HGTY - Broad Arrow Helps Clients Buy Sell and Finance Collector Cars with More than $180 Million in Transactions across Auctions Private Sales and Financing in its Second Year of Operation | Benzinga
Grosse Pointe, Michigan, Dec. 20, 2023 (GLOBE NEWSWIRE) -- December 20, 2023?– In its second year of operation, Broad Arrow Auctions, a Hagerty (NYSE:HGTY) company, achieved $108.5 million in total sales across three live auction events. Broad Arrow's auction schedule included a highly curated catalog sale as the official auction house of The Amelia ($31 million total) as well as a spectacular single-marque Porsche auction ($20 million total) in celebration of Porsche's 75th Anniversary and a flagship Motorlux Auction in Monterey in ($57.5 million total). The team, led by industry veterans, achieved 16 world record auction prices over the course of the year, with an overall sell-through rate of 86 percent, selling 334 lots (285 cars, 49 memorabilia) in total. View year in review video?here.
"2023 has been an outstanding year for Broad Arrow in its second year of operations with significant growth across three businesses – auctions, private sales, and financing. In addition to achieving exceptional live auction results, our private sales team has conducted an impressive number of transactions, successfully and discreetly, while our global Broad Arrow Capital team has built an impressive lending business with a loan book of over $50 million," said Kenneth Ahn, President of Hagerty Marketplace, and Co-Founder of Broad Arrow.
Broad Arrow's top auction sales of 2023 were led by a trio of Ferraris sold during the Monterey Jet Center Auction, representing high points in the marque's illustrious history. Total sales in Monterey reached $57.5M with an 84% sell-through rate over two days, the second-highest sell-through rate of all auction houses on the Monterey Peninsula in 2023. Top sales from the auction included the exquisite 1995 Ferrari F50, which achieved a sale price of $4,240,000, followed by the 1985 Ferrari 288 GTO with a sale price of $3,910,000. The stunning 1964 Ferrari 250 GT Berlinetta Lusso realized a final price of $2,810,000 to cheers from the audience.
As a testament to the private sales efforts of the Broad Arrow specialist team, one of the highlight cars from the Monterey auction, the 2007 Porsche RS Spyder EVO, which fell short of its reserve during the auction, was sold shortly thereafter via private sales to its ...