Concord Private Jets buys Jets.com for $375,000.
When I asked Damian Klinger for the name of his company, he promptly answered “Jets.com”.
“OK, I mean what’s your old company name,” I asked.
Klinger is co-founder and president of Concord Private Jets, which just forked over $375,000 to buy Jets.com. And he’s excited about it. So don’t expect him to refer to his company as Concord Private Jets anymore.
When the domain name became available, Concord — er, Jets.com — saw a huge opportunity. (The deal was brokered by Sedo Senior Broker Jeff Gabriel.)
“We felt as a company that jets.com was tremendously powerful for our industry and the product that we’re selling,” said Klinger. “We figured that anyone who’s going to search for private jets is likely to go to jets.com.”
Justifying the $375,000 price tag for the domain wasn’t too difficult. The previous owners were getting 48,000 unique visitors a month, Klinger explained. “If we took 1% of that, that’s 480 people that would possibly fly private,” he said. That may be an unrealistic conversion rate, so he keeps dividing it in half. “If we can get 30 clients a month by having jets.com as a domain name, the ROI would pay us back in a month or two.”
But beyond the web leads, Klinger and his team see other benefits.
“Now when we tell people in general on the phone or in a meeting that we’re Jets.com, the credibility alone by saying Jets.com is worth it,” said Klinger.
That credibility is important in an industry with a lot of fly-by-night operators.
“If we said we’re Concord Private Jets, they start asking how long we’ve been in business and for our financials,” said Klinger. “Jets.com — hey, how can you question it?” he asked, only half-jokingly. “We sell a high end product, and people are sending us a lot of money. They need to trust the people they’re dealing with.”
With a name like Jets.com, the company thinks sales are ready for take-off.