Hagerty Inc. is an “automotive enthusiast” brand that makes a speciality of insuring collectible cars. Business is sweet, with total revenue up 20% 12 months over 12 months to $313.2 million for the second quarter.
But Hagerty is especially enthused about growing its online auction marketplace, where auto enthusiasts should buy and sell vehicles just like the 1967 Plymouth Barracuda muscle automotive and the 1985 Mercedes-Benz 500 SL it featured today.
Hagerty’s Q2 marketplace revenue grew 20% 12 months over 12 months to $6.3 million, as first-half revenue increased 41% to $16.8 million.
Ex-Amazon Sean McMullan joins Hagerty
Sean McMullan, senior vice chairman of digital marketplace and valuation, Hagerty Inc.
Although the marketplace still accounts for a small share of total revenue, the corporate expects rather more marketplace activity to come back and has hired Sean McMullan, an entrepreneur and former Amazon executive, to fill the newly created position of senior vice chairman of digital marketplace and valuation.
“One among the things we’re enthusiastic about is we all know [the] digital marketplace in and of itself is a crucial thing for us,” McKeel Hagerty, chairman and CEO, said on the Q2 earnings call. “We predict it has a variety of promise, and we’re looking forward to it continuing to expand.”
He added, “We’re excited to welcome Sean to Hagerty, as he brings an progressive 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, leading to an enjoyable buying and selling experience for auto enthusiasts.”
Before joining Hagerty, McMullan spent nearly twenty years at Amazon in various leadership roles in america 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 a few of the biggest names in music.
Prior to Amazon, McMullan led Amazon Music’s international expansion into 50 countries and launched Amazon Fresh within the United Kingdom and Germany. He spent the primary phase of his profession constructing digital retail businesses and products, including overseeing the Toys category within the U.S.
“Joining Hagerty is a dream job for me, given my personal passion for cars,” Hagerty said in an announcement about his appointment. “Not only is Hagerty a frontrunner within the collectible automotive market, but their digital marketplace also represents one in every of the corporate’s biggest growth opportunities.”
Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. [email protected].
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