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1948 FERRARI 166 SPYDER CORSA SETS NEW AUCTION RECORD AT BROAD ARROW'S INAUGURAL CONCORSO D'ELEGANZA VILLA D'ESTE AUCTION SELLING FOR €7.54 MILLION

1. Broad Arrow Auctions achieved €31.17 million from its first European sale. 2. 78% of auction lots sold, showcasing strong demand and profitability. 3. Record sales for iconic cars like the Ferrari 166 Spyder Corsa were noted. 4. Broad Arrow's reputation expands with strategic partnership with BMW AG. 5. Upcoming Monterey auction is anticipated to build on this success.

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Why Bullish?

The successful auction indicates strong market interest, potentially increasing Hagerty's stock demand. When Broad Arrow achieved high sales, it positively impacted Hagerty's reputation as an auction house, historically leading to share price rises in similar cases.

How important is it?

This article indicates growing market engagement for Hagerty, suggesting potential for future profits and stability. Their success in auctions raises investor confidence, possibly boosting share price.

Why Long Term?

The expansion into European markets and establishing a reputation in high-end auctions can lead to sustained revenue growth for Hagerty. Previous examples, like Sotheby’s expansion, show that sustained presence increases long-term shareholder value.

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LONDON, England, May 27, 2025 (GLOBE NEWSWIRE) -- Broad Arrow celebrates Concorso d’Eleganza Villa d’Este Auction, its first European sale78% of lots sold achieving total sales value of €31,172,6251948 Ferrari 166 Spyder Corsa sold for €7,543,750 – a new auction record for a Ferrari 166Another auction record was broken as an outstanding 2003 Honda NSX-R sold for €934,375BMW-only sale saw a stunning 1980 BMW M1 built to Procar specification sell for €602,500A full list of auction results can be viewed here, and high-resolution images hereThe next Broad Arrow sale takes place at the Monterey Jet Center, 13-14 August 2025 Broad Arrow Auctions, a Hagerty (NYSE: HGTY) company, is celebrating the success of its first European sale as the official auction partner of BMW AG after presenting over 70 of the world’s finest cars, boats and motorcycles at the prestigious Concorso d’Eleganza Villa D’Este. Two vibrant sales, held on Saturday May 24th and Sunday May 25th in the Rotunda at Villa Erba, saw packed sales rooms and an atmosphere charged with excitement. Both auctions, also watched live by over 8,000 viewers on the Broad Arrow YouTube channel, achieved €31,172,625 in total sales, with 78 percent of all lots sold. Note, these figures include three lots sold within hours of the live auction ending. “Our Concorso d’Eleganza Villa d’Este auction has been a resounding success,” says Joe Twyman, VP of Sales for Broad Arrow’s EMEA Region. “The opportunity to present such a spectacular collection of the world’s most desirable cars on the shores of Lake Como at the world famous Concorso was a great way to launch our first European sale.” Star of the Sunday sale was a 1948 Ferrari 166 Spyder Corsa, quite possibly the most original early Ferrari extant, which sold for an auction record price of €7,543,750. Never before offered publicly for sale, it is one of two 166 Spyder Corsa models commissioned by one of Ferrari’s earliest customers. It has received awards at multiple prestigious shows and has competed in some of the greatest events, including the Mille Miglia and Targa Florio. The room was captivated by fast and competitive telephone bidding as two potential buyers fought for the chance to own this very special piece of Ferrari history. The last of just 33 Motto-bodied Siata 208S Spiders, from 1954, was another highlight, with strong interest from bidders attracted by its beautiful style and remarkable provenance to achieve a sale price of €1,750,000. Broad Arrow also presented a number of very special modern classic cars, including a spectacular 2003 Honda NSX-R. With just 15,800 kilometres, the Championship White, lightweight supercar attracted attention from around the world with bidders from the UK, Australia, Argentina, South Africa, and the US competing to own this rare supercar. Another electrifying sale saw a final bid duel lead to a world auction record-winning bid of €934,375. Other modern classic highlights saw an outstanding 1989 Ferrari F40 Competizione attract a winning bid of €2,312,500 and a a 2023 Ford GT sell for €613,750. To further