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Overview of Hagerty Inc. (NYSE: HGTY)
Hagerty Inc. is a purpose-driven automotive enthusiast brand that has carved a unique niche in the specialty vehicle insurance and car culture ecosystem. Headquartered in Traverse City, Michigan, the company combines insurance services, membership programs, valuation tools, live events, and digital marketplaces to create a comprehensive platform for car enthusiasts worldwide. With its roots as a niche insurance provider for collector cars, Hagerty has evolved into a global lifestyle brand dedicated to 'saving driving' and fueling car culture for future generations.
Core Business Segments
Hagerty operates across three primary business segments:
- Specialty Vehicle Insurance: Hagerty offers tailored insurance solutions for classic cars, collector vehicles, and other enthusiast automobiles. It partners with leading underwriting carriers to provide policies that meet the unique needs of car collectors and enthusiasts.
- Membership and Community: The Hagerty Drivers Club (HDC) is the world's largest membership organization for car lovers, boasting over 865,000 members. HDC provides exclusive benefits, including roadside assistance, automotive discounts, and access to premium content and events.
- Marketplace and Valuation: Hagerty’s digital marketplace connects buyers and sellers of collectible cars, while its proprietary valuation tools offer data-driven insights into vehicle values, enabling enthusiasts to make informed decisions.
Unique Value Proposition
What sets Hagerty apart is its holistic approach to the automotive enthusiast market. Beyond insurance, the company fosters a sense of community through its events, media content, and membership programs. Signature events like the Greenwich Concours d’Elegance and the Amelia Concours d’Elegance bring car lovers together, while its media arm produces engaging content, including valuation insights, automotive entertainment, and educational resources. The company’s digital tools, such as the Hagerty Valuation Tool, further enhance its value proposition by providing trusted data and market analysis.
Market Position and Industry Context
Hagerty operates within the specialty insurance and automotive lifestyle industries, targeting a growing market of car enthusiasts. With approximately 67 million Americans identifying as car enthusiasts, Hagerty capitalizes on this passion by integrating insurance with cultural and community-driven initiatives. The company's focus on collector and enthusiast vehicles differentiates it from traditional insurance providers, while its commitment to preserving car culture aligns with the values of its customer base.
Revenue Streams and Business Model
Hagerty generates revenue through a diversified business model:
- Insurance Premiums: A significant portion of revenue comes from underwriting and servicing specialty vehicle insurance policies.
- Membership Fees: The Hagerty Drivers Club provides recurring subscription revenue while fostering customer loyalty.
- Marketplace Transactions: Hagerty earns fees from its digital marketplace, which facilitates the buying and selling of collectible vehicles.
This multi-faceted approach allows Hagerty to mitigate risks associated with economic cycles and broaden its revenue base.
Challenges and Competitive Landscape
Hagerty faces challenges from competitors in both the insurance and digital marketplace sectors. Traditional insurers, as well as emerging digital platforms, present competition. Additionally, the company must navigate macroeconomic factors such as inflation, consumer spending trends, and the evolving automotive landscape, including the rise of electric and autonomous vehicles. However, Hagerty’s focus on community, culture, and comprehensive services provides a competitive edge.
Commitment to Purpose
Hagerty’s mission to 'save driving' underscores its commitment to preserving the joy of driving and car ownership. Through initiatives like Hagerty Impact, the company aims to create positive change within the automotive community while promoting sustainability and inclusivity.
Conclusion
Hagerty Inc. is more than an insurance provider; it is a cultural cornerstone for automotive enthusiasts. By integrating insurance, membership, valuation tools, events, and media, Hagerty has created a dynamic ecosystem that resonates with car lovers worldwide. Its unique blend of business acumen and cultural engagement positions it as a leader in the specialty automotive market.
The Amelia by Hagerty (NYSE: HGTY) celebrates its 30th anniversary of global motoring excellence from March 6-9, 2025, at the Golf Club of Amelia Island and The Ritz-Carlton Resort. Tickets go on sale September 12, 2024, at AmeliaConcours.com. The event kicks off The Amelia Car Week, featuring luxury automotive brands, immersive experiences, and live entertainment.
Concours d'Elegance highlights include Corvette at Sebring, Alfa Romeos of the 1930s, and Formula 1 Cars 1950-Present. The new showfield format will showcase nearly 300 cars across 30+ classes. The Amelia has donated over $4 million to charitable organizations since 1996 and will continue supporting local causes.
Motorlux, a Hagerty event, attracted 4,100 guests to the Monterey Jet Center on August 14, 2024, kicking off Monterey Car Week. The luxury event showcased 225 enthusiast vehicles and 14 aircraft, alongside culinary creations from 25 local chefs. The event featured global debuts of vehicles like the Kindred Motorworks EV Bronco and Meyers Manx Tarmac Touring Edition.
The Broad Arrow Auction, held during Motorlux, generated $71.5 million over two days, with an 85% sell-through rate. The auction's highlight was a 1997 Porsche 911 GT1 Rennversion, selling for $7,045,000. Five auction records were set, including a 1998 RUF CTR 2 at $2,095,000.
Motorlux benefits the CHP 11-99 Foundation and the Navy Post Graduate School Foundation. The next event is scheduled for August 13, 2025, at the Monterey Jet Center.
