TRAVERSE CITY, Mich., April 14, 2022 /PRNewswire/ – Hagerty, Inc. (NYSE: HGTY), an automotive lifestyle brand and a leading specialty insurance provider focused on the global automotive enthusiast market, today announced the acquisition of Speed Digital, an industry leading provider of cloud-based technology solutions for dealers, auction houses, collectors and enthusiasts.
“When we talk about our passion for strengthening and growing car culture for future generations, we mean the whole automotive ecosystem, including those who help get collector cars in the hands of enthusiasts,” said McKeel Hagerty, CEO of Hagerty. “We believe that the scale and scope of Hagerty’s media reach and membership offerings, along with our technological capabilities and other resources, will help current and future Speed Digital clients improve their businesses and attract even more customers.”
Speed Digital software processed approximately $1.5 billion in collector car sales in 2021 and the overall network of websites received over 300 million page views during that same period.
Speed Digital’s key products include:
- Dealer Accelerate, a subscription-based software service that helps more than 200 dealers manage more than 8,200 collector cars in inventory for sale.
- com, an online marketplace featuring dealer-verified collector cars for sale, as well as engaging content about vintage and exotic cars.
- Auction Accelerate, featuring software built specifically for collector car auction companies.
- Private Collection, digital asset management software developed for the nuances of managing collector cars.
The acquisition of Speed Digital augments Hagerty’s portfolio of Marketplace offerings, including Hagerty Valuation Tools and DriveShare, to help members buy, sell and rent collector cars.
Speed Digital CEO Neil Pitt will join Hagerty as Vice President and General Manager of Speed Digital. Speed Digital employees will join Hagerty’s Marketplace team.
“We are thrilled to join forces with Hagerty,” said Pitt. “Their passion for the automotive world is unrivaled, and we see this as an extremely positive development for the Speed Digital Dealer Network, the Speed Digital team and the overall collector car community. Our team is looking forward to taking this next step.”
Speed Digital’s founder and Chairman, Rob Kauffman, is an experienced investor in the financial services industry, race team owner and noted car enthusiast. He is a board member of Hagerty.
About Hagerty, Inc. (NYSE: HGTY)
Based in Traverse City, Michigan, Hagerty’s purpose is to save driving and car culture for future generations and its mission is to build a global business to fund that purpose. Hagerty is an automotive enthusiast brand offering integrated membership products and programs as well as a specialty insurance provider focused on the global automotive enthusiast market. Hagerty is home to Hagerty Drivers Club, Hagerty DriveShare, Hagerty Valuation Tools, Hagerty Media, Hagerty Drivers Club magazine, MotorsportReg, Hagerty Garage + Social, The Amelia, the Detroit Concours d’Elegance, the Greenwich Concours d’Elegance, the California Mille, Motorlux, RADwood, the Hagerty Drivers Foundation and more. For more information on Hagerty, please visit www.hagerty.com, or connect with us on Facebook, Instagram and Twitter.
For more information, visit newsroom.hagerty.com.
About Speed Digital
Speed Digital, LLC. is a technology company that focuses on serving the classic and collector car industry. As a global leader, Speed Digital provides cloud-based technology solutions for dealers, auction houses, collectors, and hobbyists. Speed Digital is frequently recognized as the industry leader for cutting-edge website design and development in the specialty vehicle niche. See www.speeddigital.com for more information.
Motorious.com posts news stories relating to the collector car market and has the largest online marketplace of “dealer only” collector cars, including hotrods, classics, muscle cars, motorcycles, and off-road vehicles. Motorious.com is owned by Speed Digital, LLC.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Hagerty’s current intentions, expectations, or beliefs regarding its business. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,” “potential,” “project,” “projection,” “seek,” “can,” “could,” “may,” “should,” “would,” “will,” the negatives thereof and other words and terms of similar meaning. Forward-looking statements include all statements that are not historical facts. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Factors that may cause our actual decisions or results to differ materially from those contemplated by these forward-looking statements include: (i) Hagerty’s ability to recognize the anticipated benefits of the subject of this release, which may be affected by, among other things, competition and the ability of Hagerty to grow and management growth profitability; (ii) the future financial performance of Hagerty; (iii) new entrants into the market or current competitors of Hagerty developing preferred offerings; (iv) the loss of one or more of Hagerty’s distribution partners; (v) Hagerty’s inability to prevent, monitor, or detect fraudulent activity, including transactions with insurance policies or payments of claims; (vi) Hagerty’s ability to attract and retain members; (vii) Hagerty’s ability to prevent cyberattacks or breaches of data security; (viii) regulatory changes affecting Hagerty; (ix) unexpected increases in the frequency or severity of insurance claims against Hagerty; and other risks and uncertainties listed in Hagerty’s Form 10-K filed with the U.S. Securities and Exchange Commission on March 24, 2022. There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of this date. Hagerty does 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.
Any forward-looking statement speaks only at the date on which it is made, and Hagerty does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
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Category: Corporate News