The 2019 Ford GT presents a group of passionate cars from the 1960s to the modern era
TRAVERSE CITY, Mich., November 3, 2022 /PRNewswire/ — Hagerty, Inc., (NYSE: HGTY), a leading automotive lifestyle brand and specialty insurance provider, today launched the Hagerty Marketplace online auction that allows members and enthusiasts to buy and sell automobiles through a reliable and easy to use platform. The addition of online auctions builds on Hagerty’s growth strategy and helps expand its existing Marketplace business, which includes classified offers, Hagerty assessment tools® and DriveShare™ companies.
To make sure the buying and selling process is as easy and safe as possible, the Hagerty Marketplace team does all the heavy lifting. Each seller will work with an experienced member of the Hagerty Marketplace auction team, who will provide pre-sale and post-sale logistical support, including facilitating payment and transfer of ownership. Each buyer will provide government-issued ID and credit card prior to bidding, ensuring true enthusiasts are behind every auction.
Live auctions today include enthusiast vehicles from a wide range of eras and typologies, including a 2019 Ford GT, 1963 Ford Fairlane Squire Wagon, 2000 Mercedes-Benz E55 AMG and 1992 Porsche 968 Cabriolet.
“Over the past few years, the collector car industry has seen exceptional growth in demand for online car auctions, driven by the convenience of bidding from virtually anywhere,” said Kenneth Ahn, President of Hagerty Marketplace. “But when car collectors buy and sell five-, six- or seven-figure cars online, we believe there are areas of significant improvement over the status quo. Our aim is to provide a platform for “online auction that differentiates through trust, with an unparalleled level of service and data-driven expertise. We are thrilled to launch Hagerty’s Marketplace online auction and are committed to continuing to innovate and grow with this emerging market.
Within 12 months ending June 30, 2022Hagerty has seen its members buy and sell more than 300,000 classic cars for nearly $12 billion value. Following Hagerty’s acquisition of Broad Arrow Group – a specialist in auctions, private sales and asset-based financing – in August 2022, the new Marketplace online auctions will expand Hagerty’s ecosystem of products and services. to better serve the vast community of car collectors and enthusiasts around the world.
Broad Arrow Group made its live auction debut in August during Monterey Car Week with $55.3 million in sales and followed with the sale in October of the Jim Taylor collection who saw $21.3 million in sales. The Broad Arrow team will work in tandem with Hagerty Marketplace’s online auctions, to provide more options and opportunities for collectors and car enthusiasts to buy and sell classic cars.
More information on how to register to bid and sell on Hagerty Marketplace online auctions can be found on the website: Hagerty Market.
Hagerty Marketplace also includes collector favorite Hagerty appraisal tools®which includes over 15 years of pricing for 40,000 car, truck, van and motorcycle enthusiasts from post-war to present.
Based in Based in Town of Traverse, Michigan, Hagerty’s goal is to save driving and car culture for future generations and his mission is to build a global business to fund that goal. Hagerty is an automotive enthusiast brand offering integrated products and membership programs as well as a specialist insurance provider focused on the global automotive enthusiast market. Hagerty is home to Hagerty Marketplace, Hagerty Drivers Club®Hagerty Drivers Club magazine, Hagerty Drivers Foundation, Hagerty DriveShare™Hagerty assessment tools®Hagerty Media, MotorsportReg, Hagerty Garage + Social®, The Amelia, Detroit Concours d’Elegance, Greenwich Concours d’Elegance, California Mille, Motorlux, RADwood, Broad Arrow Group and more. For more information about Hagerty, please visit www.hagerty.com, or connect with us on Facebook, Instagram and Twitter.
More information can be found at newsroom.hagerty.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect our current intentions, expectations or beliefs regarding the company. Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that are difficult to predict and may be beyond our control. Some of the factors that could cause our actual results to differ materially from those contemplated by our forward-looking statements include: (i) our ability to recognize the anticipated benefits of the subject matter of this press release; (ii) our ability to compete effectively within our industry and to attract and retain members; and (iii) the other risks and uncertainties listed in our Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) on March 24, 2022. This press release should be read in conjunction with information contained in our other press releases, reports and other documents filed with the SEC. It is important to understand the information contained in these documents in order to fully understand our reported financial results and our business outlook for future periods. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.