The platform is Hagerty’s first foray into the peer-to-peer transaction segment of the collector car market, estimated to have approximately 43 million insurable vehicles nationwide.[1] In 2021, Hagerty observed that its policyholders bought or sold approximately 280,000 collector cars, representing $9.5 billion value.[2]
“Hagerty Classifieds aims to provide our members with a safe, secure and easy way to buy and sell vehicles,” said McKeel Hagerty, CEO of Hagerty. “It’s also about doubling down on our commitment as a company to preserving driving and motoring culture for future generations, in this case tapping into a growing industry market.”
HDC members can list vehicles for sale at no cost on the classifieds platform, which features an integrated messaging and offer system, no buyer fees, and wide reach through Hagerty’s ecosystem of millions of collectors and enthusiasts. Hagerty has over 727,000 paying members in HDC, the ultimate community for car enthusiasts offering expert support, VIP experiences and award-winning original automotive media content.[3]
“In just six weeks, the site attracted nearly 1,000 vehicle listings, including cars from 1915 to 2016 with prices ranging from $1,000 for $600,000 and we are seeing more advance sales than expected,” said Kenneth Ahn, President of Marketplace. “In a market where private sales transactions outpace auction transactions by approximately 10 to 1 or more in value and volume, our classifieds platform aims to connect enthusiasts with their next dream car, at scale. .”
Hagerty Marketplace also includes collector favorite Hagerty Valuation Tools®, which includes over 15 years of pricing for 40,000 enthusiast cars, trucks, vans and motorcycles from post-war to today, and the car-sharing platform for DriveShare™ enthusiasts. Updates to the Marketplace classifieds platform and new product launches are expected later this year.
References:
[1] Hagerty 10-K; March 2022; link
[2] Hagerty Q4 2021 Investor Presentation; March 2022; link
[3] Hagerty 2022 Q1 Investor Presentation; May 2022; link
About Hagerty, Inc. (NYSE:HGTY)
Situated at Town of Traverse, Michigan, Hagerty’s goal is to save driving and motoring 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 Drivers Club, Hagerty DriveShare, Hagerty Valuation Tools, Hagerty Media, Hagerty Drivers Club magazine, MotorsportReg, Hagerty Garage + Social, The Amelia, the Detroit Concours d’Elegance, the Greenwich Concours d’Elegance, the California Mille, Motorlux , RADwood, Hagerty Drivers Foundation and more. For more information about Hagerty, please visit www.hagerty.com, or connect with us on Facebook, Instagram and Twitter.
For more information, visit newsroom.hagerty.com.
Forward-looking statements
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.
Category: Company News
SOURCEHagerty