HAGERTY INC Stock Price, News & Analysis

On May 15, Hagerty Marketplace will launch its first-ever private collection sale, featuring the Retro Motors Collection, which includes over 30 American muscle and high-powered European sports cars. This rolling auction format will open bidding daily, allowing collectors to purchase meticulously inspected vehicles. Highlights include a 2020 Chevrolet Corvette, a 2006 Ford GT, and a 2008 Ferrari F430 Spider. The auction aims to attract enthusiasts by offering high-quality vehicles, with the entire collection cataloged by specialists. More details and bidder registration can be found at hagerty.com/marketplace.

Hagerty, Inc. (NYSE: HGTY), an automotive lifestyle brand and specialty insurance provider, is set to report its first quarter 2023 financial results on May 9, 2023, before market opening. A conference call will follow at 10:00 am Eastern Time to discuss the results, with a live webcast available on Hagerty's investor relations website.

Hagerty serves the automotive enthusiast market, providing specialty vehicle insurance and expert car valuation data. The company operates in the U.S., Canada, and the UK, and has a community of 750,000 car enthusiasts. Hagerty is dedicated to preserving car culture for future generations while promoting positive change through its Hagerty Impact initiative.

Hagerty, headquartered in Traverse City, Michigan, has announced $46,000 in quarterly corporate giving grants to support local organizations focused on environmental stewardship, entrepreneurship, and community resilience. This initiative is part of Hagerty's broader commitment, having donated over $5.5 million to local nonprofits since its inception. Organizations receiving grants include Paddle Antrim, Discovery Center Great Lakes, Northwest Food Coalition, Stand Up For Great Lakes, and Traverse Area Recreation Trail. The company's Vice President of Brand Strategy, Kory Felker, emphasized the importance of these initiatives in enhancing the quality of life in the Grand Traverse region. For more details on applying for grants, visit the Hagerty Corporate Giving page.

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.