Hagerty launches Digital Labs initiative to help build and scale tech-driven solutions for the automotive enthusiast industry

Rhea-AI Summary

Hagerty, Inc. (HGTY) announced the launch of **Digital Labs**, a strategic initiative aimed at enhancing innovation and adapting business models in the automotive sector. This new platform will accelerate product development, highlighted by the **Mileage Verification App** and updated **Hagerty Valuation Tools**. CEO McKeel Hagerty emphasized the initiative's role in attracting talent and fostering creativity to serve their customer base better. The company is also undertaking a recruiting campaign for engineers and product managers to bolster its innovative capabilities.

Positive

• Introduction of Digital Labs to accelerate product innovation.
• Launch of Mileage Verification App offering insurance cost savings.
• Enhancements to Hagerty Valuation Tools, improving data for 40,000 vehicles.
• Strategic recruiting initiative to attract top talent in tech and innovation.

Negative

• None.

TRAVERSE CITY, Mich., April 21, 2022 /PRNewswire/ -- Hagerty, Inc. (HGTY) has launched Digital Labs, a strategic initiative that allows the company to quickly pivot to new products and adopt new business models while fostering a mindset of innovation.

"As a growth company focusing on many dimensions of the automotive world, innovation and digital product thinking are critical for our future," said Hagerty CEO McKeel Hagerty. "Digital labs will allow us to innovate faster, attract more talented team members and do more for our members and partners."

Among the first products launched by Digital Labs is the insurance-cost-saving Mileage Verification App. The lab also reimagined the collector favorite Hagerty Valuation Tools®, which includes more than 15 years of pricing for 40,000 enthusiast cars, trucks, vans and motorcycles from the post-war era to present, and the enthusiast carsharing platform DriveShare^TM. 

"Hagerty Digital Labs is about business acceleration," said Kelly Smith, Chief Strategy Officer of Hagerty. "We are developing a one-stop shop focused on creating value from innovative ideas in the shortest possible time. We are car lovers and innovators who are intent on advancing the industry through revolutionary technology."

A key component of Digital Labs is a significant recruiting initiative to hire dozens of engineers, product managers and designers with product-thinking mindsets. To learn more, please visit www.HagertyLabs.com.

"Digital Labs represents a turning point in our recruiting strategy," said Shoba Menon, Senior Vice President of Talent at Hagerty. "Hagerty is already a culture- and people-first organization so the introduction of Digital Labs means doubling down on our search for creative, nimble change-makers and problem-solvers."

About Hagerty, Inc. (NYSE: HGTY)

Based in Traverse City, Michigan, Hagerty's purpose is to save driving and 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 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, the Hagerty Drivers Foundation and more. For more information on 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. 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 24, 2022. 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

FAQ

What is Digital Labs and how does it relate to Hagerty (HGTY)?

Digital Labs is a new initiative by Hagerty (HGTY) aimed at fostering innovation and developing new tech-driven solutions for the automotive enthusiast industry.

What products has Hagerty launched through Digital Labs?

Hagerty has launched the Mileage Verification App and updated the Hagerty Valuation Tools through its Digital Labs initiative.

When was Digital Labs launched by Hagerty (HGTY)?

Digital Labs was launched on April 21, 2022.

How is Hagerty (HGTY) planning to enhance its workforce?

Hagerty is initiating a recruiting campaign to hire engineers and product managers focused on innovation and product development.