HAGERTY AUTOMOTIVE INTELLIGENCE REFRESHES VALUATION WEBSITE; PREDICTS $211 MILLION IN UPCOMING CLASSIC CAR AUCTION SALES

Rhea-AI Summary

Hagerty, Inc. (NYSE: HGTY) has unveiled a redesigned Valuation Tools website, enhancing user experience with better navigation and more frequent price updates. The platform now provides current and historical pricing for over 40,000 collectible vehicles. Key changes include a quarterly pricing update and tiered access levels. Additionally, Hagerty predicts $211 million in auction sales for the upcoming Arizona Auction week, a 14% decline from 2020, due to fewer auctions and reduced lots. The company aims to preserve car culture and serve the 69 million U.S. car enthusiasts.

Positive

• Launched a redesigned Valuation Tools website with improved navigation and design.
• Increased pricing update frequency from three times per year to quarterly.
• Offers tiered access for various user levels enhancing user engagement and value.

Negative

• Predicted $211 million in auction sales represents a 14% decline compared to 2020.

TRAVERSE CITY, Mich., Jan. 26, 2022 /PRNewswire/ -- On Monday, Hagerty, Inc., (NYSE: HGTY) launched a refreshed version of its popular Valuation Tools website. The resource, launched in 2011, receives significant design, navigation and data frequency updates. Car lovers can enjoy the new experience at www.hagerty.com/valuation-tools.

Hagerty Valuation Tools provides current and historic pricing data on more than 40,000 collectible cars, trucks, SUVs and motorcycles. With Hagerty Price Guide (HPG) values dating from 2006 and approximately 400,000 comparable auction sales spanning decades, the tool has become the go-to source for enthusiast market research. Key updates to the new Hagerty Valuation Tools experience include:

• Design refresh emphasizes the most important market data for shoppers
• Navigation refinement - including free-form, text search - makes looking up a car easier
• Prices updated quarterly (previously three times per year)
• Tiered experiences include:
• Free access: One year of condition #3 "good" HPG values for all vehicles
• Free account access: One year of condition #1 "concours" through #4 "Fair" HPG values for all vehicles
• Hagerty Drivers Club member access: Full access to all current and historic HPG values as well as hundreds of thousands of historic auction results

"For more than a decade Hagerty has been committed to helping enthusiasts become more informed as they shop for the cars they love," said Brian Rabold, Vice President of Automotive Intelligence. "With this latest update to Hagerty Valuation Tools, I'm excited to make that process even faster and easier."

Hagerty Automotive Intelligence also announced its prediction of $211 million in auction sales for the upcoming Arizona Auction week. This represents a 14% decline when compared to 2020's $244 million total. The decline is attributed to fewer auctions hosting sales, a reduction in lots by one third and fewer predicted $1 million vehicles offered.

Enthusiasts can follow the Arizona Auction week results in real time by downloading the Hagerty app for Apple [link] and Android [link]. Media can sign up for Hagerty Automotive Intelligence daily auction updates by sending an email to press@hagerty.com.

Today's announcement closely follows Hagerty's debut as a publicly traded company and illustrates the brand's purpose to save driving and car culture by providing services that reach the approximately 69 million U.S. car enthusiasts.^[1] Hagerty Automotive Intelligence data approximates there are 43 million insurable collectible vehicles in the U.S.^[2] Further, the live and online collector car auction industry sold more than $2.2 billion in 2021^[3] – to say nothing of the private party market which represents an estimated market opportunity in excess of $20 billion a year.^[4]

About Hagerty, Inc. (NYSE: HGTY)
Based in Traverse City, Michigan, Hagerty's purpose is to save driving and preserve car culture for future generations and its mission is to build a global business to fund that purpose. Hagerty is an automotive enthusiast brand offering integrated membership products and programs as well as a specialty insurance provider focused on the global automotive enthusiast market. Hagerty is home to Hagerty Drivers Club, Hagerty Drivers Foundation, Hagerty DriveShare, Hagerty Valuation Tools, Hagerty Media, Hagerty Drivers Club magazine, MotorsportReg, Hagerty Garage + Social, the Amelia Concours d'Elegance, the Concours d'Elegance of America, the Greenwich Concours d'Elegance, the California Mille, Motorworks Revival and more. For more information on Hagerty, please visit www.hagerty.com, or connect with us on Facebook, Instagram and Twitter.

More information can be found at newsroom.hagerty.com.

[1] [2] Hagerty Automotive Intelligence, Investor Relations Capital Markets Showcase, link 
[3] [4] https://www.hagerty.com/media/market-trends/hagerty-insider/year-in-review-the-collector-car-market-got-larger-and-younger-in-2021/

Securities-Related Disclaimers 
This release mentions instruments that may be considered securities, issuers that may be conducting offerings, and other matters that may bear on securities. Hagerty is not a securities broker-dealer, investment adviser, or financial planner, and we are not registered with the U.S. Securities and Exchange Commission or any state or foreign securities regulatory authority. The information we publish on our website or put in press releases is provided for information purposes only and is not intended for trading purposes. None of the information contained in a press release, on or accessible through our website constitutes a solicitation, offer, opinion, or recommendation by us or any of our subsidiaries or affiliates to buy or sell any security, or to provide legal, tax, accounting, or investment advice or services regarding the profitability or suitability of any security or investment you make. This release is intended only to provide information that is broad in scope and potentially of interest to our users. This release may rely on information gathered from third parties that we do not independently confirm, and it does not include all information that is relevant to any particular decision you may, may not, or could make. You should obtain additional information and advice from your financial, tax or other advisers who are fully aware of your individual circumstances before you make any decisions involving securities.

Category: Hagerty Automotive Intelligence

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SOURCE Hagerty

FAQ

What updates were made to Hagerty's Valuation Tools website?

Hagerty's Valuation Tools website was redesigned for better navigation, with quarterly pricing updates and tiered access for users.

How much does Hagerty predict in auction sales for the Arizona Auction week?

Hagerty predicts $211 million in auction sales for the upcoming Arizona Auction week.

What was the percentage decline in auction sales predicted for 2022 compared to 2020?

The predicted auction sales for 2022 represent a 14% decline compared to 2020.

How many collectible vehicles does Hagerty provide pricing data for?

Hagerty provides pricing data for over 40,000 collectible cars, trucks, SUVs, and motorcycles.

What is the significance of Hagerty's Valuation Tools for car enthusiasts?

Hagerty Valuation Tools is a critical resource for enthusiasts, providing market research and pricing data.