Motorlux, kicking off Monterey Car Week on August 14, 2024, at the Monterey Jet Center, promises an exciting blend of automotive excellence and culinary delights. The event will feature global vehicle debuts, iconic cars, and luxury aviation displays. Highlights include:
- Broad Arrow Auctions offering 65 cars, including rare models like the Porsche 911 GT1 Rennversion
- McLaren showcasing the new Artura Spider and 750S
- Kindred Motorworks debuting its EV Bronco
- Lotus Cars presenting the 400hp Emira Turbo
- Vista Jet displaying its Challenger 350 aircraft
The event will also feature culinary offerings from 25 world-class chefs and a selection of premier local Monterey wines.
Hagerty (NYSE: HGTY) reported strong Q2 2024 results, with Total Revenue up 20% year-over-year to $313.2 million. The company saw significant growth across key metrics:
- Written Premium increased 16% to $321.2 million
- Net Income rose to $42.7 million, up $27.1 million from last year
- Adjusted EBITDA grew to $53.1 million, an $18.7 million increase
Hagerty also raised its 2024 outlook, now expecting:
- Written Premium growth of 14-15%
- Total Revenue growth of 16-18%
- Net Income growth of 170-198%
- Adjusted EBITDA growth of 47-59%
The company maintained strong customer retention with a Policies in Force Retention of 89% and a Net Promoter Score of 82.
Hagerty, Inc. (NYSE: HGTY), a leading specialty vehicle insurance provider, has appointed Sean McMullan as its new Senior Vice President of Digital Marketplace and Valuation, effective August 26, 2024. McMullan, a former Amazon executive with nearly two decades of experience, will focus on driving profitable growth for Hagerty's Digital Marketplace and enhancing digital product offerings, including the Hagerty Valuation Tool.
At Amazon, McMullan held various leadership roles, most recently serving as Director of Artist Services for Amazon Music. His experience includes launching innovative products, international expansion, and building digital retail businesses. CEO McKeel Hagerty expressed excitement about McMullan's innovative mindset and expertise in digital marketplaces, which are expected to drive future growth and improve the buying and selling experience for auto enthusiasts.
Hagerty, Inc. (NYSE: HGTY), an automotive enthusiast brand and leading specialty vehicle insurance provider, has announced its plans to report second quarter 2024 financial results on Tuesday, August 6, 2024, before the market opens. The company will host a conference call to discuss the results at 10:00 am Eastern Time on the same day.
Investors and interested parties can access the live webcast of the conference call on Hagerty's investor relations website at investor.hagerty.com. For those who prefer to dial in, the toll-free number is (877) 423-9813, and the international number is (201) 689-8573. Participants are advised to dial in 10 minutes before the scheduled start time. A webcast replay of the call will be available on the investor relations website following the event.
Hagerty's 2024 'Future of Driving' survey reveals a strong interest in collector vehicles among Gen-Z, with 60% expressing interest compared to 31% of Baby Boomers. Key findings include:
- 77% of Gen Z respondents love or like driving
- 32% of Gen-Z and 30% of Millennials have owned or currently own a classic enthusiast vehicle
- SUVs are the most popular vehicle type overall, but Gen Z shows nearly equal interest in luxury cars
- 50% of drivers feel a sense of freedom when driving
- 27% perform DIY repairs, with Millennials most likely at 34%
The survey highlights a generational shift in car collecting, with younger enthusiasts showing interest in vehicles from the past four decades. Social media and car shows play important roles in introducing Gen Z to classic cars. Mazda Miatas (1990-1998) are the most inquired-about cars for insurance coverage among Gen Z enthusiasts.
Hagerty (NYSE: HGTY), an automotive enthusiast brand and specialty vehicle insurance provider, has appointed Anthony (Tony) J. Kuczinski to its Board of Directors, effective July 9, 2024. Kuczinski brings over 34 years of extensive experience in the insurance industry, having served as CEO of Munich Re US and holding various leadership roles. He also offers strategic advisory services and serves on multiple boards in the insurance sector. His appointment is expected to contribute significantly to Hagerty's long-term growth strategies. McKeel Hagerty, CEO and Chairman of the Board, expressed confidence in Kuczinski's ability to bolster Hagerty's profitable growth and enhance its offerings for automotive enthusiasts.
Hagerty, an automotive enthusiast brand and specialty vehicle insurance provider, announced the expiration and results of its exchange offer and consent solicitation for its various outstanding warrants. The offer expired on July 2, 2024, with 87.3% of Public Warrants, 98.4% of Private Placement Warrants, and 97.6% of PIPE Warrants being validly tendered. Hagerty will settle the exchange of these warrants for 0.2 shares of Class A common stock around July 5, 2024. The company received the necessary consent to amend the warrant agreements and will exchange remaining warrants for 0.18 shares each on July 22, 2024, with July 19, 2024, being the last trading day for the Public Warrants under the symbol HGTY.WS.
Hagerty Drivers Club (HDC) is launching 'HDC Days' from June 21-23, 2024, a special event celebrating its 830,000 members with exclusive experiences, discounts, and contests. Over 20 live events across the U.S. and Canada will be held, and members can participate in a 'Get Out and Drive Contest' by driving 50 miles and sharing their experience for a chance to win prizes such as Michelin and BFGoodrich gift certificates and tickets to The Amelia 2025.
Members can also win prizes by posting on social media with the hashtag #HDCdays2024, including Formula 1 Miami tickets and Xtreme Xperience packages. Additional offers include discounts from partners like Griots and WeatherTech, and voting on future HDC magazine covers. For more details, members can log into their accounts or visit Hagerty’s website.
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