Here's everything you need to know about the wonderful world of motorsports this week.

Joey Logano delivered big time over the weekend by taking the checkered flag at the Daytona 500. 

Joey Logano is one NASCAR's brightest young stars. Although just 24 years old, Logano is actually an eight-year veteran of NASCAR's top flight Sprint Cup Series, with 220 race starts and 9 victories to his name.

Although Logano ended last season in fine form by finishing fourth in the Sprint Cup standing, last weekend's win at Daytona is arguably the Connecticut native's crowning achievement in his career thus far. Logano's win gave team owner Roger Penske his second Daytona 500 victory in 10 years. Kevin Harvick and Dale Earnhardt Jr. finished second and third respectively.

NASCAR's bad boy Busch brothers couldn't be having a worse year. Kurt and Kyle Busch are two of the Sprint Cup Series' fastest drivers, but also two of its most controversial.  Kurt — the 2004 series champion — has been suspended indefinitely after a Delaware family court judge found him "likely to have committed an act of domestic violence against his ex-girlfriend,"ESPN reported. 

This is the same ex-girlfriend who Busch accused of being a trained assassin earlier this year.

Kyle is has been sidelined after suffering a compound leg fracture and broken foot in a gruesome crash in Daytona. Seems unlikely that either driver will see the race track anytime time soon. 

Formula One champion Fernando Alonso has been airlifted to a hospital with a concussion after a massive crash during a practice session. Two-time F1 world chamption Fernando Alonso was airlifted to a hospital after crashing his McLaren-Honda during a pre-season test session in Barcelona, Spain. The team blamed the crash on an "unpredictable gust of wind," reported Sky Sports. 

Fortunately, Alonso seems to be in good spirits and is recovering well at the hospital.

Lewis Hamilton is having a great time. At least that's what the defending Formula One world champion tweeted over the weekend. Included in his tweet is a photo of the Mercedes-AMG driver sitting on the wing of his red and black Bombardier CL-600 private jet after finishing his pre-season test session in Spain.

SEE ALSO: 32 Jaw-Dropping Photos From the 2015 Dakar Rally

Join the conversation about this story »

NOW WATCH: 14 things you didn't know your iPhone headphones could do

We're learning more about Ellen Pao's working environment at Kleiner Perkins, thanks to trial testimony from managing partner Ted Schlein.

Pao, a former junior partner at Kleiner, is seeking $16 million in damages from the firm for gender discrimination.

Schlein recalled a private jet trip to New York with Pao and Dan Rosensweig, the CEO of Chegg, a company Kleiner had invested in.

Rosensweig allegedly kept the conversation around Playboy, Victoria's Secret, and other "very offensive sexual topics," according to Pao's trial brief.

"Dan said he met with Christie Hefner at the Playboy mansion," testified Schlein. "Dan is a boisterous type."

Schlein didn't do much to rein in Rosensweig. 

"I don't remember trying to stop it," he said.

Pao's attorney, Alan Exelrod, mentioned the incident to paint a picture of the environment she worked in at Kleiner. 

SEE ALSO: Ellen Pao's attorney just revealed the insane amounts top partners at VC firms get paid

Join the conversation about this story »

NOW WATCH: Venture Capital Legend Reveals How To Spot The Next Tech Superstar

Moscow, Russia to Nice, France is the most popular private jet route in the world, followed by Miami to New York and New York to Los Angeles, according to a report released last week by global real estate consultancy Knight Frank.

The annual Wealth Report documents the patterns of high-net-worth individuals — those worth over $30 million — to analyze how global wealth distribution will evolve in the next decade.

The migration of wealthy private jet owners strongly influences the global luxury property market, and most of them are flying to and from the same handful of cities: namely, Moscow, Nice, New York, Miami, Los Angeles, West Palm Beach, Chicago, and Houston.

The majority of private jet owners are entrepreneurs, and over 80% of them are male, according to the report. Their wealth tends to come from the finance and oil and gas industries.

While the most popular routes as of 2013 tended to be to and from the world's financial capitals and luxury property markets (such as London->Nice and New York->West Palm Beach, Florida), routes between some emerging markets and major financial capitals are becoming increasingly popular, such as Lagos to London and Maiquetia, Venezuela to Miami.

