The International Aircraft Dealers Association (IADA) recently extended its global profile by joining the Asian Business Aviation Association (AsBAA), headquartered in Hong Kong. Membership in AsBAA expands IADA’s organizational footprint across Asia.
AsBAA is a non-profit association representing business and general aviation entities based in Asia. Its members include major operators, aircraft manufacturers, aviation service providers, finance, and insurance providers.
“The IADA board extends its appreciation to Asian Sky Group, an IADA member, and its Chief Executive Officer Jeffrey C. Lowe, an IADA certified broker, who exercised terrific leadership and vision to encourage our organization’s expanded involvement throughout Asia, furthering IADA’s focus on developing standards, greater transparency and ethical aircraft transactions” Starling added.
Lowe serves in an advisory capacity on AsBAA’s Board of Governors from his base in Hong Kong. Additionally, Wu Zhendong, Chairman and CEO of Shenzhen, China-based Avion Pacific Limited, which is one of Asian Sky Group’s shareholders, is AsBAA’s current elected Chairman, setting policy for the organization.
“AsBAA provides a platform for communication and action relating to key industry issues including airports, safety, professional development, and the industry’s contribution to the Asian economy.”
-Wayne Starling, IADA Executive Director
IADA is joining AsBAA as the Asian market for business aircraft is evolving. For example, recent political and economic constraints in China, along with pandemic operational restrictions throughout Asia, have cooled private aircraft demand. Simultaneously, the large North American business jet market is experiencing historically low aircraft inventories coupled with a much higher demand, due to more private flying brought about by weaker airline service, another consequence of the pandemic.
The result has been an unprecedented outflow of aircraft from Asia to North America. Consequently, Asian sellers, North American buyers and their brokers need to work together to overcome cultural and language barriers and enact airplane deals as seamlessly as possible. Both AsBAA and IADA members have an opportunity to make current transactions and deals in the future smoother and more efficient with transparency and high ethical standards that can benefit both sellers and buyers.
AsBAA is a member of the International Business Aviation Council (IBAC) and affiliated with the U.S. based National Business Aviation Association (NBAA) and the Royal Aeronautical Society (RAeS) in the U.K. AsBAA’s mission is to represent the needs of its members and the wider industry through its three core pillars: advocacy, representation, and community.
It actively advocates the benefits of business aviation to key stakeholders such as government, transport ministries, and the media. It represents the interests of all sectors of the business aviation industry across the region, and creates a community in which members can network, access B2B opportunities, and tackle common issues with greater collective influence.
“Joining AsBAA gives IADA a wonderful opportunity in many emerging Asia-Pacific markets to be a great influence and a guiding light for standardized documents, as well as more transparent and ethical aircraft transactions,” said Asian Sky Group CEO Lowe.
“IADA can lead by example to help Asian resellers start off on the right path, especially during this period of high aircraft inventory migration to hot markets in North America, in order to avoid KYC issues later,” Lowe said. He notes that IADA’s business practices, rigorous ethical standards and more standardized documentation will be welcome in areas of Asia where reselling aircraft hasn’t been occurring with regularity but represent emerging, high growth markets of interest.
IADA’s leadership, consisting of dealers, views becoming active in the affairs of AsBAA as the first step in collaborating together. AsBAA can help IADA members by continuing to be very active on issues that shape business flying throughout Asia. These issues include illegal charter, safety training and awareness, access, infrastructure, and sustainability. IADA also certifies Products and Services members, meaning that AsBAA members will now have access to verified ancillary companies, all of which have been certified by IADA. IADA’s members in exchange will benefit from access to AsBAA’s regional chapters in China, Hong Kong, Malaysia, Singapore, the Philippines, and the Mekong Region, which are invaluable on the ground resources for local intelligence whilst doing business in the region.
The two associations also operate programs designed to bring more talent into the industry, which both promote business aviation as a career and help foster the next generation of business aviation professionals. IADA Foundation was formed to give scholarships to aspiring university students looking to get into business aviation, whilst AsBAA runs its own volunteer program called Discovery, which promotes careers in business aviation through a series of programs and events.
Both AsBAA’s and IADA’s members observe a strict set of ethical codes and standards. The Ethical Code covers every aspect of day-to-day business, and includes honesty, integrity, and transparency, as well as the strict adherence to local laws and regulations. Members of both associations must be accountable for their actions and must promptly report any illegal activity or violations of the code.
To become an IADA certified broker, a company needs to have been in business selling aircraft for more than five (5) years. It also needs to have a physical address and meet a certain volume of sales transactions. Each new prospective member needs to be sponsored by three existing IADA members, with the final application being reviewed by an independent law firm.
Whilst IADA’s Ethical Code is longer, it deals more specifically with the steps taken during an aircraft transaction. It is designed to ensure that any persons or companies doing business with an IADA certified dealer can be assured of being treated fairly, as well as receiving the best service and impartial advice available.
Clearly, AsBAA and IADA have compatible goals and represent member groups that have a desire to work together for the benefit of the aviation industry at large. As an involved member of both organizations, Asian Sky Group deserves kudos for bringing the two together and looks forward to playing a key role in future progress.
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