Valparaiso, IN – 9/22/2023 – Chicagoland-area aviation firm sage-popovich, inc. (SPI) recently completed its 2,000th aviation asset recovery with the return of a Bombardier CRJ700 from an East Coast airport. This new milestone marks an important achievement for the 44-year-old company as it continues its transition toward a new generation of leadership.
The company’s current president, Petar Todorovic, continues SPI’s proud tradition of solutions-oriented services for clients and looks forward to the next chapter of growth for the firm.
Founded in 1979, SPI holds the distinction of being the world's largest company specializing in the valuation of aviation spare parts. SPI offers aviation consulting, asset management, valuations, liquidations, and support for aircraft, engines, spare parts, tooling, and ground support equipment (GSE). The company conducts its operations from the Gary/Chicago International Airport.
“The recovery of our 2,000th aircraft represents more than 2,000 complex problems resolved for our clients. It’s much more than just the recovery of property. For many of the entities we serve, these recoveries mark the end of long and arduous challenges. I can say that on behalf of our entire staff, there’s no greater feeling than delivering peace of mind to our customers,” Todorovic said.
Chairman Nick Popovich added, “Over all these years that we’ve been in business, we’ve certainly seen our fair share of clients with unique recovery needs. Some of which have even seemed impossible at first. But one thing our company takes great pride in, especially under the leadership of Petar and our management team, is our unwavering commitment to exceeding the expectations of each and every one of our clients. We end the headaches that others cannot.”
Growth and Innovation Ahead
Commenting on the current economic climate's impact on SPI's business, Todorovic said that 2023 has brought about a bit of an increase in demand for the company’s services. The company also has plans in the works to provide even more value for aviation owners.
“Aviation has certainly recovered, and airlines are flying. We are above pre-covid levels in most domestic markets for air travel, and international is not far behind. However, smaller airlines and business jet operators, especially those with high debt or a fleet of mainly leased aircraft, are feeling the strain due to higher interest rates, supply chain disruptions, and operating expenses. Rising rates are making it difficult for companies to refinance notes that are coming due, and banks have tightened their lending standards on their aircraft,” Todorovic said.
“Lately, our company has seen an uptick in inspections, records audits, and appraisals so our clients have a current status on their assets. A few have also moved forward with repossession,” he said.
“We’re also in a position to leverage technology to facilitate the growth of our business and further help our customers,” Todorovic said. “We aim to combine our history, expertise, and problem-solving skills with innovative technologies to enhance asset management and documentation. Our plan is to become an even greater asset for all of our clients.”