How I Built This with Guy Raz Air Lease Corporation: Steven Udvar-Hazy
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Sep 4, 2023 Steven Udvar-Hazy, founder and executive chairman of Air Lease Corporation, shares his remarkable journey from escaping Communist Hungary to becoming a billionaire in aviation. He reveals his early obsession with planes and how he pivoted from founding an airline to establishing a successful leasing company during the jet age. Udvar-Hazy also discusses the emotional challenges of his family's escape, the dynamics of the aircraft leasing industry, and his philanthropic efforts to inspire future generations through aviation.
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Aer Lingus Consulting
- Udvar-Hazy, at 20, consulted for Aer Lingus, impressing them with his aviation knowledge after being invited based on a telegram.
- He earned $4,000, demonstrating his ability to monetize his expertise at a young age.
Air New Zealand Deal
- After Aer Lingus, Udvar-Hazy brokered a deal between Air New Zealand and Revolution Airways, earning a $50,000 commission.
- At 21, this deal's profit exceeded his parents' lifetime earnings, highlighting the potential of his brokerage skills.
Astro Air Failure
- Udvar-Hazy started Astro Air, a small airline, but lost half his earnings due to high fixed costs and low passenger numbers.
- This experience taught him the importance of leasing, as the leasing company profited regardless of Astro Air's performance.