SPAC

Classic car insurer Hagerty to go public via SPAC in $3 billion deal

The Hagerty Price Guide predicts $378 million in total sales from the Monterey collector car auctions next week, spread across 1,400 vehicles on offer from six different auction companies through the Monterey peninsula leading up to the Pebble Beach Concours dElegance.

David Paul Morris | Bloomberg | Getty Images

Classic car insurance company Hagerty is going public via a special purpose acquisition company, in a deal valued at more than $3 billion.

The merger with Aldel Financial will provide stock market investors with a way to invest in the fast-growing classic car market, which has seen a huge run-up in valuations and popularity in recent years. Values for classic cars are up 6% over the past year, and 193% over the past decade, according to the Knight Frank Luxury Investing Index.

Aside from offering insurance, Hagerty has also launched a classic car rental business, called Hagerty DriveShare, and has acquired

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(SAII), Avis Budget Group, Inc. (NASDAQ:CAR) – Could Otonomo Be The Best SPAC Deal Of 2021? The Bear Cave Thinks So

Israel-based car data management company Otonomo is going public in a SPAC deal valuing the company at $1.4 billion. The Bear Cave, which normally tries to point out bad companies, shared three key reasons why Otonomo could be the best SPAC for 2021 despite low media exposure.

Large Opportunity: Research firm The Bear Cave believes the opportunity for connected car data is huge and still in the beginning stages. It says Otonomo, going public with Software Acquisition Group II (NASDAQ: SAII), has a large opportunity in the market.

“One opportunity is usage-based car insurance,” the research firm said. This could lead to consumers sharing their data and getting better rates from insurance companies.

Fleet management is mentioned as another area of opportunity within the connected car data market. Avis Budget (NASDAQ: CAR) is mentioned as both a customer of Otonomo and an investor.

Banks could offer more competitive

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