Traverse City-based specialty auto insurance and auto enthusiast lifestyle brand Hagerty Inc. announced today it has launched its new Marketplace business and has made a strategic investment in and formed a joint venture with Broad Arrow Group Inc. of Ann Arbor.
The new Marketplace will offer the Hagerty Valuation Tools and DriveShare as well as add new services for buying and selling collector cars that are expected to launch later this year. The joint venture will help Hagerty expand and centralize the company’s portfolio of products.
The announcement closely follows Hagerty’s debut as a publicly traded company and illustrates the brand’s purpose to save driving and car culture by providing services that reach approximately 69 million U.S. car enthusiasts.
“Our recent IPO has allowed for an accelerated investment in ongoing projects related to our technological infrastructure as well as our member services,” says McKeel Hagerty, CEO of Hagerty. “Providing high-trust platforms to buy and sell collectible cars benefits our members and further enhances Hagerty’s marketplace. It’s these on-ramps to enthusiasm that will help our ecosystem thrive.”
Broad Arrow Group is a team of experts in the transactional segment of the collector car market. Central to the joint venture is Hagerty’s employment of four key Broad Arrow Group founders: Kenneth Ahn, Alain Squindo, Ian Kelleher, and Mike Mortorano.
In addition to his role as the CEO of Broad Arrow Group, Ahn joins Hagerty as the president of Marketplace.
Hagerty Automotive Intelligence data estimates there are 43 million insurable collectible vehicles in the U.S. Further, the live and online collector car auction industry sold more than $2.2 billion in 2021 — not including the private Vparty market, which represents an estimated market opportunity in excess of $20 billion a year.
“Our goal is to continue to build a team made up of the collector car industry’s finest and by adding Ken, Alain, Ian, and Mike, we’ve done just that,” says Hagerty. “We are always looking for ways to innovate and more broadly serve our members. The experience and vision that these four leaders bring to the table is invaluable as we explore new opportunities for Marketplace.”