IPO Edge and the Palm Beach Hedge Fund Association hosted a fireside chat with Hagerty Inc. (NYSE: HGTY) to discuss how investors understand the market size for classic cars, what has allowed Hagerty to consistently deliver growth over the last decade, details on how the model is differentiated from standard auto insurance, what an automotive lifestyle brand is, and strategic ambitions for the next decade of growth. The event featured McKeel Hagerty, CEO of Hagerty, joined by IPO Edge Editor-in-Chief John Jannarone and Editor-at-Large Jarrett Banks in a moderated video session lasting approximately 60 minutes including a Q&A with the audience.
- What Hagerty does and details on the IPO and strategic investors
- Transition from eclectic background into the auto enthusiast space
- How Hagerty model is differentiated from standard auto insurance and what is an automotive lifestyle brand
- How is Hagerty helping investors understand the market size for classic cars, and what has allowed Hagerty to consistently deliver growth over the last decade
- What are the strategic ambitions for the next decade of growth
About the Speaker:
McKeel Hagerty, CEO, Hagerty
McKeel Hagerty is the Chief Executive Officer and driving force behind Hagerty, an automotive enthusiast brand offering integrated membership products and programs as well as a specialty insurance provider focused on the global automotive enthusiast market. Based in Traverse City, Michigan, the company has more than 1,800 employees in the U.S., Canada, the UK and Germany. Hagerty’s purpose is to save driving and preserve car culture for future generations and its mission is to build a global business to fund that purpose. In December, 2021, Hagerty Inc. joined the New York Stock Exchange as a publicly traded company under the ticker symbol HGTY.
McKeel was elected by his CEO peers in 2016-17 to serve as the international board chair for YPO, a global leadership organization with more than 29,000 extraordinary chief executives from 142 countries. During his term, he traveled the globe speaking to leaders and thinkers like former U.N. Secretary General Kofi Annan, President of Rwanda Paul Kagame, Prime Minister of Singapore Lee Hsien Loong, Prime Minister of Canada Justin Trudeau, philosopher Yuval Harari, and countless business titans. These experiences deeply affected his views on the possibilities of leadership in a rapidly changing world: “There is a new generation of evolved leaders emerging in the world. They take a balanced stakeholder approach. They show us that by being forward-looking, growth mindset-oriented and ideologically pragmatic, a more flourishing world is possible. These people have inspired me to think bigger than building profitable companies and taking on single global issues.” McKeel continues to work with YPO as an ambassador, speaker, moderator and strategic consultant.
McKeel is passionate about entrepreneurship and helping young leaders emerge. He was co-founder of Grand Ventures, a Michigan-based venture capital firm providing emerging companies with early-stage capital and strategic support.
He serves in many board and advisory roles, but is especially proud of being a founding member of the advisory board for McPherson College in McPherson, Kansas, home to the only four-year Bachelor of Sciences degree in Automotive Restoration Technology in the United States. He also serves as a board member for the Petersen Automotive Museum, a nonprofit specializing in automobile history, and America’s Automotive Trust, a not-for-profit whose mission is to secure America’s automotive heritage. All of these efforts culminate in the Hagerty Drivers Foundation, which serves the Hagerty purpose of “saving driving and car culture for future generations.”
McKeel is a lifelong fan of great cars and great roads. As a 13-year-old, he restored a 1967 Porsche 911S with his father Frank. He still owns the car and it is the first car out of his garage each spring. Among his many recent motoring adventures, he has driven the Porsche to the top of Pike’s Peak and on many other dream roads, a 1903 Knox in the famed London to Brighton Veteran Car Run, a McLaren 600LT through Tennessee’s beautiful but treacherous Tail of the Dragon, and many other tours and rallies. He also served for decades as a judge for the prestigious Pebble Beach Concours d’Elegance, where he continues to serve in an honorary capacity.
In Traverse City, he is known as a passionate community supporter and an advocate for government, business and local organizations working together to create a more sustainable economy based on scalable businesses.
McKeel earned his undergraduate degree in English and Philosophy from Pepperdine University and his master’s in Theology from Saint Vladimir’s Orthodox Seminary. His interests include reading and skiing, and he has played guitar since the age of 11. He lives with Soon in Traverse City, Michigan. They have three wonderful daughters, Olivia, Sophia, Ava, and a Boston Terrier, named Hudson (after the car, of course).
About Hagerty, Inc. (NYSE: HGTY)
Based in Based in Traverse City, Michigan, Hagerty’s purpose is to save driving and car culture for future generations and its mission is to build a global business to fund that purpose. Hagerty is an automotive enthusiast brand offering integrated membership products and programs as well as a specialty insurance provider focused on the global automotive enthusiast market. Hagerty is home to Hagerty Marketplace, Hagerty Drivers Club®, Hagerty Drivers Club magazine, Hagerty Drivers Foundation, Hagerty DriveShare™, Hagerty Valuation Tools®, Hagerty Media, MotorsportReg, Hagerty Garage + Social®, The Amelia, the Detroit Concours d’Elegance, the Greenwich Concours d’Elegance, the California Mille, Motorlux, RADwood, Broad Arrow Group and more. For more information on Hagerty please visit www.hagerty.com, or connect with us on Facebook, Instagram and Twitter.