As the study points out, private jet routes can reveal the relationships between various global markets. For example, the increasing number of jets flying into key EU markets from Brazil and Argentina indicates that strong financial ties are being solidified between the two markets.

Join the conversation about this story »

NOW WATCH: 14 things you didn't know your iPhone headphones could do

Victor, an on-demand service for hiring private jets, just raised about £5.5 million ($8 million) in investment funding, expanded into the US, and launched a mobile app on Apple's iOS mobile platform.

The UK startup works much like Uber, but instead of booking a car, people pick a luxury airplane to fly around the world — in just a few clicks.

It even has a service for dogs, Pets on Jets, geared toward people who don't like the idea of their Rover riding in the baggage hold of a commercial jet.

In the app, the first option is to charter one of its 7,000 registered private jets. You do this by choosing a time, place, and aircraft size, then paying. Types of jets include the "Head of State," the "Mid-size" (good for longer European trips), and the "Very Light Jet," which might take you from London to Berlin, for instance.

Prices vary depending on time, place, and the size of each airplane. The cheapest fare we found was a flight to France for £450 ($666) per head, if you have seven friends who fancy a bit of impulse wine tasting. Victor is supposed to be cheaper and more "transparent" because it removes additional fees incurred through agencies and member clubs. Victor partners directly with aviation suppliers, so there is no need for brokers who might hike up costs through commission, CEO and founder Clive Jackson tells me.

"We make it cheaper by removing the broker," Jackson says. "It's a really simple process — it's quick, easy, and there's just one fee. You can click a button and be flying instantly." He says the market was "inefficient and unclear" with brokers. Instead, Victor provides "full transparency into the aircraft, crew, and pricing system.

"Traditionally, booking a private jet is an ineffective process with consumers at the mercy of brokers who often considerably mark up the cost due to the lack of regulation in the market," Jackson says.

Once signed up to the service, users can get instant quotes, price comparisons, and click-to-pay functions. They can see photos of what they're buying, complete with aircraft details.

"People who fly this way want the best," Jackson says. "They want to see they're getting the newest, most exclusive plane."

Through the app, trips can be added to your smartphone calendar, and travel information is sent to your email inbox and Apple Passbook. You just have to turn up at the chosen airport.

Despite its ease, Victor is designed as a luxurious and "bespoke" service. Customers are given a concierge to handle bookings and make sure every need is met. "They act as a PA would," Jackson notes. "But instead of having a PA call companies and sort everything out, it's all done through the app."

Victor's Pets on Jets program allows dogs to fly with their owners. And Jackson even hinted that there might be a partnership with Uber in the future, which would seal a door-to-door process.

FTSE 100 executives and music-industry professionals are the typical target market — people who need to travel a lot. There are now 14,888 members, many of whom are shareholders — these are the people who funded the 2015 expansion into the US and Victor's app development. Elton John is one of them, I'm told.

There's also an "Empty Legs" part of the site. This uses a Victor-built algorithm to find and compile all the spare private jets sitting at airports. These might be owned by private companies but not booked, so customers can do so through Victor.

Here are some prices for flights out of London at the time of writing — just £3,327 ($4,931) to Bordeaux, France. Yes, this is much more expensive than EasyJet, but split between seven people it's relatively affordable, at a mere £475 ($704) per person. To book through a traditional service would be much pricier, of course. The cheapest deal I found was just £990 ($1,467) — from London Luton to Birmingham International.

Jackson, based in the London office, also tells me the app and US expansion are natural progressions for the business. "We've been really successful in Europe and have lots of great investors. The US market is huge for aviation, so it certainly feels right to launch there."

Victor has opened a branch in California and is hiring tech engineers all the time. Jackson says the US is the largest region for private jets and accounts for 49.7% of the global market; Europe has a 20.8% share.

"Expanding our operations to the US ensures we have presence in the most dominant market and are able to be closer to our customers in the region," he says. "Our shareholders are also some of Victor's most frequent fliers, which is evidence that our customers value and trust our business model."

