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Hagerty Q1 2023 Earnings Report
Hagerty is focused on sustaining high growth rates and improved profitability.
Key Takeaways
Hagerty reported on their progress with Hagerty Marketplace and Broad Arrow Group, highlighting the potential of their recurring revenue insurance model and focus on growth and profitability.
Hagerty Marketplace website is in beta stage, offering members ways to buy and sell cars.
Approximately 300,000 vehicles on Hagerty’s insurance books traded hands in 2022 with a value of $12.5 billion.
Broad Arrow Group facilitates sales on Marketplace, bringing trust and accountability to the industry.
Broad Arrow will serve as the official auction house for Porsche’s 75th Anniversary celebration in Atlanta.
Forward Guidance
Hagerty is aiming to sustain high growth rates while delivering significantly improved profitability. Hagerty thinks investors should be intrigued about the potential of Hagerty Marketplace and our live auctions as we layer on additional products and services to become the one- stop shop for autophiles.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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