An insurance agency specializing in collector car coverage has announced a complimentary Web service to help collectors better understand the classic car marketplace.
"Collector Car Portfolio," joins two other Web tools offered by Hagerty Insurance Agency Inc.--"Value Your Car" and "Market Trends."
The announcement was timed to correspond to the Aug. 18 opening of five major collector car auction houses in Monterey, Calif.
"Our goal with Collector Car Portfolio is to provide a one-stop-shop valuation center for classic car enthusiasts," McKeel Hagerty, CEO of Hagerty Insurance, said in a prepared statement. "Whether you're at an auction trying to better understand the value of a potential addition to your collection, or at home determining the performance of your portfolio versus the Dow, this tool is built to be a resource for collectors."
The project involved more than five years of research by Hagerty's team of valuation experts. The tool lets collectors create a portfolio containing their cars--or dream garage--and gives them the ability to chart how vehicles have performed in the past. The tool also lets users track their portfolios against the value of the Dow Jones industrial average, S&P 500, gold and NASDAQ markets.
The "Value Your Car" tool lets users input the year, make and model of a classic vehicle and then outputs a chart showing its current value and the five-year trend. The market trend tool displays the value of several Hagerty-created car indexes and can help collectors decide when to buy, sell or hold from different genres of classics.