Hagerty launches car buying marketplace

Car insurance MGA Hagerty has launched a new digital classifieds site where Hagerty Drivers Club members can buy and sell collectible and exotic cars. It made the decision after seeing around 280,000 collector cars bought or sold by its insurance members last year.

The platform is Hagerty’s first foray into the private party transaction segment of the collectible car market, estimated to total about 43 million insurable vehicles nationwide.

“Hagerty classifieds is about giving our members a safe, secure, and easy way to buy and sell vehicles. It’s also about doubling down on our commitment as a company to save driving and car culture for future generations, in this case by tapping into an industry growth market.” – McKeel Hagerty, CEO of Hagerty.

As an aside, this isn’t the first time Hagerty expands beyond insurance.

Bottom Line: One way to achieve an embedded insurance strategy, as well as another way to attract non-insurance users. Also, this applies to other lines of business (jump to page 32).