Described by its founders as an on-demand jet taxi service, DayJet raised $61 million[3] in venture funding, entered into a five-year agreement with the U.S. Federal Aviation Administration[4] and purchased 28 Eclipse 500 jets (4- and 6-seaters) at the cost of $1.5 million each[5][6] before suspending operations on September 19, 2008, during the height of the 2008 financial crisis.

Iacobucci stated that the company had proven that the per seat time sensitive pricing air taxi operational concept is sound, but that the carrier's fleet needed to be quickly expanded to fifty aircraft to reach profitability.

[12][13] Despite cutting its fleet, the air carrier announced on 21 May 2008 that they were expanding their service by making two more destinations in Florida, Jacksonville and Sarasota, into hub airports DayJet designates as "DayPorts".

[16] The company also announced a change in management on 19 September 2008, stating: Iacobucci has stepped down as DayJet President and CEO but continues to serve as Chairman of the Board of Directors.

John Staten has been named interim CEO with responsibility for managing the affairs of the company during the next phase of operations.

He also stated at that time that there were a number of problems that caused the company to cease operations, but that the key issue was the credit crisis.

[17] Eclipse Aviation announced in October 2008 that they were acting as "the exclusive broker" for the sale of the existing 28 DayJet aircraft.