(November 4, 2022) TRAVERSE CITY, Mich. — Hagerty, Inc., an automotive lifestyle brand and a leading specialty insurance provider, has launched Hagerty Marketplace online auctions which allows members and enthusiasts to buy and sell automobiles through a trusted, easy-to-use platform. The addition of online auctions builds upon Hagerty’s growth strategy and helps augment its existing Marketplace business which includes classified offerings, Hagerty Valuation Tools and DriveShare businesses.

To ensure the buying and selling process is as simple and safe as possible, the Hagerty Marketplace team does all the heavy lifting. Each seller will work with an experienced Hagerty Marketplace auction team member, who will provide support with pre-sale and post-sale logistics, including facilitating payment and transfer of ownership. Each buyer will provide a government-issued identification and credit card before bidding, ensuring that real enthusiasts are behind each bid.

Auctions that are now live include enthusiast vehicles from a wide range of eras and typologies including a 2019 Ford GT, 1963 Ford Fairlane Squire Wagon, 2000 Mercedes-Benz E55 AMG, and 1992 Porsche 968 Cabriolet.

“Over the past few years, the collector car industry has seen exceptional growth in demand for online car auctions, driven by the convenience of bidding from practically anywhere,” said Kenneth Ahn, president of Hagerty Marketplace.

“But when car collectors are buying and selling five, six, or seven-figure cars online, we believe there are areas for significant improvement over the status quo. Our goal is to provide an online auction platform that is differentiated by trust, with unparalleled level of service and data-driven expertise. We are excited to launch Hagerty’s Marketplace online auctions and we are committed to continuing to innovate and grow along with this emerging market.”

In the 12 months ending June 30, Hagerty saw its members buy and sell more than 300,000 collectible cars for nearly $12 billion in value. Following Hagerty’s acquisition of Broad Arrow Group — an auction, private sales, and asset-based financing specialist – in August of 2022, the new Marketplace online auctions will further augment Hagerty’s ecosystem of products and services to better serve the vast community of car collectors and enthusiasts around the world.

Broad Arrow Group made their live auction debut in August at Monterey Car Week with $55.3 million in sales and followed-up with October’s sale of the Jim Taylor collection which saw $21.3 million in sales. Broad Arrow’s team will work in tandem with Hagerty Marketplace online auctions, to provide more options and opportunities for car collectors and enthusiasts to buy and sell collectible cars.