Jetrader - March/April 2011 - 30

Nick Popovich has repossessed almost 1,500 airplanes for clients during his 30 years in the business. © Discovery Communications, Inc.

tail before ﬂying it to Bangor, Maine, and eventually to Gary, Indiana. Meanwhile, a broken brake manifold keeps Plane 88 grounded in Turkey, so that part is removed from the repossessed Plane 87 and installed in Plane 88, which then takes the same route back to the United States. Along the way, a dead battery and a hydraulic ﬂuid leak on Plane 88 lead to tense times for Popovich and his team.

“…a lot of what I like about the job is the strategic planning and being able to—I hate to say this—but outsmart whoever’s airplane we’re going to get.”
“I love aviation,” Popovich said. “It’s always been a ﬁeld that I enjoy, and of course, I enjoy the people that I’ve worked with, but a lot of what I like about the job is the strategic planning and being able to—I hate to say this— but outsmart whoever’s airplane we’re going to get.” You might think that with the recent recession, Popovich would be repossessing

more planes than ever, but you’d be wrong. “In 2009 and 2010, we did less per year than our average,” Popovich said. “We’re actually suggesting to people that they not repo because of the tremendous cost in storing and keeping the airplane and the low values that are associated with the aircraft. Unless there’s absolutely no other way, it just doesn’t make sense to repo. If the airplane is being maintained and insured, it’s better to work something out than to take the airplane back.” The economic downturn, coupled with the new TV show, has affected Popovich in one way, however. Since the ﬁrst episode aired, he’s been ﬂooded with job applications. “I think what’s surprised me the most is the number of e-mails that I’ve gotten looking for work,” he said. “We must have 2,400 e-mails from people around the world offering to be spotters, wanting to come to work—either ﬂy for me or be a mechanic—or wanting to know how to get into the business. It’s just amazing. I would have never imagined that kind of response.” Popovich said the fee he charges for repossessing planes varies greatly due to costs such as fuel and repairs, but the most his company ever made from one job was about $3 million—a project that involved getting three airplanes out

of Brazil. The least sage-popovich has ever charged is about $5,000, Popovich said. Though repossessing airplanes has given Popovich a measure of fame, it actually accounts for only 15 percent of the revenue for his 75-employee company. “We’re big in the valuation end of it,” Popovich said. “We do a lot of due diligence for acquisitions and mergers and do a lot of lease returns and deliveries. We also sell spare parts, primarily stuff that we’ve repossessed for secured lenders. We have a warehouse full of parts that we sell to support a variety of aircraft and helicopters. We also have a ﬂight operations group where we operate not only our own two aircraft, but we also manage aircraft for wealthy individuals and other companies.” On “Airplane Repo,” you won’t ﬁnd the yelling and artiﬁcial confrontation that often dominates reality shows such as the Discovery Channel’s “American Chopper.” Popovich and his team get along just ﬁne, and if that makes a viewer or two yawn, so be it. “They (the Discovery Channel) wanted more conflict, especially between the team, and we refused to do it,” Popovich said. “It’s just not how we operate. They kept pressing us for it, and I finally said, ‘Look, if that’s what you want, this isn’t the show for you.’ I’ve assembled a team that’s pretty professional. They all know their jobs. They all do it well, and we’re not going to create conﬂict just for ratings. “Unlike a lot of reality shows, what you see on our show is what really happened,” Popovich said. “With all the moving pieces of a repo and the amount that’s at risk, not only ﬁnancially but in terms of human life, it’s important that everybody communicate clearly. They all know their job and they all function and do it properly and quickly.”

30 The ofﬁcial publication of the International Society of Transport Aircraft Trading

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