Join the conversation about this story »

NOW WATCH: How to supercharge your iPhone in only 5 minutes

For most people, private jets such as the $65 million Gulfstream G650 or the Bombardier Global Series are the epitome of luxury air travel, but there are a select few who can afford more than that. They’re converting airliners into private flying palaces. To meet this demand, Airbus and Boeing have begun selling "VIP" versions of their airliners under the Airbus Corporate Jet and Boeing Business Jet brands. While most of these planes are based on smaller Airbus A320 series or Boeing 737 models, one recent VIP conversion took luxury to a new level.

One very lucky, very wealthy, and very confidential client took delivery of a personalized Boeing 747-8, completed by Greenpoint Technologies of Kirkland, Washington. Its incredible 4,786 sq. ft. of space features a stateroom, lounges, an office, and a massive dining room.

The Boeing 747-8 VIP is the longest and second-largest airliner ever built. Powered by a team of four General Electric GEnx engines, the plane can fly 8,000 nautical miles nonstop.

The Boeing has been selected to be the president's new plane and will one day assume the call sign Air Force One.

The asking price for the jumbo jet is $367 million — and that's before the all the luxurious goodies are installed.

The world's richest man, Bill Gates, probably doesn't worry too much about money. But he does, on occasion, feel a little guilty about spending it.

He has called his private jet his "guilty pleasure"and "his big splurge,"on multiple Reddit Ask-Me-Anything sessions.

You might wonder why owning a plane feels like a guilty splurge to Gates, given that he's constantly jetting around the world, and he has some pretty demanding security needs.

Maybe the answer is because the jet is massive.

As part of his somewhat confidential, unofficial trip to the Philippines earlier this month, the local TV news station got a glimpse of him and wife Melinda getting onto a private jet and taking off. You can really see how big this private plane is:

Some news reports also said that the Gates entourage brought a helicopter on that trip, but the Gates Foundation never confirmed that. The whole trip was a bit under the radar, leading to reports that the country's president snubbed the billionaire by not meeting with him. But apparently, the Gates weren't on a political social call and weren't interested in a meeting. They were reportedly paying a visit to the International Rice Research Institute, as part of research they support on highly nutritious hybrid grains of rice. 

It has been widely reported that Gates' plane is a Bombardier BD-700 Global Express that cost $40-ish million and seats up to 19 people. We can only imagine what it costs to fly this plane between jet fuel and crew.

Here's another video of that type of jet.

SEE ALSO: Bill Gates Talks About The Heartbreaking Moment That Turned Him To Philanthropy

Join the conversation about this story »

A few months ago, Gui Yue, China sales director of jet acquisition specialist Aviatrade Asia, received a call from a Beijing client who hoped to buy a pre-owned business aircraft.

“We rarely received such requests before 2013. In the past, Chinese buyers only wanted new ones,” said Gui. “But there are more billionaires saying they are interested in second-hand aircraft in recent years.”

The Beijing client, who runs a real estate company in the capital city, finally selected a three-year-old Dassault Falcon 7X owned by an Eastern European seller among the four options offered by Gui’s team.

Having engaged in jet deals for years, Gui has detected subtle changes in the attitudes of Chinese buyers.

“In the past, people just wanted to show they were rich enough to afford a private jet like other billionaires,” he said. “But now buyers are becoming more mature and practical and are realising the advantages of a pre-owned airplane.”

A second-hand private jet market has emerged in China in the past two years.

According to Asian Sky Group, a Hong Kong-based business aviation service firm, the number of business jets rose by 59 last year to 439 in the Greater China region, which includes the mainland, Hong Kong, Macau and Taiwan. Pre-owned aircraft represented 27 per cent in the additions to the Greater China fleet during last year.

“For most buyers, pre-owned aircraft are attractive because of their availability and pricing,” said Jeff Lowe, Asian Sky Group’s managing director.

In today’s aviation industry, it can take up to two years to deliver a tailor-made business jet once an order is received. Buyers who order, for example, a popular aircraft such as a Gulfstream G650, would be lucky to take delivery of the before the end of 2017.

Not only is this time-consuming, but also leads to higher costs of capital since the buyers need to prepay tens of millions of dollars to the manufacturer.

But, in most cases, pre-owned jets can be delivered in one or two months, Lowe said.

