Core Insights - Broad Arrow Auctions, a subsidiary of Hagerty, is launching its inaugural Las Vegas Auction on October 31, featuring a selection of high-value collector cars and memorabilia [1][2][3] Auction Details - The auction will showcase 68 collector cars and two Formula One memorabilia lots, held at the Wynn Las Vegas [2] - The event is part of the Concours at Wynn Las Vegas, creating a weekend dedicated to car enthusiasts [2] Featured Cars - The auction is headlined by a 2010 Bugatti Veyron EB 16.4 Coupe, estimated between $1.5 million and $1.8 million, and a 1962 Mercedes-Benz 300 SL Roadster, estimated between $1.45 million and $1.6 million [3][4] - The Bugatti Veyron is one of only 252 original units, with a low mileage of 6,515 miles [3] - The Mercedes-Benz 300 SL Roadster is one of approximately 270 units with original features and has been recently serviced [3] Additional Highlights - The auction includes notable collections such as the Lone Star Sports Car Collection, featuring a 1963 Maserati 3500 GTI Vignale Spyder Prototype estimated at $475,000 to $575,000 [5] - The Cobalt Collection features modern performance cars, including a 2001 BMW Z8 estimated at $275,000 to $325,000 [6][9] Modern Collectibles - High-performance modern cars include two Mercedes-Benz McLaren SLRs, with estimates of $850,000 to $950,000 for a 2009 Roadster and $600,000 to $700,000 for a 2006 Coupe [11][12] - A 2023 Ferrari 296 GTS Assetto Fiorano is also featured, estimated at $400,000 to $450,000 [13] Event Logistics - The auction is scheduled for October 31 at 3:00 PM PDT, with previews on October 30 and 31 [13][14] - Interested bidders can register and view the complete digital catalog online [14]

Core Insights - Broad Arrow Auctions, a subsidiary of Hagerty, is set to host its inaugural Las Vegas Auction on October 31, 2025, in partnership with Concours at Wynn Las Vegas, featuring a complete digital catalog of collector cars and memorabilia [1][2]. Auction Details - The auction will showcase 68 collector cars and two Formula One memorabilia lots, held in the Bandol 1 Room at Wynn Las Vegas, with cars displayed at the Wynn Golf Club [2]. - The event is part of the Concours at Wynn Las Vegas, providing a weekend of activities for car enthusiasts [2]. Featured Cars - The auction highlights include a 2010 Bugatti Veyron EB 16.4 Coupe, estimated between $1,500,000 and $1,800,000, and a 1962 Mercedes-Benz 300 SL Roadster, estimated between $1,450,000 and $1,600,000 [3]. - The Bugatti Veyron is one of only 252 original Coupes, with a low mileage of 6,515 miles, while the 300 SL Roadster retains its original components and is presented in its original colors [3]. Additional Collections - The auction will feature the Lone Star Sports Car Collection, which includes notable models such as a 1963 Maserati 3500 GTI Vignale Spyder Prototype (Estimate: $475,000 - $575,000) and a 1959 BMW 503 Series II Cabriolet (Estimate: $425,000 - $475,000) [5]. - The Cobalt Collection will also be present, featuring performance cars like a 2001 BMW Z8 (Estimate: $275,000 - $325,000) and a 2013 Dodge SRT Viper GTS Launch Edition (Estimate: $160,000 - $200,000) [6]. Modern Collectibles - The auction includes high-performance modern collectibles such as a 2009 Mercedes-Benz SLR McLaren Roadster 722 S (Estimate: $850,000 - $950,000) and a 2006 Mercedes-Benz SLR McLaren Coupe by MSO (Estimate: $600,000 - $700,000) [8][9]. - Additional modern collectibles include a 2023 Ferrari 296 GTS Assetto Fiorano (Estimate: $400,000 - $450,000) [10]. Event Schedule - The Las Vegas Auction is scheduled for October 31 at 3:00 PM PDT, with previews on October 30 and 31 [10].

Core Insights - Broad Arrow Auctions, a Hagerty company, is set to host its first Zürich Auction on November 1, 2025, featuring over 60 highly collectible cars with notable Swiss provenance [1][2][4] Auction Details - The auction will take place at the Dolder Grand Hotel in Zürich, coinciding with the Auto Zürich motor show from October 30 to November 2, 2025 [2][4] - The auction catalogue includes prestigious models such as a 1966 Ferrari 275 GTB Alloy and a 1956 Jaguar D-Type, both of which are expected to attract significant interest from collectors [3][4] Featured Cars - The 1966 Ferrari 275 GTB Alloy is estimated to sell for CHF 2,200,000 - CHF 2,600,000 and has a continuous Swiss ownership history, making it highly desirable [5] - The 1956 Jaguar D-Type, estimated at CHF 5,250,000 - CHF 6,250,000, is one of only 71 produced and has never been used in competitive motorsport, enhancing its appeal [6] - Other notable cars include the 2024 Aston Martin Valkerie Spider (CHF 2,750,000 - CHF 3,250,000) and the 1991 Isdera Sbarro Espera Turbo S20E (CHF 140,000 - CHF 230,000) [3][4] Company Background - Broad Arrow Auctions is recognized as a leading global collector car auction house, having expanded its operations in Europe and established itself as the official auction house for prestigious events [16] - The company aims to provide exceptional quality cars to collectors and enthusiasts, reflecting a wide range of desirable price points [13]

