Hagerty Inc., a Traverse City-based specialty auto insurance and passionate automotive lifestyle brand, today announced the launch of its new Marketplace business and has made a strategic investment and formed a joint venture with Broad Arrow Group Inc. of Ann Arbor.
The new marketplace will feature Hagerty and DriveShare valuation tools, as well as new services for buying and selling vintage cars that are expected to launch later this year. The joint venture will help Hagerty expand and centralize the company’s product portfolio.
The announcement closely follows Hagerty’s beginnings as a publicly traded company and exemplifies the brand’s goal of saving driving and car culture by providing services that reach an estimated 69 million car enthusiasts in the States. -United.
“Our recent IPO has enabled accelerated investment in ongoing projects related to our technology infrastructure as well as our member services,” said McKeel Hagerty, CEO of Hagerty. “Providing high trust platforms to buy and sell classic cars benefits our members and further improves the Hagerty market. It is these ramps to enthusiasm that will help our ecosystem to thrive.
Broad Arrow Group is a team of experts in the transactional segment of the vintage car market. At the heart of the joint venture is Hagerty’s employment of four key founders of Broad Arrow Group: Kenneth Ahn, Alain Squindo, Ian Kelleher and Mike Mortorano.
In addition to his role as CEO of Broad Arrow Group, Ahn joins Hagerty as President of Marketplace.
Data from Hagerty Automotive Intelligence estimates that there are 43 million insurable collector vehicles in the United States. Additionally, the live and online classic car auction industry sold over $ 2.2 billion in 2021, not including the private Vparty market, which represents a market opportunity estimated at over $ 20. . billion a year.
“Our goal is to continue to build a team of the best in the classic car industry and by adding Ken, Alain, Ian and Mike we have done just that,” said Hagerty. “We are always looking for ways to innovate and serve our members more broadly. The experience and vision these four leaders bring to the table is invaluable as we explore new opportunities for Marketplace.