Getting a bargain is also an important reason for Chinese buyers to consider a pre-owned jet.

“As a very general rule, a business jet depreciates about 5 per cent a year. Of course, that depends on how much it’s been used and what the market is like,” said Lowe.

Indeed, the market sentiment in the mainland has been sluggish in the past two years due to economic uncertainty and the government’s anti-corruption crackdown, which has affected both new and second-hand aircraft deals. The private business jet fleet in the country grew by 41 aircraft in 2014, compared with 55 in 2013 and 60 in 2012.

While there were fewer mainland buyers last year, the number of domestic sellers is rising.

“Some Chinese buyers, who bought their jets four or five years ago, are starting to sell their aircraft while they look for replacements or move them out of China,” said Lowe.

The veteran aviation industry consultant said many Chinese billionaires bought business jets “out of impulse” years ago and are now looking for replacements more suited to their needs.

Acquiring a new or used business jet is not as straight forward as say buying a car.

A seller of a pre-owned aircraft first needs to provide information and pictures to prospective buyers.

If the buyer shows further interest, the two parties sign a letter of intent in which they agree on a price.

The buyer then pays a deposit to a third party for an exclusive right of purchase.

However, Gui said, it is not uncommon for mainland clients to sign letters of intent even when they no intention of buying the aircraft.

“They do so just to know much the seller is asking for his plane. But this undermines the buyer’s credibility and affects other deals he may undertake in future.”

Many Chinese jet owners also do not know how to maximise their plane’s value and cannot provide full information including the date of manufacture, flight data, maintenance records or even pictures.

“An entrepreneur once asked us to help sell his jet. When we asked him for a jet picture, he just messaged us a blurred photo taken on his smartphone,” Gui said.

In mature markets like the United States, nine out of 10 private jet deals are second-hand deals, Gui said.

“Although demand for private aircrafts in China has been suppressed by the anti-corruption campaign for now, this market is far from saturated and the potential demand is huge. We expect to see a recovery as early as next year ,” he said.

Join the conversation about this story »

NOW WATCH: This simple exercise will work out every muscle in your body

Honda, a company most famous for its award-winning line of automobiles, motorcycles, and home improvement equipment, is entering into some very unfamiliar territory — private jets. 

After nearly 30 years of development, the HondaJet marks the company's entry into the $23 billion-a-year general aviation industry.

When it enters service, the $4.5 million North Carolina-produced HondaJet will compete in the very light jet segment of the market against already-established models, such as Embraer's Phenom 100 and Cessna's Citation Mustang. 

According to the AP's Yuri Kageyama, Honda already has 100 orders for the jet — on sale now in the US and Europe —  with deliveries set to begin later this year.

To show off its latest mobility offering, Honda is taking the jet on a world tour that kicked off this week with a ceremony at Tokyo's Haneda Airport.

"To offer personal mobility in the skies was the dream of Soichiro Honda and the dream of us Honda men," Honda president Takanobu Ito told the press in Tokyo. "Today is a symbolic day."

Honda Aircraft CEO Michimasa Fujino revealed a truly fascinating tidbit of information at the ceremony — the nose design of the jet was inspired by a pair of Salvatore Ferragamo high heels he encountered at a duty free shop while on vacation in Hawaii.

According the Wall Street Journal, Fujino told the press that he was inspired by the designer footwear because it represented beauty, comfort, and functionality.

Designer heels aside, it will also feature one of the most unique engine layouts in civil aviation, with two GE Honda HF120 turbofans mounted on top of its wings. This design eschews the conventional business jet layout that calls for engines to be mounted at the rear of the fuselage.

By dispersing much of the engine's noise away from the fuselage, the jet will save passengers from suffering the same ear-shattering din as those unfortunate enough to be seated in the last few rows of other rear-engined aircraft. 

According to the company, the over-wing engine design also gives the cabin greater usable space by removing the interior superstructure needed to support the engines. 

The aircraft's HF120 turbofans will power the six-passenger HondaJet to a top speed of 483 mph and a maximum range of over 1,300 miles. Honda's technical wizardry also shows up in the jet's interior, with a state-of-the-art cockpit packed with features like touchscreen controls, a trio of 14-inch displays, and Garmin's G3000 avionics suite.   

