Host: Jason Zilberbrand, President of VREF Aircraft Value Reference & Appraisal Services
Summary
In one of the most revealing episodes yet, Jason pulls back the curtain on three of the aviation industry’s most misunderstood—and often misused—practices: off-market aircraft, back-to-back transactions, and the broker’s role in 2025.
He explains why these deals tempt buyers and sellers alike with promises of speed, exclusivity, and discretion—and why, more often than not, they lead straight into confusion, inflated prices, and even fraud.
Drawing on decades of hands-on experience as a dealer, appraiser, and expert witness, Jason dissects how these structures work, where they go wrong, and how a skilled broker can be the difference between a seamless closing and a financial disaster.
Topics Covered
- The Illusion of the “Off-Market” Advantage
- Why exclusivity, speed, and confidentiality attract buyers.
- How real off-market opportunities differ from rumor-based listings.
- The role of trusted broker networks in legitimate private transactions.
- When “Off-Market” Turns Ugly
- The dangers of price opacity and multiple false listings.
- How missing serial numbers, fake mandates, and altered specs erode trust.
- Case examples of fraudulent transactions, missing logbooks, and hidden liens.
- Why buyers have fewer consumer protections purchasing an aircraft than a car.
- Understanding Back-to-Back Transactions
- What a back-to-back actually is—and why it’s often misunderstood.
- How they’re used to disguise markups, hide commissions, or inflate prices.
- Real-world consequences: lawsuits, escrow confusion, and legal exposure.
- The rare cases where a properly disclosed back-to-back can serve a legitimate purpose.
- Historical Context and Modern Parallels
- How the Wright Brothers’ early sales disputes mirror today’s representation chaos.
- Why transparency problems have been baked into aviation since its inception.
- Why a Broker Still Matters in 2025
- The broker’s role as fiduciary, verifier, and compliance shield.
- How professional brokers safeguard both sides through diligence, independent appraisals, and escrow management.
- The red flags when a single individual acts as broker, appraiser, and financier.
- Practical ways to structure representation agreements that enforce accountability.
- Key Takeaways
- Off-market and back-to-back deals aren’t inherently bad—but transparency determines whether they work.
- Ask: Who represents whom? Who actually owns the aircraft? What is the verifiable fair market value?
- In aviation, the cheapest deal up front is often the most expensive mistake later.
- A qualified, ethical broker will save you money, time, and risk.
Quotable Moments
“You have more consumer protection buying a dishwasher than buying an airplane.”
“Transparency isn’t bureaucracy—it’s protection.”
“A good broker is your shield. A bad deal is your lawsuit waiting to happen.”
Listen Now
Hear Episode 7 of The Truth About the Market wherever you get your podcasts, or stream it directly at VREF.com/podcast.
Call to Action
To explore current aircraft values and learn how real-world transparency impacts pricing, visit VREF.com. For market data, appraisals, or guidance on your next acquisition or sale, contact jason@vref.com.
