Author: Diana M. Cuyler

The platform is Hagerty’s first foray into the peer-to-peer transaction segment of the collector car market, estimated to have approximately 43 million insurable vehicles nationwide.[1] In 2021, Hagerty observed that its policyholders bought or sold approximately 280,000 collector cars, representing $9.5 billion value.[2]

“Hagerty Classifieds aims to provide our members with a safe, secure and easy way to buy and sell vehicles,” said McKeel Hagerty, CEO of Hagerty. “It’s also about doubling down on our commitment as a company to preserving driving and motoring culture for future generations, in this case tapping into a growing industry market.”

HDC members can list vehicles for sale at no cost on the classifieds platform, which features an integrated messaging and offer system, no buyer fees, and wide reach through Hagerty’s ecosystem of millions of collectors and enthusiasts. Hagerty has over 727,000 paying members in HDC, the ultimate community for car enthusiasts offering expert support, VIP experiences and award-winning original automotive media content.[3]

“In just six weeks, the site attracted nearly 1,000 vehicle listings, including cars from 1915 to 2016 with prices ranging from $1,000 for $600,000 and we are seeing more advance sales than expected,” said Kenneth Ahn, President of Marketplace. “In a market where private sales transactions outpace auction transactions by approximately 10 to 1 or more in value and volume, our classifieds platform aims to connect enthusiasts with their next dream car, at scale. .”

Hagerty Marketplace also includes collector favorite Hagerty Valuation Tools®, which includes over 15 years of pricing for 40,000 enthusiast cars, trucks, vans and motorcycles from post-war to today, and the car-sharing platform for DriveShare™ enthusiasts. Updates to the Marketplace classifieds platform and new product launches are expected later this year.

References:

[1] Hagerty 10-K; March 2022; link
[2] Hagerty Q4 2021 Investor Presentation; March 2022; link
[3] Hagerty 2022 Q1 Investor Presentation; May 2022; link

About Hagerty, Inc. (NYSE:HGTY)
Situated at Town of Traverse, Michigan, Hagerty’s goal is to save driving and motoring culture for future generations and his mission is to build a global business to fund that goal. Hagerty is an automotive enthusiast brand offering integrated products and membership programs as well as a specialist insurance provider focused on the global automotive enthusiast market. Hagerty is home to Hagerty Drivers Club, Hagerty DriveShare, Hagerty Valuation Tools, Hagerty Media, Hagerty Drivers Club magazine, MotorsportReg, Hagerty Garage + Social, The Amelia, the Detroit Concours d’Elegance, the Greenwich Concours d’Elegance, the California Mille, Motorlux , RADwood, Hagerty Drivers Foundation and more. For more information about Hagerty, please visit www.hagerty.com, or connect with us on Facebook, Instagram and Twitter.

For more information, visit 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. Such statements reflect our current intentions, expectations or beliefs regarding the company. Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that are difficult to predict and may be beyond our control. Some of the factors that could 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 matter of this press release; (ii) our ability to compete effectively within our industry and to attract and retain members; and (iii) the other risks and uncertainties listed in our Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) on March 24, 2022. This press release should be read in conjunction with information contained in our other press releases, reports and other documents filed with the SEC. It is important to understand the information contained in these documents in order to fully understand our reported financial results and our business outlook for future periods. We undertake no 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.

Category: Company News

SOURCEHagerty

ST. PETERSBURG, Fla.–(BUSINESS WIRE)–Jabil (NYSE: JBL) today announced an innovative manufacturing collaboration with Cardo Systems, a pioneer in wireless group communication and entertainment systems for motorcyclists. Cardo’s path to market leadership has been fueled by world-class manufacturing capabilities, acoustics experience, global supply chain expertise and Jabil’s dedicated Workcell model, which enables Cardo to ship more than one million devices a year to customers in more than 100 countries.

“We thrive on an endless desire to deliver state-of-the-art wireless communication and entertainment systems,” said Alon Lumbroso, CEO of Cardo Systems. “We always look for quality, on-time delivery and cost from our manufacturing partner. Flexibility is just as important. Jabil has been following the dramatic changes in the market, especially over the past two years, which is a really big plus.

Since its inception in 2004, Cardo Systems has improved motorcycle communications with Bluetooth connectivity, mesh technology, wind suppression capabilities and natural language control. The company’s PACKTALK product uses dynamic mesh communications to connect up to 15 riders over a one-mile distance while a version for skiers and snowboarders provides an always-on intercom for enhanced interaction and safety on the slopes.

