Monterey, California, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Broad Arrow Auctions, a Hagerty (NYSE: HGTY) company, returned to California this past week for its third annual Monterey Auction, August 14 and 15 at the Monterey Jet Center. The two-day auction totaled $71.5 million with 85 percent of all lots sold*. New for 2024, the auction began on Wednesday evening in conjunction with Motorlux, a vibrant celebration of cars, craft and community hosted by Hagerty at the Monterey Jet Center. Watch an auction re-cap video here.

Broad Arrow’s Monterey Auction debuted an immersive, runway-style auction block format well-received by collectors and industry insiders alike. The auction culminated in the sale of the 1997 Porsche 911 GT1 Rennversion, a highly regarded and superbly preserved example of the mere 9 customer GT1’s constructed. The racer was contested by multiple bidders in the room and on the phone before selling for a final $7,045,000**.

Beyond the top-selling cars, additional highlights include no less than five auction records, led by a rare 1998 RUF CTR 2, at a final $2,095,000, representing a new record for any RUF at auction. Believed to be the only example in original ownership, the CTR 2 crowned a trio of highly desirable RUF models at the sale, all of which found new homes at strong prices.

"We would like to thank the guests who joined our third annual Motorlux event and auction at the Monterey Jet Center. We had record attendance with 42% of bidders registering to bid with Broad Arrow for the first time," said Kenneth Ahn, President of Hagerty Marketplace and Broad Arrow. “Auction results during Monterey Car Week showed a greater bifurcation in the market, especially at the $1 million-plus level – more collectors were on the sidelines for $1 million-plus cars compared to recent years, but others engaged and bid actively, especially for more modern, next generation enthusiast cars.”

Barney Ruprecht, Vice-President of Auctions for Broad Arrow adds, “Broad Arrow serves a wide range of collecting interests; however, our catalog curation is decidedly “younger” than many of our competitors, a reflection of both the shifting tastes of the next generation of collectors and the expertise of our unmatched team of specialists. Modern and “youngtimer” cars taking center stage in the highest auction realm is no longer just a trend but is backed by a defined collecting base. Broad Arrow’s success in this segment, including our market leadership of marques like Porsche and RUF, is well-illustrated by our Monterey auction results and beyond.”

Broad Arrow Auctions Monterey 2024 Top Ten Sales

Complete results from Broad Arrow’s 2024 Monterey Auction are available at broadarrowauctions.com. Broad Arrow will conclude its annual calendar with the addition of The Chattanooga Auction on October 12, where approximately 100 collector cars will cross the block as part of the 2024 Chattanooga Motorcar Festival. Further information, including on consignment opportunities, available at broadarrowauctions.com.

*These figures include post-block sales which occurred immediately following the auction.

**All prices are listed in USD and include buyer’s premium, which 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 for all motor car lots. For non-motor car Lots, Buyer’s Premium is twenty-five percent (25%) of the Hammer Price. 

Photo Credits: All images by Kayden Nelson © 2024 Courtesy of Broad Arrow Auctions.

About Broad Arrow, a Hagerty Company - Broad Arrow, 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 operates Broad Arrow Auctions, Broad Arrow Capital, and Broad Arrow Private Sales (formerly Collectors Garage) and is headquartered in Grosse Pointe, Michigan. For more information, please visit connect with us on Facebook, Instagram, Twitter and LinkedIn. 

About Hagerty, Inc. (NYSE: HGTY) - Hagerty is an automotive enthusiast brand committed to saving driving and fueling car culture for future generations. The company is a leading provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events, and automotive entertainment custom-made for the 67 million Americans who self-describe as car enthusiasts. Hagerty also operates in Canada and the UK and is home to Hagerty Drivers Club, a community of more than 800,000 who can't get enough of cars. As a purpose-driven organization, Hagerty Impact aims to be a catalyst for positive change across the issues that matter most to our teams, our members, the broader automotive community, our shareholders and the planet at large. For more information, please visit www.hagerty.com or connect with us on Facebook, Instagram, Twitter, LinkedIn, and YouTube. Press materials can be found at newsroom.hagerty.com.

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 14, 2023. 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

• Porsche 911 GT1 Rennversion on the block at the auction
• Ruf while on the block at the Broad Arrow Auction

Ian Kelleher
Broad Arrow Auctions
917-971-4008
ian.kelleher@broadarrowgroup.com