Hagerty Highlights K-Shaped Economy Impacting Luxury Car Market

At Monterey Car Week, executives from luxury auto companies, including Hagerty (HGTY), Bentley (VWAGY), and Aston Martin (ARGGY), discussed a K-shaped economy affecting their market. While top-tier buyers continue to purchase high-value vehicles, there is a slowdown among more regular customers, who are hesitant to spend. McKeel Hagerty noted a surge in $100 million car collections being built quickly, driven by increased liquidity from IPOs and company sales. This trend highlights a division between affluent buyers and those in the middle market, which may be more vulnerable to economic pressures.