Have a closer look at Honda's new HondaJet:

SEE ALSO: Boeing just patented a bizarre 'cuddle chair' that could revolutionize how we sleep on airplanes

Join the conversation about this story »

NOW WATCH: A small drone was found on the roof of the Japanese prime minister's office — and it was laced with radiation

For more than a century, Mercedes-Benz has the been the go-to purveyor of fine luxury automobiles. Now, the German automaker is stepping to another kind of luxury by teaming up with Lufthansa Technik — the aviation engineer arm of the Lufthansa Group — to design a ultra-posh cabin for private jets.

The concept created by the two companies eliminates the traditional delineation between ceiling, wall, and floor designs. Instead, the interior concept deploys what the companies refer to as a "spiral layout," which melds the three design elements into a continuous, flowing feature.

On board, "black panels" float in front of the window and are meant to evoke the screen-design of a Mercedes-Benz S-Class sedan. The concept interior is also equipped with Mercedes-Benz Magic Sky technology that can turn the "black panels" from dark to transparent.

Announced this week in Geneva at the 2015 European Business Aviation Convention and Exhibition (EBACE), Mercedes-Benz Style — the company's non-automotive design firm — and Lufthansa Technik will use the concept to gauge interest from their "discerning customers."

Which means, don't expect to see this interior installed in some lucky guy's Boeing BBJ or Airbus ACJ anytime soon. 

"It was an inspiring challenge to transfer our design philosophy of sensual purity into the area of aeronautical engineering," Daimler AG vice president Gorden Wagener said in a statement. "The spectacular architecture of the interior shows creativity and modernity. Sensual surfaces and clear forms, combined with intelligent high-tech features and perfectly shaped modern luxury are the characteristic features of Mercedes-Benz design." 

Have a closer look at Mercedes and Lufthansa's venture into the wonderful world of private jet interiors:

Here, the spiral layout blends the ceiling, wall, and floor of the cabin.

Check out the lounge seats with smart screens.

There's a fish tank!

Here's a view of the interior from one of the lounge chairs.

Its got a bed.

The overall design layout flows effortlessly from one feature to another.

SEE ALSO: Here are the 10 best airports in Europe

Join the conversation about this story »

NOW WATCH: We gave kids an old cassette player and here's what they did next

Warren Buffett and Berkshire Hathaway have been synonymous with success and financial strength.

Unfortunately, that's not the case with every division of the Berkshire Hathaway family of businesses.

The company's luxury aviation business — NetJets — has been enduring a period of financial stress and labor strife.

So the company made a change at the top of its leadership ladder.  

Bloomberg's Noah Buhayer has the story: "Adam Johnson, 44, was promoted to CEO and chairman, Columbus, Ohio-based NetJets said Monday in a statement."

"Bill Noe, 50, was named president and chief operating officer of the business, which sells fractional ownership of jets to wealthy individuals and corporate clients in exchange for flight time," Buhayer added.

According to Bloomberg, NetJets has been a constant cause for concern since Berkshire Hathaway purchased the company in 1998 for $725 million.

During the 2009 financial crisis, Buffett was quoted saying that if not for Berkshire Hathaway's deep pockets, NetJets would be destined for bankruptcy, Bloomberg reported. 

In addition to the company's financial issues, NetJets is almost in the middle of heated labor discussions with the union representing the company's 2,700 pilots. 

The management change could have a positive impact on the increasingly contentious labor situation at the company. 

“We hope they share our goal of rebuilding a once progressive labor-management relationship,” the pilot's union president said in a statement. 

SEE ALSO: Budget airlines could save the Airbus A380 superjumbo

Join the conversation about this story »

NOW WATCH: How one simple mistake cost 'Real Housewives' superstar Bethenny Frankel millions

At $84 million it’s the epitome of luxury air travel, and according to The AFR media mogul Rupert Murdoch is the latest name on the exclusive list of G650 owners, along with Carlyle Group founder David Rubenstein, Multiplex heir Tim Roberts and The Dow Chemical Company CEO Andrew Liveris.

The G650 can climb to 41,000 feet in just 22 minutes, and reach a cruise speed of 956km/h.

