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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 Garage + Social has launched its third location in Miami, expanding its presence in the South Florida luxury car market, which already includes Palm Beach and Delray Beach. This new clubhouse features 30,000 square feet of climate-controlled storage capable of accommodating over 200 cars, along with a member clubhouse for social gatherings. The facility enhances Hagerty's national network of car enthusiast locations, promoting car culture and offering perks like 24-hour security and maintenance services. Members also gain access to events, automotive discounts, and services including vehicle acquisition assistance through Broad Arrow Group.
Hagerty, Inc. (NYSE: HGTY) reported strong financial results for Q4 and full year 2022, with total revenue up by 28% year-over-year to $197 million and 27% to $788 million, respectively. Written premium also increased by 15% for both periods, totaling $162 million in Q4 and $777 million for the year. The company highlighted a projected total revenue growth of 22-26% for 2023, driven by continued premium growth. Despite a net loss of $32.2 million in Q4, Hagerty anticipates improved profitability and adjusted EBITDA between $40 million and $60 million in 2023 due to cost containment measures. The acquisition of Broad Arrow Group contributed significantly to revenue.
Hagerty, a leading specialty insurance provider in the automotive sector, has announced its Top Gear Agents for 2023. The list recognizes agencies excelling in customer service and performance, including HWI Motorsports, John Abrams & Associates, and many more. CEO McKeel Hagerty commended these agents for their dedication to preserving car culture. Top Gear agents benefit from co-op marketing dollars, dedicated account support, and a VIP membership to Hagerty Drivers Club. With a mission to sustain driving culture, Hagerty continues to build its presence in the automotive enthusiast market.
Hagerty, a leader in automotive lifestyle and specialty insurance, announced its Allstar Advantage Agencies for 2023, recognizing top-performing agencies. CEO McKeel Hagerty praised their commitment to customer service and preserving car culture. The selected agencies include John Alsop Insurance Agency, Jakubek, Inc., and others. Allstar agencies benefit from co-op marketing funds, dedicated support, and features on Hagerty's platforms. Hagerty aims to secure the future of car culture while expanding its global business. For more details, visit Hagerty's website or social media channels.
Hagerty, Inc. (NYSE: HGTY), an automotive lifestyle brand, will report its fourth quarter 2022 financial results on March 14, 2023, before the market opens. A conference call to discuss these results is scheduled for 10:00 AM Eastern Time on the same day. Interested parties can join the call via dial-in at (877) 423-9813 for U.S. callers or (201) 689-8573 for international participants, with a reminder to call in 10 minutes early. A live webcast will be available on Hagerty's investor relations website, and a replay will be accessible following the call.
Hagerty (NYSE: HGTY) has launched ECO, a voluntary Enthusiast Carbon Offset program aimed at enabling automobile enthusiasts to reduce their carbon footprint easily. This initiative is part of Hagerty's new Impact strategy, designed to promote environmental awareness among collectors. Participants can calculate their vehicle's CO2 emissions and offset them through tree planting projects in the U.S., Canada, and the U.K., managed by Chrome Carbon. The program is accessible to all collectible vehicle owners, regardless of insurance purchases from Hagerty.
Hagerty (NYSE: HGTY) has released its 2023 U.S. Bull Market list, highlighting vehicles with the best potential to increase in value next year. Using data from millions of vehicles, auctions, and historical trends, the list includes a diverse range of cars and motorcycles. Notable vehicles include the 1992–2006 AM General Hummer H1, 2008–2015 Audi R8, and 2001–2004 Chevrolet Corvette Z06. Despite economic uncertainties, Hagerty's analysis suggests these vehicles are well-positioned for appreciation, driven by increasing demand from younger enthusiasts.
Hagerty, an automotive lifestyle brand and insurance provider, launched the Garage + Social Van Nuys in Southern California, partnering with car enthusiasts Patrick Long and Rod Emory. This facility will serve as a premium clubhouse and storage for car collectors, featuring climate-controlled storage, a café, and events focused on car culture. The site spans 2.5 acres with over 30,000 square feet dedicated to car storage. The clubhouse is set to open in March 2023 and adds to Hagerty’s expansion, which includes facilities in nine cities across North America.
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