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Wheels Up announced on Tuesday that 5X5 Trading has launched its brokerage and advisory business, signing a three-year strategic service agreement with the company. 5X5 Trading was founded by former Wheels Up aircraft sales division leaders John Odegard, Seth Zlotkin and Chris Brenner, along with aircraft management and sales leader Jeremy Bogle.
With the strategic services agreement, 5X5 Trading will be the exclusive provider of acquisition and disposition services for Wheels Up. The new brokerage business will provide expertise and input on fleet planning requirements and support Wheels Up and Air Partner members and customers with aircraft transactions.
"We look forward to working closely with the 5x5 Trading team," Wheels Up CEO George Mattson said. "John, Seth, Chris and Jeremy are proven industry leaders with a strong record of success in the aircraft sales and acquisition space, and we are excited to continue to have full access to their deep experience and capability in support of Wheels Up's strategic imperatives."
5X5 Trading is an International Aircraft Dealers Association accredited broker-dealer offering independent retail brokerage, acquisition, trade and new aircraft advisory services, and acts as the exclusive sales and acquisition partner for Wheels Up.RELATED STORIES:Wheels Up names new CEOWheels Up stock takes wild ride after $500m lifeline from DeltaDichter steps down as Wheels Up CEO - current CFO takes over as stock plummets
Wheels Up has undergone immense changes within the company in the last year. In May 2023 founder Kenny Dichter stepped down from his role as CEO. In August, Delta Airlines took on 95 percent ownership of the company with a $500 million investment. One month later, Wheels Up announced that Mattson was appointed the new CEO. Mattson has 25 years of aviation experience and is a longstanding member of Delta's Board of Directors. Now, former leadership from the company is branching out with 5X5 Trading.
"As a leading private aviation company, Wheels Up continues to drive the industry forward with innovative solutions," 5X5 Trading Managing Partner Odegard said. "We are excited to continue our close working relationship and help achieve the objectives of both organizations."