Cessna makes changes to fractional company

Cessna Aircraft's fractional ownership business announced changes today that the company hopes will boost jet sales.

Leadership announced changes to the company's business model, including a name change to CitationAir and a new service for Citation owners.

Cessna owners will be able to hire CitationAir to manage their aircraft and also to have a revenue stream to offset the cost of ownership by letting CitationAir rent out their aircraft.

CitationAir will continue to offer fractional ownership and jet cards that allow customers to purchase flight hours.

Cessna Aircraft owns 92 percent of CitationAir. TAG Aviation owns the balance. But Cessna's ownership might change to 100 percent after the first of the year, officials said.