DiamondShare program expands

DiamondShare has expanded to three new locations, Republic Field (KFGR), Farmingdale N.Y.; Essex County Airport (KCDW), Caldwell N.J.; and at the Raleigh-Durham International Airport (KRDU), Raleigh N.C.

Each location has New Diamond DA40 XLT models that feature G1000 flight decks with Synthetic Vision and digital autopilots with WAAS approach. The four-place airplanes cruise at 170 mph, burning only 10 gallons of fuel per hour, according to company officials.

Each aircraft is shared among a small group of users, officials add.

“DiamondShare is making ownership economics of these modern aircraft more attractive than acquiring older aircraft and providing “owner-like” access to an exclusive group of member pilots to share the costs using this unique concept. The program is gaining serious momentum,” states John Armstrong, the program’s founder.

With DiamondShare, costs are shared by two or three “members” who pay a fixed monthly “membership” as their cost share to fly the plane. Since most owners use their aircraft less than 100 hours a year, this program helps them to offset their overall investment cost and allows the members to access new aircraft with state of the art technology via a fixed budget, all without the complications of shared equity partnerships or costly managed fractional programs.

“This program is the sensible way to own and fly a modern aircraft,” says Armstrong, who is also the president of Dominion Aircraft Sales. “The current and very attractive 2013 tax incentives will soon expire, so we are hopeful that anyone who is seriously considering purchasing an aircraft will take a look at this option before the clock runs out. In most cases DiamondShare can help buyers qualify for tax deductibility of their purchase and the economics are extremely compelling.”

DiamondShare owners set the policy for access, use and general scheduling of their aircraft. In addition, the owner chooses the number of members so they are able to select their desired economic outcome. Typically, two members can cover most of the monthly note on the aircraft and the third covers most of the remaining expenses, officials note.

The turnkey program includes comprehensive insurance for all pilots, online scheduling, airplane-specific training tools and member recruitment. Participating owners also receive comprehensive accounting and tax consultation, warranty service, training, financing, and more.

“The New York area is one of our key focus areas. We’ve added three aircraft recently and looking to add more. We have a local DiamondShare representative in the area that is a CFI and DiamondShare support expert and we are expanding our partnerships with regional flight centers,” Armstrong said.

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