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Hagerty, Inc. (NYSE: HGTY) is a globally recognized automotive enthusiast brand, deeply rooted in the car culture with a mission to save driving for future generations. Established initially as a niche insurance agency focusing on collector cars, Hagerty has grown into the world’s largest membership organization for car lovers. The company's offerings include specialty automotive insurance, car valuation data and insights, live and digital car auction services, and a suite of immersive events catering to car enthusiasts.
Hagerty's core business revolves around providing specialty automotive insurance, underwriting, selling, and servicing policies for classic cars and enthusiast vehicles. The majority of its revenue comes from commissions and fees, and it serves customers in Europe, Canada, and the United States.
Key to Hagerty’s appeal is its Hagerty Drivers Club, which boasts over 800,000 members globally. The club offers integrated membership products and unique programs that create engaging experiences for car lovers. Events like the Greenwich Concours d’Elegance and the California Mille, alongside media and valuation services, further cement Hagerty's position in the automotive community.
Hagerty is also notable for its extensive media presence, providing automotive content through various channels including the recently launched Hagerty Media on Samsung TV Plus, reaching millions of viewers with original programming.
Financially, Hagerty has demonstrated robust growth, achieving over $1 billion in revenue in 2023, with expectations of continued strong performance in 2024. The company’s strategic focus on efficiency and expanding its product offerings has resulted in significant profitability improvements. Hagerty is also actively involved in community and environmental initiatives, embodying a purpose-driven approach to its business operations.
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.
Hagerty, a leading automotive lifestyle brand, has announced the acquisition of Speed Digital, a provider of cloud-based technology for the collector car market. This acquisition aims to enhance Hagerty's offerings and bolster its marketplace capabilities, which already include Hagerty Valuation Tools and DriveShare. In 2021, Speed Digital's software facilitated over $1.5 billion in collector car sales, with its network receiving more than 300 million page views. Speed Digital CEO Neil Pitt will become Hagerty's Vice President and General Manager.
Hagerty, an automotive lifestyle brand and specialty insurance provider focused on the global automotive enthusiast market, will announce its first quarter 2022 financial results on May 9, 2022, after market close. A conference call is scheduled at 5:00 pm ET on the same day, with a live webcast available on Hagerty's investor relations website. The dial-in numbers are (877) 423-9813 (toll-free) and (201) 689-8573 (international). A replay of the call will be accessible for 90 days post-event.
Hagerty announced the launch of Motorlux, an innovative event during Monterey Car Week, scheduled for August 17, 2022. This celebration honors the legacy of McCall's Motorworks Revival with curated experiences focused on automotive, aviation, and culinary arts. Motorlux will also feature an automotive auction with around 80 vehicles on August 18. The event supports the CHP 11-99 Foundation, highlighting Hagerty's commitment to giving back.
Hagerty, the automotive lifestyle brand and specialty insurance provider, has appointed David Pattillo as Senior Vice President of Commercial Partnerships. Pattillo will lead the commercial partnerships team, focusing on enhancing media, data, and event sales. With previous roles at Bleav, WWE, and the NFL, he brings extensive experience in sales and marketing. Hagerty aims to strengthen its partnerships and advertising efforts to preserve car culture for future generations. The company, based in Traverse City, Michigan, serves the global automotive enthusiast market and boasts 719,000 members in its Hagerty Drivers Club.
Hagerty, a leading specialty insurance provider for automotive enthusiasts, has expanded its executive team by appointing Shoba Menon as Senior Vice President of Talent on March 30, 2022. Menon brings over 20 years of experience in human resources and talent acquisition, with roles at Travel and Leisure Co. and PepsiCo. Her focus will be on implementing a long-term talent strategy and improving talent acquisition and management processes. CEO McKeel Hagerty emphasized the importance of talent development for the company’s growth.
Hagerty, Inc. (HGTY) reported a strong financial performance for the year ended December 31, 2021, with total revenue increasing by 24% year-over-year to $619.1 million. The company also saw a 17% growth in written premiums, reaching $674.3 million, and an increase in active members by 13% to 2.4 million. CEO McKeel Hagerty highlighted ongoing growth opportunities and the delay in launching their partnership with State Farm due to compliance and integration challenges. A conference call to discuss financial results was held on March 24, 2022.
Hagerty has added RADwood, an '80s and '90s automotive lifestyle event brand, to its portfolio, enhancing its mission to preserve automotive culture. RADwood will continue its standalone events while also participating in other prestigious car shows. The founders, Art Cervantes and Warren Madsen, join Hagerty to ensure continuity. RADwood has successfully grown since its inception in 2017, hosting multiple shows and launching an auction site for era-related vehicles. The next RADwood event is set for April 23, 2022, in Austin, Texas.
The Amelia, held from March 3-6, 2022, in Florida, drew over 22,000 attendees, showcasing over 450 vehicles and raising more than $200,000 for local charities. Attendees participated in events like Cars & Community and the Concours d'Elegance, where significant awards were given. Hagerty's CEO highlighted positive feedback from participants and plans for future events. Youth engagement was significant, with over 500 kids involved in various activities. The event demonstrated a commitment to sustainability by saving the equivalent of 2,000 plastic bottles.
Hagerty has formed a global gaming partnership with Sony's Gran Turismo 7, available on PS4 and PS5. This collaboration allows players to explore the Hagerty Collection, featuring over 70 iconic vehicles, with Hagerty CEO McKeel Hagerty as an in-game avatar providing insights. Players can acquire cars through game progression, influenced by real-world pricing from the Hagerty Valuation Tool. Additionally, Hagerty Drivers Club members can enjoy exclusive in-game benefits. This initiative marks Hagerty's first significant step into gaming, aimed at engaging car enthusiasts across generations.
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