Hagerty, an automotive lifestyle brand and specialty insurance provider based in Traverse City, today announced the acquisition of Speed Digital, a cloud-based technology solutions provider for dealers, auction houses, collectors, and enthusiasts.
The acquisition of Speed Digital augments Hagerty’s portfolio of marketplace offerings, including Hagerty Valuation Tools and DriveShare, to help members buy, sell, and rent collector cars.
“When we talk about our passion for strengthening and growing car culture for future generations, we mean the whole automotive ecosystem, including those who help get collector cars in the hands of enthusiasts,” says McKeel Hagerty, CEO of Hagerty.
“We believe that the scale and scope of Hagerty’s media reach and membership offerings, along with our technological capabilities and other resources, will help current and future Speed Digital clients improve their businesses and attract even more customers.”
Speed Digital software processed approximately $1.5 billion in collector car sales in 2021 and the overall network of websites received more than 300 million page views during that same period. Its key products include:
- Dealer Accelerate, a subscription-based software service that helps more than 200 dealers manage more than 8,200 collector cars in inventory for sale.
- Motorious.com, an online marketplace featuring dealer-verified collector cars for sale, as well as content about vintage and exotic cars.
- Auction Accelerate, featuring software built specifically for collector car auction companies.
- Private Collection, digital asset management software developed for the nuances of managing collector cars.
Speed Digital’s founder and chairman, Rob Kauffman, is an experienced investor in the financial services industry, a race team owner, and a noted car enthusiast. He also is a board member of Hagerty. Neil Pitt, CEO of Speed Digital, will join Hagerty as vice president and general manager of Speed Digital. Speed Digital employees will join Hagerty’s marketplace team.
“We are thrilled to join forces with Hagerty,” says Pitt. “Their passion for the automotive world is unrivaled, and we see this as an extremely positive development for the Speed Digital Dealer Network, the Speed Digital team, and the overall collector car community. Our team is looking forward to taking this next step.”