In 2013, the G650 set a world record for the fastest certified civilian aircraft to circle the globe, completing a lap in just 41 hours, 7 minutes.

According to The AFR Murdoch’s newest toy left the manufacturing hangar in Georgia on May 15. If the three-year waiting list is anything to go by that means he had to order it back in 2012.

Here’s a look at the G650 in all its glory.

The G650 is the largest purpose-built private jet on the market, and has the tallest, longest, and widest cabin in its class.

The aircraft has two Rolls-Royce engines, external cameras, infrared imaging systems and windows in the cockpit big enough to allow the pilots to see the tips of the plane's wings, helpful for navigating on the ground.

For $84 million, you get more than a well-equipped cockpit. The G650's cabin is totally luxurious.

There's room on board for eight passengers and a crew of four. There's even a separate compartment so a crew member can give passengers privacy and still be comfortable.

Buyers choose from 12 different floor plans, and can customise the look of their plane.

Naturally, there are several big television screens and an iPhone app can be used to control the screens, as well as things like lighting and opening the shades.

The seats can swivel, have foot rests and lie flat for those who want a good night's sleep.

The galley is equipped with a water sterilisation system, as well as china, crystal, and flatware for meals.

And the bathroom looks nicer than what you find in many city apartments.

On top of the luxury amenities, the G650's cabin can be pressurised to 3,000 to 4,000 feet, rather than 8,000, like commercial jets. This makes the flying experience less tiring and even more comfortable.

Join the conversation about this story »

NOW WATCH: Mesmerizing video shows an airplane pilot pulling off extreme tricks in the air

The biggest names in tech and media have arrived in Sun Valley, Idaho for the annual conference hosted by investment bank Allen & Co. 

The event is known as "billionaire's summer camp" for a reason — Elon Musk, Rupert Murdoch, Barry Diller, Jeff Bezos, Jack Dorsey, and Sheryl Sandberg have already made their arrival at the Sun Valley Resort.  

And their preferred mode of transportation? Private plane. 

The event is considered one of the year's biggest for private jets, with officials at Friedman Memorial Airport expecting between 250 and 300 jets operate on Tuesday alone, according to Airport Manager Rick Baird.

"This is the busiest week we will have all year-round by far," Baird told Business Insider. 

Baird warned of possible delays in a letter to flight operators in June. 

"The most arrival-congested window at SUN, during this event, is between the hours of 12:00 pm and 6:00 pm (lcl) on these days," he wrote. "Scheduling arrivals prior to or after this period will likely afford less inconvenient delay."

A record of arrivals we found on FlightStats show that a number of private jets chartered through NetJets and XOJet landed at Friedman Tuesday evening. The city listed on the left-hand side is the flight's point of origin. 

NetJets is a subsidiary of Berkshire Hathaway that allows users to partially own or rent private planes. XOJet runs a similar operation. 

More private planes continued to arrive from San Jose and Seattle Wednesday morning. 

While the airport can provide overnight parking for up to 90 aircraft, others would have to go to other airports in the area or return to their point of origin if there is overflow. 

Baird said that he expects Friday and Saturday to be the busiest day for private jet traffic. The conference's last presentation will wrap up on Saturday afternoon.

SEE ALSO: Millionaires, billionaires, and the big names in tech and media swarm to Sun Valley, Idaho for Allen & Co.'s mogul fest

Join the conversation about this story »

NOW WATCH: How to use Google Maps when you have no phone service

At the National Business Aviation Association in June, the line to catch a glimpse of the new Gulfstream G650ER private jet was the largest of the conference. The "ER" stands for the updated "extended range" version of the luxurious G650. This highly anticipated $66.5 million aircraft is capable of flying nine-tenths the speed of sound and  already has generated a waiting list winding into 2017.

Produced by Justin Gmoser and Benjamin Zhang

Follow BI Video: On Facebook

Join the conversation about this story »

Chartering a private jet can be a hassle, even for the 1%.

Traditionally, booking private travel has been a confusing process, with lots of forms and back-and-forth with brokers.

Sergey Petrossov wanted to simplify that process, so he built JetSmarter, an app that makes it easy for anyone to book a flight on a private jet in a matter of seconds.