demonstrate the broad range of enthusiast vehicles offered, a 1990 Ducati 851 F90 Corsa, owned by John Surtees but never ridden, tempted many bidders and sold for €81,250. Broad Arrow also held a dedicated BMW-only sale, featuring cars from private collectors, on Saturday evening which produced equally impressive results. Featuring some of the most highly collectible models from the German marque, hosts of the Concorso d’Eleganza Villa d’Este, an outrageously beautiful 1980 BMW M1, enhanced to Procar specification by BMW Motorsport, took the spotlight. Causing a stir in the sale room it sold for an impressive €602,500. “Not only did we achieve remarkable sales for some of the world’s most collectible models, but collectors were clearly excited by the carefully curated selection of cars we presented,” says Twyman. “We are extremely proud to have achieved such strong results, and a number of auction record sale prices, at our first European auction, and I now look forward to expanding Broad Arrow’s European sale calendar throughout 2025.” Kenneth Ahn, President of Broad Arrow, added, "First and foremost, thank you to everyone for the tremendous interest and support for our very first auction in Europe, held on the stunning shores of Lake Como. By all accounts, it was an incredible success. We’re also deeply grateful to our wonderful partner, BMW AG, and the Concorso d’Eleganza Villa d’Este. We look forward to welcoming even more car enthusiasts and industry friends as we continue to grow our presence in Europe." Broad Arrow Auctions Concorso d’Eleganza Villa d’Este 2025 - Top 10 Sales 1. 1948 Ferrari 166 Spyder Corsa by Ansaloni - €7,543,750 2. 1938 Talbot Lago T150 C Lago Speciale Teardrop Coupe by Figoni et Falaschi - €3,606,250 3. 1989 Ferrari F40 Competitzione - €2,312,500 4. 1954 Siata 208S Motto Spider - €1,750,000 5. 1965 Ferrari 275 GTS - €1,525,000 6. 2006 Porsche Carrera GT – Sold Ahead of Auction 7. 1957 Mercedes-Benz 300 SL Roadster - €1,007,500 8. 2003 Honda NSX-R - €934,375 9. 2023 Ford GT - €613,750 10. 1980 BMW M1 - €602,500 The next auction on the Broad Arrow calendar is Monterey Jet Center, California on 13-14 August 2025, held in conjunction with Motorlux. Interviews and further information available on request. NOTE: All prices are listed in Euros and include buyer’s premium, which is equal to the sum of fifteen percent (15%) plus VAT of the first €250,000 of the Hammer Price 12.5% plus VAT of the amount by which the Hammer Price exceeds €250,000 for all motor car lots.  For non-motor car lots, Buyer’s Premium is equal to twenty-five (25) percent of the Hammer Price.  Event images by Tom Clutterbuck. Ends. Editors Notes About Broad Arrow Auctions Broad Arrow Auctions, a Hagerty (NYSE: HGTY) company, is a leading global collector car auction house. Founded in 2021 by highly experienced industry veterans, Broad Arrow offers exceptional quality cars to collectors and enthusiasts around the world. As the fastest growing auction house in its segment, Broad Arrow’s flagship annual events include The Monterey Jet Center Auction, in conjunction with Motorlux in California, The Amelia Auction, as the official auction of The Amelia (Concours d’Elegance) in Florida, and The Porsche Auction, in conjunction with Air | Water by Luftgekühlt in California. Broad Arrow expanded its global footprint in 2023, with renowned car specialists joining the team in the UK and Europe. Broad Arrow is launching its first auction in Europe in May 2025 as the new official auction house of the Concorso d’Eleganza Villa d’Este in Italy. Learn more at broadarrowauctions.com and follow us on Instagram, Facebook, LinkedIn, and Twitter.  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 875,000 who can’t get enough of cars. For more information, please visit www.hagerty.com or connect with us on Facebook, Instagram, X 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 recognise 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. The packed sales room at Broad Arrow's inaugural Concorso d'Eleganza Villa d'Este Auction at Villa Erba The top-selling Ferrari 166 Spyder Corsa on display at Broad Arrow's Concorso d'Eleganza Villa d'Este Auction preview The packed sales room at Broad Arrow's inaugural Concorso d'Eleganza Villa d'Este Auction at Villa E... Credit - Courtesy of Broad Arrow Auctions The top-selling Ferrari 166 Spyder Corsa on display at Broad Arrow's Concorso d'Eleganza Villa d'Est... Credit - Courtesy of Broad Arrow Auctions

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