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.
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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