Core Insights - Broad Arrow Auctions, a Hagerty company, is set to hold its inaugural Zürich Auction featuring over 60 collectible cars with notable Swiss provenance [1][2][4] Auction Details - The auction will take place on November 1, 2025, at the Dolder Grand Hotel, coinciding with the Auto Zürich motor show [2] - Bidders can register for in-person, telephone, or online participation [13] Featured Cars - The auction includes a 1966 Ferrari 275 GTB Alloy, estimated between CHF 2,200,000 and CHF 2,600,000, known for its lightweight alloy body and continuous Swiss ownership [5] - A 1956 Jaguar D-Type, estimated at CHF 5,250,000 to CHF 6,250,000, is notable for never having been used in competitive motorsport [6] - The 2020 Bugatti Chiron Sport, with an estimate of CHF 2,900,000 to CHF 3,200,000, has only 11,000 km on the odometer and is capable of reaching 420 km/h [7] - A unique 1991 Isdera Sbarro Espera Turbo S20E, estimated between CHF 140,000 and CHF 230,000, is highlighted for its Swiss pedigree and design by Franco Sbarro [4] Company Background - Broad Arrow Auctions is recognized as a leading global collector car auction house, having rapidly expanded since its founding in 2021 [15] - The company has established itself as the fastest-growing auction house in its segment, with flagship events in the U.S. and recent expansions into Europe [15][16]

Core Viewpoint - The recommendation for Hagerty, Inc. (NYSE: HGTY) is a buy rating, indicating that the market is underestimating its growth potential [1] Group 1: Growth Potential - The launch of Enthusiast+, the State Farm catalyst, and partnerships with major carriers are seen as key drivers for growth [1] Group 2: Investment Strategy - The investment approach focuses on long-term investments while incorporating short-term shorts to uncover alpha opportunities [1] - The analysis is based on bottom-up evaluation, emphasizing the fundamental strengths and weaknesses of individual companies [1] - The investment duration is medium to long-term, targeting companies with solid fundamentals, sustainable competitive advantages, and growth potential [1]

Core Insights - Broad Arrow Auctions, a Hagerty company, successfully held its inaugural Zoute Concours Auction on October 10, 2025, in Knokke-Heist, Belgium, attracting a vibrant crowd of collectors and achieving total sales of €26,293,150 with 78% of lots sold [1][2][7] Auction Highlights - The auction featured highly sought-after classic and modern collector cars, with 445 registered bidders, 39% of whom were from Belgium, Luxembourg, and the Netherlands [2] - Notable sales included a 1967 Ferrari 275 GTB/4 for €3,015,625, a 2023 Aston Martin Valkyrie for €2,284,375, and a Lamborghini Pregunta concept car for €2,143,750 [3][4][13] - Pre-war vintage cars also garnered attention, with a 1938 Frazer-Nash TT Replica selling for €264,500 and a 1930 Alfa Romeo 6C 1750 achieving €184,000 [5] Future Events - Broad Arrow Auctions plans to host its next auction in Las Vegas on October 31, 2025, featuring over 70 exceptional collector cars [8] - The upcoming Zürich auction will take place at The Dolder Grand on November 1, 2025, as part of the Auto Zürich event, showcasing approximately 60 highly desirable collector cars [9][10]

Core Thesis - Hagerty, Inc. is positioned as a compelling investment opportunity within the classic-car insurance and enthusiast ecosystem, characterized by high-growth revenues and expanding margins [2][4]. Company Overview - Hagerty, Inc. shares were trading at $12.29 as of September 23rd, with trailing and forward P/E ratios of 61.45 and 27.32 respectively [1]. - The company dominates a niche market with high barriers to entry due to pricing complexity associated with vintage car rarity and VIN variability [2]. Business Model and Competitive Advantage - Hagerty utilizes proprietary data and valuation tools, providing a multi-year advantage in accurately pricing collectible cars [2]. - The company has a direct-to-consumer platform, agency partnerships, and ecosystem offerings such as the Hagerty Drivers Club and a marketplace for auctions and private sales, which enhance customer retention and create a defensible network effect [2]. Financial Performance - The insurance operation is highly profitable, featuring a low combined ratio and strong underwriting discipline [3]. - A transition to a fronting agreement with Markel allows for regulatory efficiency and full control over premiums and investments [3]. - Projected ROIC is above 18% against a 9% cost of capital, indicating substantial economic value creation [3]. Management and Customer Loyalty - The management team is deeply embedded in the business, contributing to operational excellence and brand loyalty, as evidenced by a high Net Promoter Score and over 90% customer retention [3]. Growth Potential - The auction business, led by experienced executives from Sotheby's and RM Sotheby's, is expected to grow significantly, leveraging Hagerty's niche brand and network for domestic and international expansion [3]. - The combination of a differentiated insurance franchise, ecosystem flywheel, and high-quality management provides a strong competitive moat and multi-year growth potential [4].

