As many in the collector car hobby anticipated, Hagerty Inc. and the Broad Arrow Group have announced a strategic partnership in the form of the Hagerty Marketplace that will offer “new services for buying and selling collector cars.” Details of those services will be announced “later this year,” according to the news release.
“Our recent IPO has allowed for an accelerated investment in ongoing projects related to our technological infrastructure as well as our member services,” Hagerty chief executive McKeel Hagerty was quoted in the announcement.
“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.”
The Broad Arrow Group, comprised primarily of former staff members of RM Sotheby’s, has received a strategic investment from Hagerty. In the new Hagerty Marketplace arrangement, four of Broad Arrow’s founders — Kennety Ahn, Alain Squindo, Ian Kelleher and Mike Mortorano — also will work for Hagerty, with Ahn holding titles as chief executive of Broad Arrow and president of Marketplace.
“With its longstanding history, stellar reputation and a vision to continue to expand Hagerty Drivers Club membership and its offerings in the collector car industry, partnering with Hagerty represents an incredibly unique opportunity for Broad Arrow Group,” Ahn is quoted. “Working together, we can leverage resources, experience and passion to establish Marketplace as a leader in the collector car space.”
Added McKeel Hagerty: “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. 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.”
Hagerty’s valuation tools and DriveShare programs will become part of the Marketplace division, according to the announcement.