Hagerty Inc. is an “automotive enthusiast” brand that specializes in insuring collectible cars. Business is good, with total revenue up 20% year over year to $313.2 million for the second quarter.
But Hagerty is particularly enthused about growing its online auction marketplace, where auto enthusiasts can buy and sell vehicles like the 1967 Plymouth Barracuda muscle car and the 1985 Mercedes-Benz 500 SL it featured today.
Hagerty’s Q2 marketplace revenue grew 20% year over year to $6.3 million, as first-half revenue increased 41% to $16.8 million.
Ex-Amazon Sean McMullan joins Hagerty
Sean McMullan, senior vice president of digital marketplace and valuation, Hagerty Inc.
Although the marketplace still accounts for a small share of total revenue, the company expects much more marketplace activity to come and has hired Sean McMullan, an entrepreneur and former Amazon executive, to fill the newly created position of senior vice president of digital marketplace and valuation.
“One of the things we’re excited about is we know [the] digital marketplace in and of itself is an important thing for us,” McKeel Hagerty, chairman and CEO, said on the Q2 earnings call. “We think it has a lot of promise, and we’re looking forward to it continuing to expand.”
He added, “We are excited to welcome Sean to Hagerty, as he brings an innovative and entrepreneurial mindset to the team. His deep experience in digital marketplaces and ecommerce will help us scale these critical elements of our business and drive future growth and profitability, resulting in an enjoyable buying and selling experience for auto enthusiasts.”
Before joining Hagerty, McMullan spent nearly two decades at Amazon in various leadership roles in the United States and abroad. Most recently, he served as director of Artist Services for Amazon Music, where he launched the Amazon Music for Artists app, spearheaded their entry into the livestreaming space and built their artist merchandise business by partnering with some of the biggest names in music.
Prior to Amazon, McMullan led Amazon Music’s international expansion into 50 countries and launched Amazon Fresh in the United Kingdom and Germany. He spent the first phase of his career building digital retail businesses and products, including overseeing the Toys category in the U.S.
“Joining Hagerty is a dream job for me, given my personal passion for cars,” Hagerty said in a statement about his appointment. “Not only is Hagerty a leader in the collectible car market, but their digital marketplace also represents one of the company’s biggest growth opportunities.”
Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. [email protected].
Sign up
Sign up for a complimentary subscription to Digital Commerce 360 B2B News, published 4x/week. It covers technology and business trends in the growing B2B ecommerce industry. Contact Mark Brohan, senior vice president of B2B and Market Research, at [email protected]. Follow him on Twitter @markbrohan. Follow us on LinkedIn, Twitter, Facebook and YouTube.
Favorite