Pratt & Whitney Canada (P&WC), a business unit of Pratt & Whitney, announced that it has added a new lease-to-own option to its growing portfolio of Spare Engine Solutions. The portfolio, launched in 2020, also includes flexible options such as long-term leasing and on-wing leasing, complementing the existing short-term rentals offering to customers who are looking to prioritize their spending, reduce costs, better plan their monthly expenses, and extend aircraft life.
“We are expanding our Spare Engine Solutions portfolio because more and more of our customers seek new ways to conserve cash and spur operational efficiency,” said Irene Makris, vice president, Customer Service, Pratt & Whitney Canada. “Our new leasing and ownership models serve customers who want alternatives that align with their individual situation. Through a constant dialogue with our customers, we are able to adapt our own business and introduce new solutions to meet those customer needs. These options also ensure their aircraft are kept in the air serving their missions and off the ground.”
With the lease-to-own option, customers can lease a new or used P&WC engine and own it by the end of the lease term.
Other options in the Spare Engine Solutions portfolio include:
- Long-term leasing – equips the customer with a latest-configuration spare engine for 12 months or more at a competitive price.
- On-wing leasing – P&WC leases an engine that will remain on-wing. In some cases, P&WC will purchase the customers’ existing engine and lease one back to them, giving them access to capital and lowering their operating expenses, while extending the life of their mature aircraft.
- Short-term engine rental – available to customers while their engine is in the shop for scheduled or unscheduled maintenance.
“We have the largest global rental pool of more than 1,000 Pratt & Whitney Canada engines to support customers and our Spare Engine Solutions cover all of our engine models – from regional turboprops and business jet engines to PT6A and helicopter engines,” said Makris. “Long-term leases and on-wing leases include all scheduled off-wing maintenance such as hot section inspections and overhauls.
“These two solutions can also be integrated into an existing or new Fleet Management Program (FMP) that provides access to the Pratt & Whitney Canada Global Service Network – providing a unique “one-stop-shop” solution.”