Grosse Pointe, Michigan, Dec. 20, 2023 (GLOBE NEWSWIRE) -- December 20, 2023 – In its second year of operation, Broad Arrow Auctions, a Hagerty (NYSE: HGTY) company, achieved $108.5 million in total sales across three live auction events. Broad Arrow’s auction schedule included a highly curated catalog sale as the official auction house of The Amelia ($31 million total) as well as a spectacular single-marque Porsche auction ($20 million total) in celebration of Porsche’s 75th Anniversary and a flagship Motorlux Auction in Monterey in ($57.5 million total). The team, led by industry veterans, achieved 16 world record auction prices over the course of the year, with an overall sell-through rate of 86 percent, selling 334 lots (285 cars, 49 memorabilia) in total. View year in review video here.
“2023 has been an outstanding year for Broad Arrow in its second year of operations with significant growth across three businesses – auctions, private sales, and financing. In addition to achieving exceptional live auction results, our private sales team has conducted an impressive number of transactions, successfully and discreetly, while our global Broad Arrow Capital team has built an impressive lending business with a loan book of over $50 million,” said Kenneth Ahn, President of Hagerty Marketplace, and Co-Founder of Broad Arrow.
Broad Arrow’s top auction sales of 2023 were led by a trio of Ferraris sold during the Monterey Jet Center Auction, representing high points in the marque’s illustrious history. Total sales in Monterey reached $57.5M with an 84% sell-through rate over two days, the second-highest sell-through rate of all auction houses on the Monterey Peninsula in 2023. Top sales from the auction included the exquisite 1995 Ferrari F50, which achieved a sale price of $4,240,000, followed by the 1985 Ferrari 288 GTO with a sale price of $3,910,000. The stunning 1964 Ferrari 250 GT Berlinetta Lusso realized a final price of $2,810,000 to cheers from the audience.
As a testament to the private sales efforts of the Broad Arrow specialist team, one of the highlight cars from the Monterey auction, the 2007 Porsche RS Spyder EVO, which fell short of its reserve during the auction, was sold shortly thereafter via private sales to its next enthusiast owner for an undisclosed sum, highlighting the continued efforts of the Broad Arrow team to execute post-auction transactions.
Launched in December 2021, Broad Arrow has quickly gained momentum in the collector car industry to help car collectors buy, sell and finance their collector cars. Over the last two years, Broad Arrow Private Sales has completed more than 100 private sales transactions with an average transaction value in excess of $900,000 and is focused on matching buyers and sellers privately with professionalism and integrity.
Broad Arrow Capital, Broad Arrow’s financing business which utilizes collector cars as collateral, helped clients finance a significant number of collector cars in the US, UK, and Europe, with approximately $38 million in new financings in 2023 and a loan book over $50 million. Broad Arrow Capital is led by a team with over 60 combined years of finance, banking, legal, and collector car industry experience.
BROAD ARROW TOP TEN AUCTION SALES 2023
- 1995 FERRARI F50 — $4,240,000
- 1985 FERRARI 288 GTO — $3,910,000
- 1964 FERRARI 250 GT LUSSO BERLINETTA — $2,810,000
- 1964 PORSCHE 904 CARRERA GTS — $2,535,000
- 2015 MCLAREN P1 — $2,425,000
- 2015 PORSCHE 918 SPYDER — $1,985,000
- 1956 MERCEDES-BENZ 300 SL “GULLWING” COUPE — $1,930,000
- 1954 OLDSMOBILE F-88 CONCEPT CAR — $1,765,000
- 1937 MERCEDES-BENZ 500K CABRIOLET A — $1,710,000
- 1987 PORSCHE 959 KOMFORT — $1,710,000
Broad Arrow will kickstart its 2024 calendar with The Amelia Auction on March 1st and 2nd as the official auction of The Amelia at The Ritz-Carlton, Amelia Island. The two-day auction will feature exceptional collector cars ranging from pre-war classics to modern supercars. Collectors interested in consigning their cars to this world-class event are invited to contact a Broad Arrow specialist at broadarrowauctions.com.
NOTE: All prices are listed in USD and include the applicable buyer’s premium. Broad Arrow’s buyer’s premium for all motor car lots is equal to the sum of twelve percent (12%) of the first $250,000 of the Hammer Price and ten percent (10%) of the amount by which the Hammer Price exceeds $250,000. Buyer’s premium for all non-motor car lots is twenty percent (20%) of the Hammer Price.
About Broad Arrow, a Hagerty Company - Broad Arrow, a Hagerty (NYSE: HGTY) company, is an advisor, market maker, and financier for car collectors with a commitment to integrity, trust, and innovation. Broad Arrow operates Broad Arrow Auctions, Broad Arrow Capital, and Broad Arrow Private Sales (formerly Collectors Garage) and is headquartered in Grosse Pointe, Michigan. For more information, please visit connect with us on Facebook, Instagram, Twitter and LinkedIn.
About Hagerty, Inc. (NYSE: HGTY) - Hagerty is an automotive enthusiast brand committed to saving driving and fueling car culture for future generations. The company is a leading provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom-made for the 67 million Americans who self-describe as car enthusiasts. Hagerty also operates in Canada and the U.K. and is home to Hagerty Drivers Club, a community of over 800,000 who can’t get enough of cars. As a purpose-driven organization, Hagerty Impact aims to be a catalyst for positive change across the issues that matter most to our teams, our members, the broader automotive community, our shareholders and the planet at large. For more information, please visit www.hagerty.com or connect with us on Facebook, Instagram, Twitter and LinkedIn. More information can be found at newsroom.hagerty.com.
Forward-Looking Statements - This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current intentions, expectations, or beliefs regarding the business. Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that are difficult to predict and may be outside of our control. Some of the factors that may cause our actual results to differ materially from those contemplated by our forward-looking statements include: (i) our ability to recognize the anticipated benefits of the subject of this press release; (ii) our ability to compete effectively within our industry and attract and retain members; and (iii) the other risks and uncertainties listed in our Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 14, 2023. This press release should be read in conjunction with the information included in our other press releases, reports and other filings with the SEC. Understanding the information contained in those filings is important in order to fully understand our reported financial results and our business outlook for future periods. We do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.
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