Q&A: Jeremy R.C. Cox, JetBrokers Inc.
Jeremy R.C. Cox, vice president of JetBrokers Inc. believes that respect is everything in the aircraft sales business.
Why did you become an aircraft broker?
“It was never my aspiration, or plan to do so, however I was invited to join JetBrokers back in 1999, while I was selling aviation maintenance, modifications and systems for a St. Louis-based FBO and CRS. I was made part-owner of JetBrokers shortly after coming on board here and I have never looked back. This is a truly amazing sector of the business and general aviation industry. I am ruined for life!
“It is, however, very unfortunate that there is no government oversight, or licensing requirements in-place for professional aircraft brokers. All that is perceived to be required to become an aircraft broker is a pilot’s licence. This is so far from the truth though (in my opinion.) If there was proper licensing in effect, I would be willing to re-qualify ever three-months if necessary.
“The truth is: even though there are hundreds of thousands of people that identify themselves as an aircraft broker, there is probably only two hundred or less individual brokers (not companies) that transact 80 per cent of the total number of aircraft bought and sold every year. So going back to your question, I believe that you can’t really just become a broker, instead you have to either be invited into this business, or you have to have a serious aviation background behind you before you can enter this segment of the aviation industry.”
What was the first aircraft you sold?
“A King Air F90 at JetBrokers. Before that, I did sell a Piper Arrow about 15 years before I was a broker.”
What is your favourite aircraft?
“Goodness what an interesting question, as there are so many. If you push me then I have to say that the Falcon 7X is right at the top of my list.”
Do you have a pilot’s license?
“Yes. Commercial, multi, instrument. I don’t fly much anymore though. I am more active as an A & P, IA….all for fun.”
How many aircraft do you sell per year?
“At JetBrokers we do 30-40 a year. I personally sell anywhere between five and seven. I did do 10 one year.”
Do you think you could sell anything?
“That would be pretty arrogant, don’t you think? The ‘art of the deal’ is to make sure that both parties (buyer and seller) are happy with the transaction. My role as a broker is to educate both parties, add balance to the relationship between both parties and to often act as the grease between the metal-plates, which often the buyer and seller act like they are. I am there to keep communications on an even keel and to prevent any friction that might occur due to personality and perspective differences that each party might have. If I am not knowledgeable and educated – expertly on the product that I am selling – then I can’t do the best job possible, therefore believing that I can sell anything is delusional.”
What is the difference between a good broker and a bad broker?
“Respect, knowledge, ethics, honesty and a firm conviction to always do the right thing. The high-road must always be taken. The only thing that professional aircraft brokers have in this industry is their reputation. You lose this, then you lose everything.”
Read more profiles of business jet brokers on Corporate Jet Investor.