Dude Where’s My Flying Car?
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By Maggie Overfelt, CNNMoney.com contributing writer
NEW YORK (CNNMoney.com) — For almost 60 historic seconds in March, the Transition — half car, half airplane — soared over New York’s Plattsburgh International Airport. The airborne minute was the first successful test flight for the two-seat, road-ready aircraft.
“Our test pilot’s comment was that it was an unremarkable flight,” says Carl Dietrich, CEO and co-founder of Terrafugia, the 10-person startup in Woburn, Mass., that designed and built the Transition. “That’s what we wanted to hear.”
The March flight was the first of two dozen runs that mark the initial stage of bringing the flying car into production. It’s also a bit of validation for an industry that has existed for nearly a century without a single market-ready success. Since the 1930s, more than 30 patents have been filed for flying car designs, documenting the dreams of dozens of aviation entrepreneurs enthralled by Jetsonian ideals of zooming around dodging traffic in tiny, efficient personal aircrafts.
Advances in composite materials and recent modifications of Federal Aviation Administration requirements have lowered some of the barriers of entry into this slow-moving market. Today, there are at least 12 U.S. firms working on flying car prototypes.
But only one, Terrafugia, expects to deliver its product to customers in the near future — and that’s still two years away.
“We’re on schedule to make our first delivery at the end of 2011,” says Dietrich. “But we still have to go through all of the certification testing next year. Hopefully we’ll still be on track after that.”
Like every startup in its sector, Terrafugia faces obstacles that have plagued the market for as long as the car-as-plane concept has existed.
First, there are the aerodynamic and technological challenges of making a vehicle perform as both a car and a plane. The key problem is figuring out how to make it light enough to fly but stable enough to drive along highways.
Then there’s the legal hurdle: “People can create their dream machine, but how is it regulated?” asks Dick Knapinski, spokesman for the Experimental Aircraft Association in Oshkosh, Wis. “Do they need certification from the DMV or the FAA? Do you take off from the street in front of your house or drive to the nearest airport? The regulatory structure isn’t set up right now for the mass distribution of such a vehicle.”
And finally, there’s not a lot of evidence that business travelers — the ideal customer — want the product. That makes it hard for entrepreneurs to attract investors, especially in the current lending environment.
“As the technology, materials, and possibilities continue to expand, it’s out there, but I don’t see flying cars happening within the next five years,” says Knapinski.
A tough sell
The biggest problem flying car firms face is convincing the market that their contraptions are more necessity than novelty.
“For a hundred years private airplanes have been used as a luxury or a toy,” says Mitchell LaBiche, a mechanical engineer in Alvin, Texas, who has been working on his Flying Sports Car No. 1 for nearly 20 years. “Unlike the utility of cars, planes have never been adopted into the mass market. Our FSC-1 is targeted at trying to make airplanes useful.”
The basic idea behind flying cars is a pragmatic one: Save travelers the hours they waste by flying commercially. Firms like Moller International, based in Davis, Calif., are working on space-age vehicles that can vertically lift off from a driveway, oil rig platform or skyscraper deck.
But until the government develops an interstate highway system in the sky, most flying car entrepreneurs are focusing on infrastructures already in place, like the 5,200 small airports scattered across the country.
“Every town in America has an airport that’s underutilized,” says Jim Milner, founder of Milner Motors, a Bethesda, Ma., and Vancouver, Wash., company developing a four- to five-seat AirCar. “The idea is that you have the car parked in your garage, drive to the airport, extend the wings and go, landing at the airport nearest to your destination.”
The costs, though, are prohibitive to many travelers. First-run models will probably range from $100,000 to $200,000, and the price tag for obtaining a sport pilot license runs from $2,800 to $3,500, according to the EAA. Then, says Knapinski, there’s the issue of folks getting comfortable with flying. “It’s something that happens when there are hundreds, if not thousands of these cars on the road and in the sky,” he says.
Finding capital
Given the cost building, testing, and certifying a new flying machine — a few million dollars to construct a prototype, then millions more to get it FAA-certified — all flying car companies launched to date have eventually run out of cash.
Ken Wernicke, a former Bell Helicopter Textron engineer-cum-entrepreneur, made the cover of Popular Mechanics in the 1990s for his work on his Aircar, which featured groundbreaking wing technology that made it easier to transition between flying and driving. After building a model and sustaining many wind-tunnel tests, he shelved the project in the late 1990s.
“We ran out of money, had zero investors. Perhaps I wasn’t much of a salesman,” he says.
