Grosse Pointe, Michigan, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Broad Arrow Auctions, a Hagerty (NYSE: HGTY) company, hosted a successful inaugural Chattanooga Auction this past Saturday, October 12, with sales totaling *$12,265,520 and **82 percent of all lots sold. Held in partnership with the Chattanooga Motorcar Festival, the preview and auction at the Chattanooga Convention Center were very well attended and drew bidders from 10 countries and 33 states across the U.S. More than 50 percent of bidders represented first-time Broad Arrow clientele.

Top sellers at the Chattanooga Auction were led by the exceedingly rare “missing link” in the Carrera RS lineup, a 1984 Porsche 911 SC RS Gruppe B “Evolutionsserie” at $2,000,000. Though the SC RS did not meet its reserve during the auction, it was sold immediately following the sale. Additional top ten highlights include five other variations of the Porsche 911 model, notably the one-of-one 1998 Porsche 911 Carrera S “Factory One-Off” Cabriolet, which brought a final $401,000.

“We are very happy with the results of our first Chattanooga Auction,” said Barney Ruprecht, Vice President of Auctions for Broad Arrow, following the sale. “The entire preview and auction were buzzing with strong attendance from start to finish, and the Chattanooga Motorcar Festival welcomed our team and clients with open arms. Our top ten sales are emblematic of Broad Arrow’s focus on the next generation of collector cars, with modern classics and supercars drawing strong interest and results. Chattanooga was a fantastic final stop on our 2024 live auction calendar.”

Beyond the top sellers, there were several stand-out moments during the Chattanooga Auction, including the sale of two charming single-owner private collections, The Stingray Survivor Collection and The Small Speed Collection. All five highly original C3-generation Corvettes offered from The Stingray Survivor Collection were hotly contested by multiple bidders in the room and on the phone, eliciting extended bidding sessions and all finding new homes at strong prices. The group was led by the 1969 Chevrolet Corvette 427/435 Stingray Convertible, which sold for a final $112,000 (Estimate: $90,000 - $110,000). The Small Speed Collection, featuring six cars of small size yet significant racing heritage, also brought strong prices on Saturday afternoon, with back-and-forth bidding on all lots, including the 1960 Alfa Romeo Giulietta Spider Veloce at a final price of $81,200 (Estimate: $60,000 - $70,000).

Broad Arrow Auctions Chattanooga 2024 Top Ten Sales

Complete results from Broad Arrow’s 2024 Chattanooga Auction are available at broadarrowauctions.com. Broad Arrow now shifts its focus to the Memorabilia Online Parts 1 & 2 Auctions, which will close out the company’s 2024 auction calendar with 180+ lots of important F1 and motorsport collectibles. Part 1 of the sale is open for bidding until October 27, while Part 2 is open for bidding from October 27 to November 10. Broad Arrow is also now inviting consignments for its third annual Amelia Auction, the official auction of The Amelia (Concours d’Elegance), set for March 7-8, 2025. Further information, including on consignment opportunities, is available at broadarrowauctions.com.

*These figures include post-block sales which occurred immediately following the auction.

**All prices are listed in USD and include buyer’s premium, which is equal to the sum of twelve percent (12%) of the first $250,000 of the Hammer Price and ten percent (10%) of the amount by which the Hammer Price exceeds $250,000 for all motor car lots.

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Photo Credits: (1) 1984 Porsche 911 SC RS Gruppe B “Evolutionsserie” (Ben Battles © 2024 Courtesy of Broad Arrow Auctions), (2) 2006 Ford GT Heritage Edition (Courtesy of Broad Arrow Auctions), (3) 1998 Porsche 911 Carrera S “Factory One-Off” Cabriolet (Ben Battles © 2024 Courtesy of Broad Arrow Auctions), (4) The Stingray Survivor Collection (Matthew Little © 2024 Courtesy of Broad Arrow Auctions), (5) The Small Speed Collection (Nick Berard © 2024 Courtesy of Broad Arrow Auctions).

About Broad Arrow, a Hagerty Company - Broad Arrow, a Hagerty (NYSE: HGTY) company, is an advisor, market maker, and financier for car collectors with a commitment to integrity, trust, and innovation. Broad Arrow operates Broad Arrow Auctions, Broad Arrow Capital, and Broad Arrow Private Sales (formerly Collectors Garage) and is headquartered in Grosse Pointe, Michigan. For more information, please visit connect with us on Facebook, Instagram, Twitter and LinkedIn.

About Hagerty, Inc. (NYSE: HGTY) - Hagerty is an automotive enthusiast brand committed to saving driving and to fueling car culture for future generations. The company is a leading provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom made for the 67 million Americans who self-describe as car enthusiasts. Hagerty also operates in Canada and the U.K. and is home to Hagerty Drivers Club, a community of over 850,000 who can’t get enough of cars. For more information, please visit www.hagerty.com or connect with us on Facebook, Instagram, Twitter and LinkedIn.  

Forward-Looking Statements - This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current intentions, expectations, or beliefs regarding the business. Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that are difficult to predict and may be outside of our control. Some of the factors that may 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 of this press release; (ii) our ability to compete effectively within our industry and attract and retain members; and (iii) the other risks and uncertainties listed in our Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 14, 2023. This press release should be read in conjunction with the information included in our other press releases, reports and other filings with the SEC. Understanding the information contained in those filings is important in order to fully understand our reported financial results and our business outlook for future periods. We do not undertake any 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.

Attachments

• 1984 Porsche 911 SC RS Gruppe B "Evolutionsserie" that topped Broad Arrow's inaugural Chattanooga Auction on October 12.
• Broad Arrow Principal Auctioneer, Lydia Fenet, and Broad Arrow VP of Operations, Alain Squindo, conduct The Chattanooga Auction during The Chattanooga Motorcar Festival

Ian Kelleher
Broad Arrow Auctions
+1 917-971-4008
ikelleher@hagerty.com

Meg McGrail
Broad Arrow Auctions
+1 519-365-8750
mmcgrail@hagerty.com