Matt's questions to Hagerty Inc (HGTY) leadership • Q4 2024
Question
An analyst identified as Matt asked for an update on cross-engagement trends between Hagerty's insurance, membership, and marketplace offerings. He also inquired about the potential impact of tariffs on the business, particularly concerning parts.
Answer
McKeel Hagerty, CEO and Chairman, explained that the Hagerty Drivers Club membership, sold alongside insurance, is the primary tool for engagement, driving retention and cross-promotion. Patrick McClymont, CFO, addressed the tariff question, stating that while some inflationary effect is expected over time, the impact will be gradual and difficult to quantify due to the fragmented nature of the classic car parts supply chain.