"I started the company out of a frustration with the process," Petrossov told Business Insider. "I kept thinking to myself, 'Why hasn't this service been brought into the digital world?'"

The company offers three different products: JetDeals, which involves booking a one-way private flight on demand; JetShuttle, which allows you to grab a seat on a previously scheduled private flight; and JetCharter, which offers private travel packages that can be completely customized by route and aircraft.

JetSmarter members pay $9,000 a year — roughly $800 a month — to get unlimited access to private flights. 

JetSmarter will currently fly you anywhere in the world, except for war zones or other places deemed too dangerous for air travel.

Though you don't have to pay the annual membership fee to get access to any of those packages, members can book flights with JetDeals and JetShuttle for free on the app, which is available for iOS and Android.

Flights on JetCharter, on the other hand, can cost several thousands of dollars to arrange.

"People fly private so they don't have to go through the airport. You can show up five minutes before the flight, park your car right next to the jet, and then just get on your flight," Petrossov said. 

JetSmarter even provides a free helicopter transport from the airport to your final destination.

Many have compared JetSmarter's model to Uber's ride-hailing services. 

"From an accessibility standpoint, you could compare it to any real-time, on-demand service," Petrossov said. "There's definitely a relevance to Uber in terms of how disruptive the technology is."

The long-term goal, Petrossov says, is to eventually make all air travel private. 

"If we're able to charge economy prices, we think we can get people to walk away from the atrocious commercial airline experience," he said. 

They're able to do this in a few different ways. JetSmarter can either pre-purchase flights from private carriers or negotiate filling the carriers' excess capacity.

According to Petrossov, 1.6 million hours of flight time each year are done on what the aviation industry calls "empty legs," meaning that they are vacant while en route to pick someone else up. 

JetSmarter purchases about 35,000 hours of reservations on those flights ahead of time, then makes them available exclusively to people on its app.

"We've brought in a completely new group of users who could never afford flying private before," Petrossov said. "We've seen a college kid, for example, buy a membership for traveling to school and split the cost on two credit cards."

JetSmarter announced Thursday that it has closed a $20 million Series B round. Contributing investors include the Saudi Royal Family, several unnamed entertainment moguls, and "high net worth individuals," as well as executives from Goldman Sachs and Twitter. 

Business Insider has learned that Jay Z also contributed to the round.

"What was unique about this fund raise is that we didn't have to go out and seek investors," Petrossov said. "Our investors were already users."

Petrossov said that the new cash infusion will go towards expanding their routes and purchasing additional flights from carriers. The company also wants to improve its app and expand its office operations in Asia and South America.

SEE ALSO: Hundreds of private planes have descended on Sun Valley for this year's 'summer camp for billionaires'

Join the conversation about this story »

NOW WATCH: Take a tour of the $66.5 million private jet that everyone is waiting for

As Donald Trump's campaign for the White House kicks into high gear, the bombastic billionaire will be jetting across America on his private Boeing 757-200 airliner. Unlike most presidential candidates, The Donald actually owns his campaign plane. 

"Trump Force One"— as some have dubbed the jet — will be one of the most visible symbols of Trump's run for the Oval Office. 

Trump has owned the Boeing airliner— registration N757FA— since 2011 and has customized the aircraft to his liking. 

Have a closer look at Donald Trump's personal Boeing 757-200 jet.

SEE ALSO: Check out the factory where Boeing is building the last of its legendary 747s

Although The Donald may be the jet's current owner, he wasn't its first.

Trump's Boeing 757-2J4ER first flew in May 1991. The brand-new airliner was delivered to Sterling Airlines, a now defunct Danish low-cost carrier. A couple years later, it found its way into the fleet of Mexico's TAESA, also a now defunct airline.

FAA, Airfleets.net

In 1995, the jet was purchased by Microsoft cofounder Paul Allen. For the next 15 years, the Boeing served as a corporate runabout for the billionaire's various interests.

Airfleets.net, Flightaware

NOW WATCH: What Adderall is actually doing to your body

Airlines are running out of ways to nickel-and-dime passengers, and instead focusing on posh upgrades for passengers who spend the most — luxury travelers and frequent flyers.

