The stock market’s bumpy September ride is not creating significant turbulence for private jet travel provider Wheels Up. It just closed a $115 million investment round led by T. Rowe Price and, in fact, the company’s CEO Kenny Dichter said things are very much looking up. ‘The larger the jet is, the more exposure that jet has to the marketplace. We are more of a utility,’ said Dichter, adding that his company is ‘uniquely positioned’ to take advantage of any downturn or volatility in the stock market due to its low price points and high-touch service offerings. Dichter said the secret to Wheels Up’s success will be its fleet of King Air 350i aircraft, a nine-seat plane manufactured by Textron that he said appeals to those that currently fly privately, as well as those new to private aviation. ‘It’s the most iconic airplane ever built,’ said Dichter. ‘7,800 manufactured since 1963 with 6,700 still flying. It’s a Mack truck.’ The company is betting it can grow the ranks of private flyers by offering customers memberships similar to the ones offered by Costco or Amazon Prime. Like those shopping clubs, Wheels Up does not require a major up-front payment or long-term commitment. Wheels Up offers hourly pricing on a pay-as-you-fly basis, so members pay only for hours flown.
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