Hagerty CEO Sees Classic Car Market Shifting, Aims to Expand Data-Driven Strategy
As classic car enthusiasts gathered at the 2025 Amelia Concours d'Elegance, Hagerty CEO McKeel Hagerty highlighted a significant shift in collector preferences and laid out plans to position his company as the automotive industry's version of Bloomberg, using data-driven insights to guide the market.
The Amelia Concours crowned a rare 1938 Alfa Romeo 8C 2900B "Best in Show," underscoring the event's traditional focus on racing heritage. Valued near $20 million, the Alfa exemplifies classic automotive prestige. But even amid celebrations of automotive history, Hagerty noted changes sweeping the collector car marketplace.
While blue-chip vintage cars like classic Ferraris have traditionally dominated high-dollar auctions, younger collectors are increasingly drawn to newer classics. Vehicles from the 1970s and '80s, including Porsche sports cars, Mercedes AMG models, and even Japanese performance cars, have surged in popularity and price.
"There's definitely room for a classic-focused event like Amelia, much like Pebble Beach out west," Hagerty explained in an interview. "Yet, we also see the market gradually shifting towards newer generations of collectible cars."
That transition offers Hagerty a unique opportunity. With its longstanding insurance business and recent expansion into auctions through its Broad Arrow subsidiary, Hagerty is positioned to leverage vast amounts of data. According to Hagerty, becoming a definitive source of market insights, akin to how Bloomberg operates in finance, would help the company guide customers navigating these changing trends.
"We want to establish the intellectual high ground in our industry," Hagerty said. "Right now, no single source is recognized as the Bloomberg equivalent for automotive collectors. We can fill that void."
Hagerty already provides valuation data through specialized indices like its "Muscle Car Index," which tracks collector car prices. As the market diversifies, the company's data analytics could become indispensable for collectors deciding where to invest.
Additionally, Hagerty reported strong financial performance, posting a 20% revenue increase in 2024 and attracting 279,000 new members. The company projects up to 400,000 additional members in 2025, buoyed by a partnership with State Farm Insurance. By 2030, membership could grow by 1.5 million, essentially doubling Hagerty's current size.
"The classic car business is evolving quickly," Hagerty concluded. "We must prepare for rapid growth and new directions. Using our data strategically, we'll help collectors make informed choices in an increasingly complex market."
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