BROAD ARROW GROUP’S INAUGURAL AUCTION SEASON ACHIEVES $86.7 MILLION IN TOTAL SALES
In the company’s inaugural auction season, August - November 2022, Broad Arrow Group, a Hagerty (NYSE: HGTY) company, achieved $86.7 million in total sales across three live auction events.
GROSSE POINTE, MICHIGAN, Dec. 21, 2022 (GLOBE NEWSWIRE) --
BROAD ARROW SEES MORE THAN 60 PRIVATE SALE TRANSACTIONS AND A FINANCING LOAN BOOK IN EXCESS OF $30 MILLION
BROAD ARROW POWERS HAGERTY MARKETPLACE’S NEW ONLINE AUCTION PLATFORM
2022 AUCTION RESULTS AND INFORMATION ON UPCOMING EVENTS AVAILABLE AT BROADARROWAUCTIONS.COM
In the company’s inaugural auction season, August - November 2022, Broad Arrow Group, a Hagerty (NYSE: HGTY) company, achieved $86.7 million in total sales across three live auction events.
In its first year, Broad Arrow has demonstrated the breadth of live auction experiences offered to its bidders and sellers, from a high-end, highly curated catalog sale with the Monterey Jet Center Auction at Motorlux in August ($55.3 million total), to a single-owner private collection sale with The Cars of Jim Taylor in October ($21.3 million total), and a sale for all tastes and price ranges with the West Palm Beach Auction in November ($10.2 million total). The industry-veteran team realized 17 world record auction prices across the season, with an overall sell-through rate of 84 percent, selling 838 lots in total. View year in review video here.
“It is truly incredible what our team has achieved during Broad Arrow’s first full year of operations. What we realized — both quantitatively and qualitatively — well-exceeded our expectations,” noted Kenneth Ahn, President of Hagerty Marketplace and Co-Founder of Broad Arrow Group. “We appreciate the collector car community who supported and entrusted us in our first year. Heading into 2023, I’m excited about what we can do as a Hagerty company, and we will continue to improve and innovate to better serve car enthusiasts for years to come. We look forward to welcoming everyone as the official auction house of The Amelia in March.”
Broad Arrow’s top auction sales of 2022 were led by a trio of Ferraris sold during Motorlux at the Monterey Jet Center Auction, representing high points in the marque’s illustrious history. The group includes a 1957 Ferrari 250 GT LWB Berlinetta Scaglietti "Tour de France" sold for $5,500,000, a 1995 Ferrari F50 sold for $5,175,000 (new world auction record at the time of sale), and a 2015 Ferrari LaFerrari sold for $3,910,000. Additional top 10 sales include standout motor cars from the market’s most sought-after marques including Mercedes-Benz, Aston Martin, and Porsche.
Founded in December 2021, Broad Arrow Group has quickly gained momentum within the collector car market, offering a new platform for buying and selling across multiple channels including auctions, private sales, and financing solutions. In 2022, Collector’s Garage—Broad Arrow’s private sales business—completed more than 60 private sales with an average transaction value well in excess of $1M, highlighted by some of the market’s most significant motor cars, including one of the lowest mileage Ferrari F50s in the world. Another highlight is the sale of an impressive 1979 Porsche 935, the last in a line of ever-evolving, factory-built customer Porsche 911-based race cars and the overall winner of the 1979 24 Hours at Daytona. Collectors Garage is focused on matching buyers and sellers privately with professionalism, integrity, and complete discretion. More often than not, due to their discretionary nature, these transactions remain private and confidential.
Broad Arrow Capital, Broad Arrow’s collector car financing brand, helped clients finance a significant number of collector cars in the US, UK, and Europe, with a loan book well in excess of $30 million, and facilitating a number of auction and private sales transactions. Broad Arrow Capital is led by a team with over 60 combined years of finance, banking, legal, and collector car industry experience.
In August 2022, Hagerty (NYSE: HGTY), an automotive lifestyle brand and a leading specialty insurance provider focused on the global automotive enthusiast market, entered into a definitive agreement to acquire Broad Arrow Group. Broad Arrow Group clients now benefit from access to Hagerty’s impressive reach and range of services offered to collector car enthusiasts. In November 2022, Hagerty also launched its Marketplace online auctions, which allow members and enthusiasts to buy and sell automobiles through a trusted, easy-to-use online auction platform. Together, Hagerty and Broad Arrow now offer a full suite of buying and selling options to the collector car community based on their individual needs, from both live and online auctions to private sales, classifieds, and financing solutions.
Broad Arrow Auctions Top Ten Sales 2022
| 1. 1957 Ferrari 250 GT LWB Berlinetta Scaglietti "Tour de France" | $5,500,000 | (Monterey) |
| 2. 1995 Ferrari F50 | $5,175,000* | (Monterey) |
| 3. 2015 Ferrari LaFerrari | $3,910,000 | (Monterey) |
| 4. 1971 Mercedes-Benz 600 LWB Landaulet | $2,590,000* | (Monterey) |
| 5. 1964 Aston Martin DB5 (from the estate of Sir Sean Connery) | $2,425,000 | (Monterey) |
| 6. 1990 Ferrari F40 | $1,985,000 | (Monterey) |
| 7. 2015 Porsche 918 Spyder Weissach Package | $1,930,000 | (Monterey) |
| 8. 1987 Porsche 959 | $1,875,000 | (Monterey) |
| 9. 1961 Mercedes-Benz 300 SL Roadster | $1,820,000 | (Cars of Jim Taylor) |
| 10. 2005 Porsche Carrera GT | $1,765,000 | (Monterey) |
*World record auction price at the time of sale.
Broad Arrow will kickstart its 2023 calendar with the company’s inaugural Amelia Auction and debut as the official auction of The Amelia. Set for March 3-4 at The Ritz-Carlton, Amelia Island, the Amelia Auction will feature exceptional collector cars ranging from pre-War classics to modern supercars. Initial highlights include an exceptionally well-prepared and presented 1961 Mercedes-Benz 300 SL Disc Brake Roadster. Collectors interested in consigning their car(s) to this world-class event are invited to contact a Broad Arrow specialist via 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.
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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.
Photo captions and credits:
- 1995 Ferrari F50 sold for a world record price at Broad Arrow’s Monterey Jet Center Auction (Rasy Ran © 2022 Courtesy of Broad Arrow Group).
- 1957 Ferrari 250 GT LWB Berlinetta Scaglietti "Tour de France" crosses the auction podium at Broad Arrow’s Monterey Jet Center Auction (Josh Sweeney © 2022 Courtesy of Broad Arrow Group).
- Attendees enjoy cars and refreshments at the Motorlux preview of Broad Arrow’s Monterey Jet Center Auction (Josh Sweeney © 2022 Courtesy of Broad Arrow Group).
- The 1979 Porsche 935 sold privately via Collectors Garage (Credit - Brian Cleary Photography)
- Lydia Fenet and Alain Squindo conduct the sale of Passion for the Drive: The Cars of Jim Taylor from the auction podium (Sean Smith © 2022 Courtesy of Broad Arrow Group).
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 24, 2022. 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.
Attachments
- 1957 Ferrari 250 GT LWB Berlinetta Scaglietti "Tour de France"
- Broad Arrow's Monterey inaugural Jet Center Auction during Motorlux
Ian Kelleher, CMO Broad Arrow Group 917-971-4008 [email protected] Meghan McGrail, Director of Media Relations Broad Arrow Group 519-365-8750 [email protected]