David's questions to Hagerty Inc (HGTY) leadership • Q1 2025
Question
David of JMP Securities, on for Matt Carletti, asked about the potential impact of tariffs on Hagerty's business and recent trends in customer shopping behavior.
Answer
CFO Patrick McClymont stated that the impact from tariffs is expected to be muted, as parts supply chains are diverse and vehicles over 25 years old are exempt from new rules. He also noted that while quote volume remains strong, new business growth was slightly slower than planned due to weather and other factors, but is expected to accelerate in the second half of the year, driven by the State Farm partnership.