he said.
Craft owns a fleet of Bombardier Challenger 300 mid-size business jets and Bombardier Challenger 350 super mid-size business jets. Both planes have a range of over 3,000 miles and can seat nine passengers.
Plans to purchase Bombardier Global 5000 long-range business jets and Embraer Phenom 300 light business jets are forthcoming.
Craft private jet with passengers.
Craft private jet with passengers.
Craft
Craft has already begun using artificial intelligence (AI) to streamline and maximize its business operations.
"Craft has begun to implement AI into the company's operation, beginning with sales. Aircraft and crew are a limited resource," Slodowitz said. "Given this constraint, Craft is using AI to recognize patterns in the thousands of flight requests the company receives each week, to help determine the best usage of the limited aircraft and crew (i.e. the best and most efficient flights to sell). Humans are still involved in the process, but are able to focus on different aspects of the flight sales process."
Fleet efficiency may be where Craft sees the most results from AI use. "Craft believes that this use of AI will allow the company to see a significant increase in the efficient use of their limited fleet – which, in turn, will ultimately benefit members of the company's exchange fund, through growth of their invested capital," Slodowitz said.
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