TRAVERSE
CITY, Mich., July 25,
2023 /PRNewswire/ -- Hagerty Marketplace, a leading
platform for automotive enthusiasts and collectors, emerges as a
strong place to buy and sell collectible cars through both
classifieds and online auctions offerings. Classifieds now has more
than 1,000 cars on offer while Hagerty Marketplace online auctions
provides a curated offering of vehicles, leveraging decades of
industry expertise from Hagerty car specialists. Following a 2022
launch, online auctions is on track to meet expectations by
exceeding a 70% average sell-through rate year to date, and
trending towards 80%. The average value of cars sold since the
launch of online auctions is in excess of $47,000*, demonstrating the quality and
desirability of the vehicles available through the platform.
The recent "Retro Motors" collection, which featured more than
30 cars mostly from the 1950s through today, resulted in a sales
total of $2.4 million. The average
value of cars sold within the collection was an impressive
$108,482, reflecting the caliber of
offerings and the platform's ability to reach a wide audience.
Notably, the collection featured six Corvettes across the
generations of the model, including a handful of desirable
six-speed, modern classics.
"Hagerty Marketplace has quickly built a reputation as a trusted
and transparent source for online collector car auctions," said
President of Hagerty Marketplace Kenneth
Ahn. "We have taken lessons learned from decades of
experience at in-person auctions and have combined those
customer-first principles with the simplicity of online auctions to
create a personalized and exceptional experience."
Introducing the Hendricks Collection
Hagerty
Marketplace is offering the Hendricks Collection at the
Gateway Museum which comprises over 50 motor cars in total from the
early 1900s through today. Offered on behalf of the Hendricks
Collection, which is devoted to understanding and celebrating the
history, design and social impact of the American automobile, the
lots will close between July 31 and August
11, with 2-3 cars ending each weekday during that period.
The impressive collection consists of approximately 25 cars now
offered online and another to be offered by Broad Arrow's live
auction, Radius, at the Monterey Jet Center, August 17-18.
Broad Arrow, a Hagerty company, is the centerpiece of the
Hagerty Marketplace strategy, designed to provide consumers new
trust-based platforms for buying, selling and financing collectible
cars. Hagerty Marketplace was launched in 2022 to provide a
portfolio of offerings to help members and enthusiasts buy and sell
collectible cars. Through online auctions, sellers work with a
dedicated Hagerty Marketplace auction specialist from consignment
to title transfer. The assistance makes the selling process as
simple as traditional auctions with the speed and low fees of
online auctions. We believe sellers will find value in our closely
guided process, giving them confidence that their car is
represented honestly and that if the right buyer is out there, we
will find them.
About Hagerty (NYSE: HGTY)
Hagerty is an
automotive lifestyle brand committed to saving driving and fueling
car culture for future generations. The company is a leading
provider of specialty vehicle insurance, expert car valuation data
and insights, live and digital car auction services, immersive
events and automotive entertainment custom made for the 67 million
Americans who self-describe as car enthusiasts. Hagerty also
operates in Canada and the UK and
is home to Hagerty Drivers Club, a community of nearly
800,000 who can't get enough of cars. As a purpose-driven
organization, Hagerty Impact aims to be a catalyst for positive
change across the issues that matter most to our teams, our
members, the broader automotive community, our shareholders and the
planet at large. For more information, please
visit www.hagerty.com or connect with us
on Facebook, Instagram, Twitter and LinkedIn.
*Data represents cars sold on Hagerty Marketplace online
auctions between November 1, 2022,
through June 30, 2023, inclusive of
Buyer's Premium to represent prices paid by buyers.
Forward-Looking Statements – This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
reflect our current intentions, expectations, or beliefs regarding
the business. Because forward-looking statements relate to the
future, they are subject to inherent risks and uncertainties that
are difficult to predict and may be outside of our control. Some of
the factors that may 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 of this press release; (ii) our ability to compete
effectively within our industry and attract and retain members; and
(iii) the other risks and uncertainties listed in our Form 10-K
filed with the U.S. Securities and Exchange Commission ("SEC") on
March 14, 2023. This press release
should be read in conjunction with the information included in our
other press releases, reports and other filings with the SEC.
Understanding the information contained in those filings is
important in order to fully understand our reported financial
results and our business outlook for future periods. We do not
undertake any 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.
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SOURCE Hagerty