Traverse City, MI, July 12, 2023 (GLOBE NEWSWIRE) -- Hagerty, Inc., (NYSE: HGTY) an automotive lifestyle brand and a leading specialty insurance provider alongside Broad Arrow Auctions, today announced the Hendricks Collection at the Gateway Museum is now available online through Hagerty Marketplace, a trusted, easy-to-use platform to buy and sell automobiles. The lots will close between July 31 and August 11, with 2-3 cars ending each weekday during that period.
The Collection is split in half with approximately 25 being sold online as presented here and an additional 25 being offered at the Broad Arrow Monterey Jet Center Auction this August 17-18, additional information on those live auction cars can be found at www.broadarrowauctions.com
The Hendricks Collection comprises over 50 motor cars in total from the early 1900s through today with each car inspected and cataloged by a Broad Arrow specialist on behalf of Hagerty Marketplace. Offered on behalf of the Hendricks Collection at the Gateway Auto Museum, which is devoted to understanding, and celebrating, the history, design and social impact of the American automobile.
Senior Car Specialist Donnie Gould comments, “We are honored to have been chosen to represent the Gateway Collection. The quality of each of the cars is outstanding, most are in show quality condition and each one was hand-picked with a vision, making for an exciting addition to our Marketplace.”
A significant highlight of the collection is the 2005 Ford GT, equipped with all four options and finished in Mark IV Red with white racing stripes. Showing just over 8,200 miles from new it is estimated at $250,000 - $300,000
Another highlight is this 1957 Pontiac Bonneville Convertible, finished in Kenya Ivory and Bonneville Red and a red and white leather interior accented by a white power-operated Pinpoint convertible top with a new boot. Powered by a 347 cu-in overhead-valve V8 rated at 310 horsepower with a three-speed Hydra-Matic automatic transmission. Representing the first year of Bonneville production and the most well-equipped Pontiac on offer in 1957, this example is estimated at $125,000-$150,000.
A low-mileage, restored 1932 Auburn 8-100A Custom Speedster, estimated at $90,000-$110,000, finished in Burgundy with red accents over a Tan leather interior complete with Wilton wool carpets. Powered by an eight-cylinder Lycoming engine, this example has been restored in the style of an Auburn Boattail Speedster.
A well-restored 1956 DeSoto Adventurer Hardtop, finished in two-tone Jet Black with Adventurer Gold over a color-coordinated interior and powered by a specially modified, 341 cu-in Hemi V8 advertised with 315 horsepower. This DeSoto is one of 996 flagship Adventurer models built for model year 1956 and is estimated at $75,000-$100,000.
In August 2022, Hagerty (NYSE: HGTY), an automotive lifestyle brand and a leading specialty insurance company, entered into a definitive agreement to acquire Broad Arrow Group. Broad Arrow Group clients now benefit from access to Hagerty’s reach and range of services offered to collector car enthusiasts. In October 2022, Hagerty also launched Marketplace online auctions (www.hagerty.com/marketplace), which allows members and enthusiasts to buy and sell automobiles through a trusted, easy-to-use online auction platform, with consignments powered by the Broad Arrow team. Together, Hagerty and Broad Arrow now offer a full suite of buying and selling options to the collector car community, from both live and online auctions to private sales, classifieds and financing solutions.
Photo Credit: Photos courtesy of Broad Arrow Group/Ryan Merrill
About Broad Arrow Group, a Hagerty Company - Broad Arrow Group, 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 Group operates Broad Arrow Auctions, Broad Arrow Capital, and Collectors Garage and is headquartered in Grosse Pointe, Michigan. Learn more at broadarrowgroup.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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