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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 has announced NASCAR Hall of Famer Jeff Gordon as the honoree for The Amelia, taking place from March 2-5, 2023. The event includes seminars featuring Gordon and his former crew chief Ray Evernham, alongside a concours showcasing vehicles from Gordon's career. Broad Arrow Auctions will serve as the official auction house for the inaugural Amelia auction on March 4, featuring a range of collector cars. The Amelia, now in its 28th year, aims to celebrate car culture while supporting charitable causes, having donated over $4 million to date.
In Q3 2022, Hagerty reported a 29% increase in total revenue to $216.8 million year-over-year, supported by a 16% rise in written premium. Year-to-date, total revenue climbed 27% to $590.6 million. The company’s net income reached $24.3 million, a significant turnaround from a prior loss. Hagerty continues to grow its member base, now at 2.6 million, with strategic investments in digital platforms and partnerships set to boost future growth. Despite challenges from Hurricane Ian, the firm maintains a positive outlook, projecting continued revenue momentum.
Hagerty, Inc. (NYSE: HGTY) has launched its online auction platform, Hagerty Marketplace, aimed at enhancing the buying and selling experience for car enthusiasts. This initiative supports Hagerty's growth strategy and complements existing services like Hagerty Valuation Tools and DriveShare. The platform ensures secure transactions through identity verification and member support throughout the auction process. In the past year, Hagerty facilitated over 300,000 collectible car transactions valued at nearly $12 billion, signaling strong demand in the collector car market.
Hagerty, Inc. (NYSE: HGTY), an automotive lifestyle brand and specialty insurance provider, announced it will report its Q3 2022 financial results on November 10, 2022, before market opening. A conference call to discuss these results will be held at 10:00 am ET, with a live webcast available on Hagerty's investor relations website. The dial-in numbers for the call are (877) 423-9813 (toll-free) and (201) 689-8573 (international). A replay will be accessible for 90 days following the event.
Hagerty has expanded its premium clubhouse and car storage network with the opening of Garage + Social Palm Beach in Florida. This facility can store up to 450 classic, collector, and exotic cars, offering climate-controlled space, maintenance, and detailing services. The location boasts over 50,000 sq. ft. of area for social gatherings and events, enhancing South Florida's car culture. With existing sites in Miami and Delray Beach, Hagerty continues to strengthen its community for car enthusiasts.
Hagerty, an automotive lifestyle brand and specialty insurance provider, will present at the KBW Insurance Conference on September 8, 2022, at 3:15 p.m. ET. CEO McKeel Hagerty will engage in a fireside chat addressing various industry and company topics. The live webcast can be accessed here, with a replay available for 365 days. Based in Traverse City, Michigan, Hagerty aims to preserve car culture and operates multiple membership programs and insurance services for automotive enthusiasts.
Hagerty (HGTY) has appointed Patrick McClymont as its new Chief Financial Officer, effective September 6, 2022, succeeding Fred Turcotte, who will retire but remain as a senior advisor through 2023. McClymont brings extensive experience from various leadership roles in finance, including past CFO positions at IMAX and Sotheby's. The transition aims to strengthen Hagerty’s financial strategy as it pursues global growth opportunities. CEO McKeel Hagerty acknowledged Turcotte's contributions to the company’s success over the last decade.
Broad Arrow Auctions, a subsidiary of Hagerty (HGTY), achieved remarkable sales of $55.3 million during its inaugural auction at the Monterey Jet Center on August 18. A total of 88 percent of the 93 lots were sold, featuring notable highlights like the 1957 Ferrari 250 GT LWB selling for $5.5 million and the 1995 Ferrari F50 reaching a record price of $5.175 million. The auction was buoyed by a strong turnout and participation from global bidders, showcasing a solid demand in the collectible car market.
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