Today’s generation isn’t faring much better. While the company won’t release specifics, Terrafugia says it closed two small rounds of angel funding this year but is searching for equity partners to help sustain certification testing.
Robin Haynes, a Sacramento-based serial entrepreneur who has been working on his Skyblazer concept for nearly 20 years, needs about $5 million to build a working prototype. Branko Sarh, a senior technical fellow at Boeing (BA, Fortune 500) in southern California, needs $10 million to advance his sports car-like Sokol A400. And LaBiche has already invested millions into his FSC-1, but needs cash to fly his concept model.
“A brand-new market — it’s not a cheap thing to develop,” he says. “And this is probably the worst time to raise money.”
It’s easy to blame the lack of investment capital on the economy — the National Venture Capital Association (NVCA) recently reported that fund raising among venture firms and is at its lowest level since 2003 — but some investors say there’s another reason why these innovators are facing hard times.
“For most venture capitalists, there has to be a strong demand for the technology they’re investing in, regardless of the economy,” says Emily Mendell, VP of strategic affairs at the NVCA. “In terms of automobiles, VCs are really focusing on alternative energy and making the cars that already exist run better.”
Even so, flying car tinkerers aren’t giving up. Investing in the aviation industry might “be the easiest way to turn $100 into $10,” laughs LaBiche. “The last barrier we have to break is get to get people to understand that we’re not just trying to make another airplane. We’re building a whole new industry that makes airplanes more useful.
Top Celebrity Pilots
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AP
Gisele is the latest star who feels she was born to fly!
News broke last week that Gisele Bundchen is mastering another runway — the airport kind.
The supermodel is studying to get her helicopter pilot’s license. She’s passed her written test and is scheduled to take her practical exam in the coming weeks. So she’s trying to cram in enough flying hours before her little bundle of joy arrives (she’s currently eight months pregnant). Seems the baby bump gets in the way of the rudder, which makes controlling the aircraft a bit difficult, but Gisele is determined to complete her studies.
The former Victoria’s Secret angel is not the first celebrity to earn her wings. Check out these other stars who have a license to fly the friendly skies.
Navy fighter weapons school film “Top Gun.” While in real life, Cruise would’ve been too small to qualify to be a Navy pilot (at 5′ 7″ he’s one inch too short), he has bought several military aircraft.
Most recently, he purchased a World War II P-51 Mustang fighter plane and had “Kiss Me, Kate” written on the side. He told People magazine that as a kid he carried a picture of a P-51 around with him. Guess dreams really do come true. Eco-lobbyists have nicknamed the actor “Emissions Impossible,” as the Cruises have four planes now that they allegedly use like family minivans, shuttling kids around the world, going on monthly shopping sprees, and popping in on the latest fashion shows. It’s been said that Tom’s even used the jet to pick up groceries, a rumor he hasn’t denied.
John Travolta
John Travolta is surely more public about his love of flying than any other celebrity. He’s often photographed with one of his five planes, and his collection includes a Boeing 707 commercial craft (bearing the Qantas logo because the actor is a goodwill ambassador for the airline). He takes his love of aviation one step further by bringing it home each night. His residence has a 1.4-mile landing strip ending at the main entrance. A “carport” right out front houses his smaller plane for quick jaunts. The mid-century dwelling, shaped like the top of an air control tower, seems a little more like an airport than a humble abode, with its 15-by-17-foot dining-room mural of an airport scene from a 1937 “Fortune” magazine ad and its 18-foot wall-to-wall living-room windows overlooking the tarmac and fleet of planes. We’re not sure how many cars fit in the actual garage, but we’re pretty sure that John and Kelly don’t use those very often.
Clint Eastwood
Always a trendsetter, Clint Eastwood has been a licensed pilot for more than 30 years. He told Ellen DeGeneres last season that flying helicopters is his favorite hobby because, “You’re the only one up there.” In a 1997 “60 Minutes” interview, he took Steve Kroft up in his helicopter and flew him over the golf course he was building in Monterey, California. He told Steve that he loves flying because pilots are identified only by the code on the aircraft. “You’re just a number in the sky. Everybody pretty much leaves you alone. Charlie Xray or 71Romeo Papa. Every plane is just an ID.” Seems like Clint needs some alone time.
