Company type | Public |
---|---|
NYSE: HGTY | |
Industry | Insurance |
Founded | Traverse City, Michigan (1984 ) |
Founders |
|
Headquarters | Traverse City, Michigan , United States |
Area served | Canada Germany United Kingdom United States |
Key people | McKeel Hagerty, CEO |
Website | www |
Hagerty, Inc. is an American automotive lifestyle [1] and membership company, [2] as well as the world's largest provider of specialty insurance for classic vehicles. [3] [4] Hagerty is based in Traverse City, Michigan and also operates in Canada, Germany and the United Kingdom. [5]
Hagerty was launched in 1984 by Frank and Louise Hagerty after they could not find good insurance coverage for their wooden boats. The company initially focused on providing coverage for antique boats, and later expanded into cars and other vehicles. [6] In 1991, the company added coverage for classic cars. [7]
In 2000, McKeel Hagerty, son of Frank and Louise, became CEO. [8] Under McKeel Hagerty's guidance, the company developed an automotive media arm by launching Hagerty magazine (ISSN 2162-8033), [9] covering the classic and enthusiast vehicle market. In 2020, the magazine was renamed Hagerty Drivers Club Magazine. [10]
Hagerty published its first annual Hagerty Price Guide in 2008, a valuation tool [11] that informs [12] classic car buyers on how to best navigate the digital automotive age. [13] Hagerty also originated both the Historic Vehicle Association (HVA) [14] and the RPM Foundation. [15]
In 2017, the company adopted saving driving and preserving automotive culture for future generations as its corporate mission. [16] To support the mission, Hagerty launched Hagerty Drivers Club, [17] offering members access to events, automotive discounts, roadside service [18] and more. In 2017, Hagerty also acquired DriveShare. [19] The company became the owner and organizer of the Greenwich Concours d'Elégance [20] and established MotorsportReg.com [21] and Hagerty Garage + Social [22] in 2019. In 2021 it bought the California Mille, the Concours d’Elegance of America, and the Amelia Island Concours d'Elegance. [23] [24]
In December 2021, Hagerty went public by merging with Aldel Financial, a SPAC, under the symbol HGTY. [25] [26] The merger deal was valued at $3.13 billion. [27]
In January 2023, Hagerty launched Hagerty ECO (Enthusiast Carbon Offset) scheme for classic motorists to offset their carbon emissions. Hagerty partner with a third party to plant trees on your behalf. The scheme quickly came under scruitiny when the third party was found to be taking 20-30% of offset donations to simply pass the funds on to other charities. There are also no calculations provided as to how they achieve their CO2 or 'Trees' figures. [28]
A 2023 Bloomberg News article documented how within two years McKeel Hagerty turned the small family business into a conglomerate with dominance in the industry and classic car insurance markets. [29]
Hagerty partnered with Japanese video game developer Polyphony Digital in 2022 to appear in the video game Gran Turismo 7 . Hagerty branding appeared in the game's "Legend Cars Dealer" screen, and CEO McKeel Hagerty also featured, describing the cars that were available for the player to purchase, dubbed the "Hagerty Collection." [30]
A vintage car is, in the most general sense, an old automobile, and in the narrower senses of car enthusiasts and collectors, it is a car from the period of 1919 to 1930, Either a "survivor" or one that has been fixed up according to the original manufacturer's instructions. Such enthusiasts have categorization schemes for ages of cars that enforce distinctions between antique cars, vintage cars, classic cars, and so on. The classification criteria vary, but consensus within any country is often maintained by major car clubs, for example the Vintage Sports-Car Club (VSCC) in the UK.
A classic car is typically described as an automobile 25 years or older, although a car's age is not the only requirement it must meet before being considered a "classic." However, a standard criteria for recognizing cars as classics does not exist, since different countries use their own rules and have their own regulations for classifying potential cars. Despite this, a common theme is that an older car of historical interest becomes collectible and tends to be restored rather than scrapped.
Carrozzeria Touring Superleggera is an Italian automobile coachbuilder. Originally established in Milan in 1925, Carrozzeria Touring became well known for both the beauty of its designs and patented superleggera construction methods. The business folded in 1966. In 2006 its brands and trademarks were purchased and a new firm was established nearby to provide automotive design, engineering, coachbuilding, homologation services, non-automotive industrial design, and restoration of historic vehicles.
The Bugatti Type 57 and later variants was a grand tourer built from 1934 through 1940. It was an entirely new design created by Jean Bugatti, son of founder Ettore. A total of 710 Type 57s were produced.
The Pebble Beach Concours d'Elegance is an annual automotive event held on the Pebble Beach Golf Links in Pebble Beach, California. It is widely considered the most prestigious car show in the world and it is the pinnacle Concours d'Elegance competition worldwide.
Edward Thomas Welburn Jr. is an automobile designer and former General Motors' Vice President of Global Design, a role in which he served from 2003 to 2016 and the same position that Harley Earl and Bill Mitchell once held. To date, Welburn still holds the distinction of having been the highest-ranking Black-American in the global automotive industry. He has overseen the development of recent GM products, such as the Chevrolet Corvette, Cadillac Escalade and Chevrolet Camaro. Welburn has overseen groundbreaking concepts such as:the Oldsmobile Aerotech, Cadillac Ciel, and Buick Avista.
Parkside Media is a diversified media organization involved in print, television and online publishing as well as advertising, event management and public relations, among other client services.
The Amelia Island Concours d'Elegance is an automotive charitable event held each year during the second weekend in March at The Ritz-Carlton Amelia Island in Amelia Island, Florida. A New York Times article about celebrity car ownership listed "the nation's top concours d'elegance: Pebble Beach in California, Meadow Brook in Michigan, Amelia Island in Florida, and the Louis Vuitton Classic in midtown Manhattan."
