HAGERTY INC Stock Price, News & Analysis

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.

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.