Core Insights - Broad Arrow Auctions, a Hagerty company, is set to host its inaugural Zoute Concours Auction featuring over 75 collector cars and memorabilia, generating significant excitement in the car collecting community [5][12]. Auction Highlights - The auction will take place on October 10, 2025, at Approach Golf in Knokke-Heist, in collaboration with Zoute Grand Prix Car Week [4][12]. - The catalogue includes notable collections such as The Aleggria Collection, featuring rare models like the 1990 Ferrari F40, 1987 Porsche 959 Komfort, and 1992 Bugatti EB110 GT [2][6][7]. Featured Cars - Daniel Ricciardo's Aston Martin Valkyrie is estimated between €2.4 million and €2.8 million, showcasing unique specifications and a low mileage of 160 km [6][8]. - The 1990 Ferrari F40 is estimated at €3 million to €3.2 million, recognized for its original condition and low mileage of just over 10,000 km [7]. - The 1987 Porsche 959 Komfort, one of only 266 models, is estimated at €1.7 million to €1.9 million, finished in a rare Graphite Metallic [7]. Motorsport Stars - The auction features historically significant motorsport cars, including the 1976 24 Hours of Spa-winning BMW 3.0 CSL and a Group B Citroën BX 4TC with only 190 km from new [10][11]. Additional Offerings - 26 collector cars will be offered without reserve, including a 1967 Ferrari 275 GTB/4 and a 2015 Bugatti Veyron 16.4 Grand Sport Vitesse 'Transformers' [11]. - The auction aims to cater to both new and established collectors, presenting a diverse range of desirable automobiles [5][12].

Core Insights - The Zoute Concours Auction will feature a prestigious collection of collector cars, including notable supercars from The Aleggria Collection, and is set to take place on October 10, 2025, in collaboration with Zoute Grand Prix Car Week [1][4][17] Auction Highlights - The auction catalogue includes over 75 highly desirable models, with a focus on supercars and significant memorabilia items [2] - The Aleggria Collection features seven standout cars, including a 1990 Ferrari F40, a 1987 Porsche 959 Komfort, and a 1992 Bugatti EB110 GT, all curated for their originality and condition [6][8] - Daniel Ricciardo's Aston Martin Valkyrie and the unique 1998 Lamborghini Pregunta concept are also key highlights of the auction [3][10][11] Estimated Values - The 1990 Ferrari F40 is estimated between €3,000,000 and €3,200,000, while the 1987 Porsche 959 Komfort is estimated at €1,700,000 to €1,900,000 [8] - The 1992 Bugatti EB110 GT has an estimated value of €1,500,000 to €1,800,000, showcasing its rarity with only 84 GT versions produced [8] - Daniel Ricciardo's Aston Martin Valkyrie is estimated between €2,400,000 and €2,800,000, reflecting its unique specifications and low mileage [10] Motorsport Significance - The auction will also feature historically significant motorsport cars, including the 1976 24 Hours of Spa-winning BMW 3.0 CSL and a Group B Citroën BX 4TC with only 190 km from new [12] - Additional notable entries include a 1970 Ferrari 365 GTB/4 Daytona Competizione and a 1989 Lancia Delta HF Integrale 8V Martini [12] Auction Format - Broad Arrow Auctions will present 26 collector cars without reserve, providing opportunities for both new and established collectors [14] - The auction will take place at Approach Golf in Knokke-Heist, with previews held from October 8 to 10, 2025 [4][17]

Core Insights - The Bugatti La Voiture Noire, a unique hypercar, is now available for purchase through SBX Cars and Broad Arrow, marking a significant moment in automotive history [1][2][3] Company Overview - SBX Cars, a Supercar Blondie Company, specializes in sourcing and selling high-end vehicles, leveraging the influence of Supercar Blondie, which has over 125 million followers [8][9] - Broad Arrow, a Hagerty company, serves as an advisor and financier for car collectors, having facilitated nearly $316 million in transactions in 2024, representing a 75% growth from 2023 [10][14] Product Details - The Bugatti La Voiture Noire is a one-of-a-kind hypercar, built to celebrate Bugatti's 110th anniversary, and is a modern reimagining of the legendary Type 57 SC Atlantic [2][3][13] - It features a powerful 1,500 horsepower engine, an 8.0-liter, 16-cylinder quad-turbocharged engine, and is crafted from hand-sculpted carbon fiber [13] Market Position - The La Voiture Noire is recognized as the world's most expensive new car, emphasizing Bugatti's focus on bespoke creations and luxury [3][13] - The partnership between SBX Cars and Broad Arrow aims to provide exceptional client service and access to rare automotive opportunities [5][6]