Hagerty subsidiary invests in Broad Arrow Group

Hagerty Inc. subsidiary The Hagerty Group LLC invested about $15.3 million in Broad Arrow Group Inc. in exchange for a 40% stake in the company.

With the joint venture, Hagerty will be able to offer new services for the buying and selling of collector cars, improving its portfolio of automotive-focused offerings for car enthusiasts.

Hagerty will appoint two of the seven members to the board of Broad Arrow Group. Kenneth Ahn, who will serve as Broad Arrow Group CEO, will work at Hagerty as president of Hagerty Marketplace. Three other Broad Arrow Group founders also joined the Hagerty Marketplace team.