Angelina Jolie
Angelina Jolie got her pilot’s license five years ago and then did an interview with Vogue in which she hopped in the plane while wearing a tight designer skirt, Gucci shades, and high heels. Once inside, she hiked up the skirt and kicked off the shoes. Reportedly, she flies barefoot. Doesn’t sound regulation to us, but what do we know? There are also reports that the $360,000 SR22 plane she bought is way too powerful for a novice who studied on a pretty low-rent Cessna 172, an easy craft to handle according to the experts. But her airborne ride does come complete with a parachute that can carry the whole airliner to safety, so she and her 147 kids have that going for them. She allegedly got into flying as a way to help refugees in Asia and Africa, but to date there have been no reports of Angie performing supply drops to food-deprived villages.
Harrison Ford
Harrison Ford’s interest in flying started long before he became the pilot of the Millennium Falcon. In the 1960s, he took classes at the Wild Rose Airport in Wisconsin, but the now super-rich movie star couldn’t swing $15 an hour for lessons and had to put his passion for aviation on hold. Fast-forward almost 50 years, and Han Solo not only has flown solo in both airplanes and helicopters, but he’s also soared with some pretty lofty achievements. He was Chairman of the Experimental Aircraft Association’s Young Eagles program for five years. He’s rescued lost hikers near his Jackson, Wyoming, ranch. He was honored at the 6th Annual Living Legends of Aviation Awards. And to top it all off, he’s even survived a copter crash. But even with all those accomplishments, we’re left wondering if he can still make the Kessel Run in under 12 parsecs.
Kris Kristofferson
Before he was a country superstar and hit songwriter, Kris Kristofferson was a U.S. Army helicopter pilot. He moved to Nashville in the mid-’60s to break into the music business. To support himself in the lean years he had several odd jobs, from sweeping the floors at Columbia Studios (where he met Johnny Cash and rubber-necked during Dylan’s “Blonde on Blonde” sessions) to piloting a helicopter for a Louisiana petroleum firm. Cash was not impressed with Kris’ first set of demo tapes, but he got the Man in Black’s attention when he landed his chopper in Johnny’s backyard to deliver a second one. This meeting led Cash to record Kristofferson’s “Sunday Morning Coming Down.” Kris left his flying job soon after.
Hilary Swank
Hilary Swank learned to fly while filming “Amelia,” this year’s biopic about the famous female aviator lost at sea while attempting to circumnavigate the globe. But the Oscar winner stopped shy of getting her license because the studio’s insurance policy would not allow her to take her solo flight under their watch. She has said she intends to follow through and get certified now that the film is done, but for the time being she can only go up accompanied by an instructor. Hilary took her newfound skill (and her teacher) on Oprah recently and helped a viewer overcome her fear of flying by taking her on a private ride.
Morgan Freeman
The story goes that Morgan Freeman had wanted to fly a plane since he was a kid and would sit in English class daydreaming about piloting a fighter jet. Although he joined the Air Force as a mechanic, he didn’t learn to fly until he was 65 years old. Aside from a brief run-in with the FAA in 2004 (his license was suspended for 45 days for breaking altitude rules), he’s been flying for seven years and owns two planes: a twin-engine Cessna 414 and a Cessna Citation 501 SP jet. Freeman has said that one aviation item on his “Bucket List” is to fly a Sino Swearingen SJ30 business jet. Looks like he can check that off soon.
The $6.9 million plane was tested this summer, and Freeman is supposed to take delivery of his own sometime this fall.
Jimmy Buffett
Instead of wasting away in Margaritaville in 1986, Jimmy Buffet got his pilot’s license and has been flying seaplanes ever since.
Currently, he owns a Dassault Falcon 900ex jet, but he used to have a different plane. In 1996, Buffett took Bono and his family for a ride on his craft, “Hemisphere Dancer.” But the Jamaican police mistook the group for drug smugglers and opened fire on them. The bullet holes on the side of the fuselage caused Jimmy to retire the plane (now on display in Orlando) and the scary experience inspired him to write a song about the tale. “Jamaica Mistaica” was the result.
Source: Fox News
UBS Business Jet Market Study
By · CommentsUBS Securities LLC recently published an update to their “UBS Business Jet Survey.” The study indicates that although there is not yet improvement in the business jet market, the pace of deterioration has slowed.
Based on a survey distributed to brokers/dealers, fractional providers, appraisers, management/charter operators and FBO and MRO service providers, there is a increase in customer interest while prices are flat since September.
Inventory levels are still high and most think that the availability of financing is the same as in September, although a small percentage of respondents thinks financing is now more available.
More than 60% of respondents are optimistic about business jet market conditions over the next 12 months.
Understanding the Value of Business Aviation
By · Comments5,000 general aviation airports providing access to small communities
85% of business aviation is used by small- and mid-sized businesses
1.2 million jobs are supported by business aviation
118,000 volunteer hours flown each year for charitable and medical missions
For companies whose business requires them to visit isolated locations or multiple destinations, business aviation is the most efficient, most secure and often most cost-effective means of transportation.
