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Hagerty Q3 2022 Earnings Report
Hagerty acquired Broad Arrow Group and saw success in its first live auction as Hagerty Marketplace.
Key Takeaways
Hagerty's Q3 2022 highlights include the acquisition of Broad Arrow Group and a successful first live auction as Hagerty Marketplace, with $55 million in sales and 88% of lots sold. The company focuses on expanding its vehicle marketplace and managing expenses for future growth, while the insurance business continues to show double-digit written premium growth.
Completed the acquisition of Broad Arrow Group to build high-trust platforms for members.
Hagerty Marketplace tallied $55 million in sales at its first live auction.
Collectible cars are a durable asset class, appreciating over 8% annually for the last 15 years.
Insurance business continues to drive double-digit written premium growth with a high Net Promoter Score.
Hagerty
Hagerty
Forward Guidance
Hagerty is focused on managing expenses and allocating resources to high-growth profit opportunities to weather economic headwinds and position the company for the next economic up-cycle.
Positive Outlook
- Actively managing expenses to allocate resources to high growth profit opportunities
- Right-sized cost structure will position Hagerty to weather near-term economic headwinds
- Team is focused on efficiently executing against strategic priorities
- Delivering excellent customer experiences and a superior value proposition
- Hagerty is well positioned to emerge from this economic downturn stronger than ever
Challenges Ahead
- Battening down the hatches against the rough seas of the current economy
- Elements of non-insurance offerings expected to become increasingly material drivers of revenue and profitability
- Insurance still represents over 90% of current revenue
- Durability and resilience will be key themes for us in the quarters to come
- The bar is high