Shared commitment to quality

Achieving the best possible audio sound requires meticulous attention to detail in product design and manufacturing. Jabil’s deep experience in acoustics has helped increase manufacturing yields and support high-fidelity sound performance. Additionally, Cardo’s consistent focus on quality and use of automated test equipment contribute to Cardo’s approximately 1% warranty period failure rate across its extensive product line. Since 2019, Cardo has experienced zero to two quality events per quarter, which is a strong indicator of product stability and reliability.

Jabil has also been instrumental in helping Cardo Systems move its products into mass production by reducing its Stock Keeping Units (SKUs) from hundreds to tens while decreasing the number of Engineering Change Notices (ECNs) ), which can slow production and increase costs. Regular refinements to industrial product designs, as well as improved packaging, have been completed with a constant focus on reducing costs throughout the product life cycle.

“Our ability to deliver consistent, quality performance was invaluable to Cardo as they began to increase sales of their products,” said Scott Gebicke, President of Jabil Industrial. “We have met all the standards for a premium product that arrives to customers on time and performs as advertised. Jabil also provides significant supply chain leverage, as well as the ability to use different materials and components to make evolve Cardo Systems’ products more cost-effectively.

Accelerate market growth and expansion

As Europe is Cardo’s largest market, its products are manufactured in Jabil’s Ukrainian factory, which reduces lead times. A team of experts at Cardo facilitates quick and agile responses to dynamic market demands, which has proven critical during pandemic-related disruptions. Cardo was able to mitigate risks in terms of supply constraints and logistics costs by leveraging Jabil’s manufacturing facility in Eastern Europe, as well as its established network of suppliers.

Looking ahead, Jabil is working with Cardo Systems to extend the reach of its innovative products across Europe, the United States, Asia and Latin America. For example, Jabil helped Cardo speed up manufacturing for US customers when the company started selling online through Amazon. Jabil is also helping to expand Cardo’s manufacturing presence in APAC while engaging earlier in product prototyping to support a move into new active lifestyle markets, including skiing and snowboarding, as well as professional sports.

Supporting citations and resources

• Shlomo Ehrlich, Vice President of Operations, Cardo Systems:

  “We have experienced 5X year-over-year growth over the past five years. It’s hard to do unless you have someone like Jabil who lets you run as fast as you can. As an infinite capacity manufacturer, Jabil is a major growth accelerator.

• Jerry Harmer, Senior Business Unit Manager, Jabil:

  “Since day one, Cardo has ambitious growth goals and we have been there to support them every step of the way. We are working with Cardo on new design projects that will help them enter new markets and significantly increase their activity. ”

• Natalya Markovic, Senior Business Unit Manager, Jabil:

  “Jabil’s strong supply chain expertise and general supplier relationships allow us to forecast to avoid delivery disruptions and keep production running, which was especially important during the COVID-19 pandemic. .”

• Written case study

• Video case study

About Jabil:

Jabil (NYSE: JBL) is a manufacturing solutions provider with more than 260,000 employees at 100 sites in 30 countries. The world’s leading brands rely on the unparalleled breadth and depth of end-market experience, technical and design capabilities, manufacturing know-how, supply chain knowledge and Jabil’s global product management expertise. Driven by a common goal, Jabil and its people are committed to having a positive impact on their local community and the environment. Visit www.jabil.com to find out more.

Mountain Village officials announced Sunday that Telluride Distilling Company founder Steven Abbott Smith, 37, was killed in a single motorcycle accident on Double Eagle Drive. According to a press release, the accident happened around 6:30 p.m. on Saturday, May 21 on Double Eagle Drive.

Abbott, as his friends and relatives called him, was driving home when his motorcycle went off the road. The accident and its cause are being investigated by the Mountain Village Police Department, Colorado State Patrol and the San Miguel County Coroner.

Smith opened the Telluride Distilling Company with his wife Joanna in 2015 and the tasting room in Mountain Village in 2019, and was an active member of the Mountain Village community as a resident and business owner. He has served on the board of directors of the Telluride Mountain Village Homeowners Association, the Mountain Village Promotional Association, and was recently appointed to the town’s Meadows Residents’ Advisory Committee.

Smith is survived by his mother Stephanie, father James, brothers Jimmy and John, wife Joanna and daughter Raegan “Rae” who was born earlier this year.

“The MVPD and the city wish to express their deepest condolences to Smith’s family and those who loved and knew him,” the press release read. “Smith will be deeply missed by the community.”

Bereavement counseling resources are available to the community through the Tri County Health Network. Visit tchnetwork.org for more information.