Business aviation allows more direct flights to ten times as many destinations as commercial airlines. Companies can better maintain full and complicated schedules, including multiple destinations, with no risk of cancelled flights or airline delays. While effective in maximizing time and availability of high-level executives, 72% of business aviation is actually consumed by mid-level staff including sales people, engineers and others.
Additional benefits include:
• Effectiveness: React quickly to unexpected business opportunities.
• Productivity: Work while en route. Maintain communication with staff on the ground.
• Privacy: On-board meetings with no risk of eavesdropping.
• Efficiency: Reduce travel time by avoiding crowded airports, flight delays, security lines.
• Flexibility: Adjust and adapt flight schedules to maximize travel time.
In addition to the direct benefit to companies using it, business aviation is also an integral part of the U.S. economy, representing more than $150 billion. In addition to the high-wage, stable jobs related to aircraft manufactured in the U.S., there are also good jobs for maintenance, scheduling, dispatch, pilots, training, airport services and more.
Companies, flight departments and pilots also recognize the value of giving back. Each year, more than 118,000 flight hours are donated for disaster relief, including food, medicine and clothing, and medical transport for life-saving procedures, organ, blood and serum transfers and volunteer transportation for the Red Cross and National Guard.
Data provided by No Plane, No Gain, an industry-wide campaign supported by National Business Aviation Association (NBAA) and General Aviation Manufacturers Association (GAMA). To learn more, visit noplanenogain.org. Download a pdf.
Arnold Palmer On Aircraft Ownership
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Citation VII, sn 7017 – Asking $3,195,000
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Specifications
Year / Manufacturer / Model: 1992 Cessna Citation VII
Price: $3,195,000
Location: Milwaukee, WI
Condition: Used
Serial No. / Reg. No.: 650-7017 / N775M
Total Time / Landings: 8,588 / 5,877
Highlights
• One owner since new.
• Excellent take-off performance fully loaded and fueled.
• Soar at 43,000′ where the skies are clear and flying is smooth.
• Engines on MSP, CESCOM, 406 ELT.
• Effortless landings at many small and more convenient airports.
• 1,693 nautical mile max IFR non-stop range – 452 KTAS max cruise speed.
• Spacious nine-passenger cabin with mid-cabin club arrangement.
• Crisp neutral leathers and fabrics by Cameron Interiors, 2008.
• Forward refreshment center caters to your specific snack and beverage requests and offers plenty of storage.
• Cavernous 51 cubic foot external baggage compartment.
• Optional APU for independent ground oower, air and heat.
• New paint by Westar, 2008.
Sale complete! Is your aircraft next?
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Benefits of Aircraft Ownership Via Cessna
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NBAA Wrap-Up
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Fairway Aviation exhibited a beautifully maintained Citation VII (sn 7017, reg. no. N775M) at NBAA in Orlando. Although traffic was down at least 22% according to reports distributed at the show, there were many opportunities to network. If you missed us at the show, check us out on our all-new website: fairwayaviationgroup.com.
Citation VII Just Released to Market
By · CommentsFairway Aviation is now offering a Citation VII, sn 650-7017, reg. no. N775M with an asking price of $3,195,000.
Although photos for the aircraft are not yet available, the aircraft will be on display at Static Display #513 at NBAA in Orlando, Oct. 20-22. Stop by the display for a tour or to collect literature about Fairway Aviation Group.
Specifications
Aircraft Serial Number: 7017
Registration: N775M
Price: $3,195,000
Airframe Total Time: 8,588
Total Landings: 5,877
Engine #1 Serial Number: 102148 on MSP
Engine #2 Serial Number: 102240 on MSP
APU Total Time: 1,977
Empty Weight: 12,769
Highlights
- One owner since new.
- Excellent take-off performance fully loaded and fueled.
- Soar at 43,000′ where the skies are clear and flying is smooth.
- Engines on MSP, CESCOM, 406 ELT.
- Effortless landings at many small and more convenient airports.
- 1,693 nautical mile max IFR non-stop range – 452 KTAS max cruise speed.
- Spacious 9-passenger cabin with mid-cabin club arrangement.
- Crisp neutral leathers and fabrics by Cameron Interiors, 2008.
- Forward refreshment center caters to your specific snack and beverage requests and offers plenty of storage.
- Cavernous 51 foot external baggage compartment.
- Optional APU for independent ground power, air and heat.
