TRAVERSE CITY, Mich., July 27, 2016 /PRNewswire/ -- Hagerty announces the first ever collector vehicle rating system known as the Hagerty Vehicle Rating, which measures a specific vehicle's performance relative to the rest of the overall market. This is the latest addition to the suite of Hagerty Valuation Tools designed to empower people who love cars with market knowledge.
The assigned score (on a scale of 0-100) indicates if a particular model is outperforming, underperforming, or consistent with the overall classic car market. It is entirely data driven from public and proprietary sources and serves as a quick indication of a vehicle's "heat" (or lack thereof) compared to the market at large.
A rating of 50 indicates a model is keeping pace with the rest of the market. Ratings above 50 are assigned to vehicles growing faster than the market at large, with higher numbers corresponding to vehicles with stronger market performance. Conversely, ratings below 50 are assigned to vehicles growing more slowly than the market at large.
"Knowledge is power when it comes to researching your dream vehicle. No one wants to be made a fool when they decide to make a purchase," said McKeel Hagerty, CEO of Hagerty. "We built this resource so enthusiasts can track specific vehicles based on pure market data from the largest database of collector vehicle transactions."
The Hagerty Vehicle Rating is calculated from a variety of sources including change in average values in the Hagerty Price Guide, private sales, auction sales, insured vehicle data and vehicle quoting data. The ratings will be updated bi-monthly with a published list of the top 25 as well as the bottom 25 cars in the market. For July's ratings the top car with a score of 98 is 1994-1999 Ferrari F355 and on the other end of the scale relative to the overall market is the 1957-1967 Austin-Healey 3000 with a score of 7.
About Hagerty: Based in Traverse City, Michigan, Hagerty is the world's leading insurance provider for classic vehicles and host to the largest network of classic car owners. Hagerty offers insurance for classic cars, trucks, motorcycles and motorcycle safety equipment, tractors, automotive tools and spare parts, and even "automobilia" (any historic or collectible item linked with motor vehicles). Hagerty also offers overseas shipping/touring insurance coverage, business coverage and club liability coverage. For more information, call (800) 922-4050 or visit www.hagerty.com. Hagerty also provides online Valuation Tools and publishes Hagerty Price Guide, which are the premier guides for post-war collectible automobiles. For more information please visit www.hagerty.com/valuationtools