Summer is the favorite time for car collectors and enthusiasts, and Hagerty is launching a new digital platform for buying and selling collectible vehicles.
“Hagerty classifieds is about giving our members a safe, secure and easy way to buy and sell vehicles,” said McKeel Hagerty, CEO of Hagerty. “It’s also about doubling down on our commitment as a company to save driving and car culture for future generations, in this case by tapping into an industry growth market.”
Hagerty Inc., which has offered insurance on collectible cars for years, recently began an ambitious effort to become what its top executive describes as an “automotive lifestyle brand” aimed at the enthusiast market, which encompasses collectors and others with an interest in motoring as a hobby.
Its new digital classifieds platform will offer Hagerty Drivers Club members the chance to buy and sell collectible and exotic cars, trucks and motorcycles.
Platform complements insurance business
The platform is Hagerty’s first foray into the private party transaction segment of the collectible car market, which it estimates includes about 43 million insurable vehicles nationwide. In 2021, Hagerty observed its insurance members buying or selling approximately 280,000 collector cars, representing $9.5 billion in value.
Hagerty said HDC members can list vehicles for sale without any fees on the classifieds platform, which features a built-in messaging and offer system, no buyer’s fees and a wide reach through Hagerty’s ecosystem of millions of collectors and enthusiasts.
Hagerty now has more than 727,000 paying members in HDC, which it describes as community for car lovers featuring expert support, VIP experiences and original award-winning automotive media content.
Up and running
Since its launch in April, the site has attracted nearly 1,000 vehicle listings including cars from 1915 to 2016 with prices ranging from $1,000 to $600,000 and we’re seeing more early sales than expected,” said Kenneth Ahn, president of Marketplace.
“In a market where private sale transactions outpace auction transactions by approximately a 10-to-1 ratio or more by both value and volume, our classifieds platform is about connecting enthusiasts with their next dream car, at scale,” Ahn said.
Hagerty Marketplace also offers Hagerty Valuation Tools, which includes more than 15 years of pricing for 40,000 enthusiast cars, trucks, vans and motorcycles from the post-war era to present, and the enthusiast car-sharing platform Drive Share.
Updates to the Marketplace classifieds platform and new product launches are expected later this year.