Delta Air Lines will soon offer upgrades beyond first-class seats, to a private jet, as the Atlanta-based carrier merges some of its commercial traffic with its private jet service.

Bloomberg News’ Justin Bachman reports: 

The new upgrade program, targeted at what Delta calls “high-value customers,” will cost $300 to $800, depending on destination. Beginning as soon as this week, passengers who have achieved elite or “medallion” status in Delta’s SkyMiles frequent-flyer program will be eligible for the upgrade offers. But officials stress that the initial number of private jet flights will be small and focused mainly at Delta’s East Coast hubs. 

Currently, Delta Private Jets maintains a fleet of 66 aircraft, and functions as a wholly-owned Delta subsidiary.

“This is truly a groundbreaking new approach from both industry standpoints,” James Murray, vice president of operations at Delta Private Jets, told Bloomberg News. “Nobody else can do what we’re talking about doing.”

Several startups have also entered the private-jet market, offering one-off and subscription-based services, mostly targeted towards business commuters. A startup offering unlimited flights between Boston and New York for only $2,000 per month raised $7.5 million in venture capital last week.

Financially, the goal is “not necessarily to break even, but to at least get some type of income,” Cyril Turner, Delta Private Jets’ chief executive officer told Bloomberg News in June.

“The hope is that once someone flies private, and they don’t have to go through TSA, and they have the experience, then they may determine that they want to fly private more often.”

SEE ALSO: An ex-White House staffer and former spy just raised $7.5 million to disrupt the airline industry

Join the conversation about this story »

NOW WATCH: What Adderall is actually doing to your body

Traveling by private jet is the pinnacle of wealth and luxury. We already took a look at the much-anticipated $66.5 million G650— the Cadillac of jets with all the bells and whistles. 

But for the more frugal private jet enthusiast, the new HondaJet is priced at a comparatively low $4.5 million — the Honda Civic of jets if you will. 

Produced by Justin Gmoser and Benjamin Zhang

Follow BI Video: On Facebook

Join the conversation about this story »

For more than half a century, Honda has proven time and time again it's capable of building efficient, effective, and immaculately engineered products. One of the company's most successful creations is the Honda Civic — a compact car that has become an industry icon and a benchmark to which all of its competitors compare themselves.

After 30 years of development, Honda may have recreated that Civic magic in the form of the HondaJet. Honda hopes the $4.5 million aircraft will revolutionize the entry-level jet market the same way the Civic upped the ante for small cars when it debuted in the 1970s. 

SEE ALSO: 25 amazing cars cheaper than the back seat of a Bentley Mulsanne Speed

Join the conversation about this story »

NOW WATCH: Here’s what you get for $4.5 million — the Honda Civic of jets

At $65 million, the Gulfstream G650 is the biggest, fastest, and overall best private jet money can buy.

It also takes a lot of patience to get your hands on one.

If you want one, you'll have to wait years for delivery after you place an order.

But once you're on board, you can fly around the planet faster and higher than on any commercial jet, in a cabin flooded with natural light and filled with air that is richer than what you breathe in cheaper planes.

It's easy to see why the G650 is in a class of its own.

An earlier version of this post was written by Alex Davies.

The G650 is the largest purpose-built private jet on the market, and has the tallest, longest, and widest cabin in its class.

At its maximum takeoff weight, it can climb to 41,000 feet — above bad weather and crowded commercial jet routes — in 22 minutes.

Its range is more than 8,000 miles. Flying from London at near its top speed, it can reach New York and Beijing. At a slower, more fuel-efficient rate, it can get to Buenos Aires and Los Angeles.

Canadian plane and train maker Bombardier Inc said lower production of its business jets — Global 5000 and Global 6000 — will drive down revenue in 2016.

The company, which is scheduled to hold an investor day on Tuesday, said it expects its liquidity position to be strong in 2016, driven by investments from Quebec pension fund Caisse de depot et placement du Quebec and the government of Quebec.

(Reporting by Sneha Banerjee in Bengaluru; Editing by Sriraj Kalluvila)

SEE ALSO: Here are all the wild and offbeat cars we saw at the LA Auto Show

Join the conversation about this story »