July 21, 2024

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Broad Arrow Group Totals $86.7m in Inaugural Auction Season

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.

“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.

#0 Porsche 935 of Ted Field, Danny Ongais, and Hurley Haywood, 1st place, 24 Hours of Daytona, Daytona International Speedway, Daytona Beach, FL, February 1979. (Photo by Brian Cleary/bcpix.com)

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. Learn more at broadarrowauctions.com.