Solera Inc is an American company based in Texas which provides risk management and asset protection software and services to the automotive industry and property insurance marketplace. Solera also provides digital identity management services, as well as re-underwriting and data analytics for the automotive, property and casualty insurance industries. Solera is active in 88 countries across six continents.
The Kirkland Concours d'Elegance at America's Car Museum is an automotive charitable event which has raised approximately 1.5 million US dollars during its first nine years for uncompensated health care for children at Seattle Children's Hospital and Evergreen Hospital Medical Center. The event was established in 2003 and was held the first nine years of its existence at Carillon Point in Kirkland, Washington. In September 2012 the event moved to the LeMay America's Car Museum (ACM) in nearby Tacoma, and was held until 2013.
The Misselwood Concours d’Elegance is an American classic car and motorcycle event that takes place on the last weekend in July at the Misselwood Estate, in Beverly, Massachusetts, and has been referred to as one of the most scenic classic car events on the East Coast and New England region. The event is a fundraiser for scholarship funds for Endicott College.
A Concours d’Elegance dates back to 17th Century French aristocracy, who paraded horse-drawn carriages in the parks of Paris during summer weekends and holidays.
Gooding & Company, LLC is a classic car auction company headquartered in Santa Monica, California. Incorporated in 2003, the company holds multiple all-time records for the most expensive cars sold in auction. The company also provides private treaty sales, estate planning, and appraisals. Since 2004, Gooding & Company has been the official auction house of the Pebble Beach Concours d'Elegance. The global auction house also hosts its London Auction as the official auction partner of the Concours of Elegance at Hampton Court Palace since 2021. Additional auctions are held each year in Amelia Island, Florida. At the present, the auction house holds the world record prices at auction for 12 automotive marques, including Duesenberg, Porsche, Ferrari, Bugatti, McLaren, and RUF.
The Festival of the Unexceptional is a Concours d'Elegance-style car show held in England, featuring classic cars from the 1960s, 1970s, 1980s and 1990s that were considered ordinary when new, but are now quite rare.
TheNethercutt Collection is a multi-storied museum and car collection complex located in Sylmar, California. It was founded by J.B. Nethercutt in 1971 and its centerpiece is the prestigious automobile collection of the Nethercutt-Richards family that contains over 250 cars, nearly all of which J.B. originally collected and owned. It is widely regarded as one of the greatest car museums in the world.§
The Greenwich Concours d'Elegance is an annual event in June that has been held since 1996 in Greenwich, Connecticut. The event is a Concours d'Elegance that features classic American and European vintage cars that are entered in a judging competition. The event includes classic car parades over 3 days. The event often includes American muscle cars, very early American cars, luxury cars of all years, and rare European cars.
Ken Eberts was an American painter who had been a major contributor to the automotive art genre. He was a founding member of the Automotive Fine Arts Society (AFAS), and was its president since its inception in 1983.
The Plymouth XNR is a concept car developed by Chrysler. It was designed by Virgil Exner, and first shown in 1960. Also called the XNR 500, the car is an open roadster with some asymmetric features, and was proposed as a sporty addition to the Plymouth model lineup, and as competition for the Chevrolet Corvette.
McKeel Hagerty is an American entrepreneur, business personality and the CEO of Hagerty, an automotive lifestyle brand and specialty collectible insurance company headquartered in Traverse City, Michigan.
The Las Vegas Concours d'Elegance is an automotive Concours d'Elegance event and car show held annually at the Wynn Resort in Las Vegas, Nevada.
Hagerty Garage and Social, which launched in 2019, collector car insurance company turned automotive lifestyle brand Hagerty has made a powerful shift outside of just specialty insurance.
Specialty insurance and automotive lifestyle company Hagerty has revealed that it will establish a new operations center in Dublin, OH.
At the time, McKeel Hagerty, CEO of the largest classic car insurer in the world and founder of the Historic Vehicle Association…
Hagerty started in the 1980s as an insurance agency for classic boats and cars, but it has grown and diversified in the auto industry…
Now with offices across the U.S., Canada, U.K., and Germany, the company is the largest insurance agency for collector cars.
The company was founded in 1984 as a boat insurance company and started insuring classic cars in 1991.
McKeel Hagerty is the CEO of Hagerty
Hagerty magazine's annual roundup of the hottest collector cars of the year...
But in pursuit of its global lifestyle mission, Hagerty has also created a suite of automotive services for car lovers, including Hagerty Drivers Club, Hagerty Valuation Tools, Hagerty Drivers Club magazine
Hagerty offers a Valuation Tool via the company's website and app.
The list was created using data from the Hagerty Price Guide, Hagerty Valuation Tools, Hagerty auction research and requests for insurance quotes.
In 2008, we first published our annual Hagerty Price Guide…"
The HVA was founded in 2009 through the philanthropic support of Hagerty…
Founded through the vision and support of Hagerty, the RPM Foundation serves as the educational arm of America's Automotive Trust.
But Hagerty called it a "life-changing experience" that prompted him to launch a new mission called Save Driving, aimed at preserving human driving and keeping the car culture alive for future generations as the push toward self-driving cars accelerates.
Hagerty Drivers Club, which offers members-only events, a magazine, automotive discounts, roadside service, membership in a historic vehicle association and access to an automotive help desk.
Hagerty Drivers Club, which offers members-only events, a magazine, automotive discounts, roadside service…
Hagerty… is launching DriveShare…
Hagerty announced that it has acquired and will partner with the Concours d'Elegance of America in Detroit.
Traverse City-based Hagerty, an automotive lifestyle brand, has acquired MotorsportReg.com
With its Drivers Club memberships, car valuation tools, magazine, media operation Hagerty Media, and partnership with Collectors' Car Garage rebranded as Hagerty Garage and Social