I remain fixated on the car storage market for a few reasons: one, it is a relatively new arena for the hobby with seemingly more room for competitors and future growth. Two, it is basically taking the standard storage unit model (where you chuck all the excess crap from your house) but applying it to the challenge of maintaining on-site storage for your project car fleet. The actual facility is a glorified warehouse with a shiny wrapper around it that seemingly justifies a premium price for access.
Hagerty has once again raced to the front of this burgeoning business model by claiming territory in a few key geographies (meaning well-capitalized car collectors live there). The newest club is in Miami and looks like a great time: beautiful location, outdoor patios, comfortable social gathering spaces, gearhead-focused décor, and of course, the tropical backdrop of south Florida.
The rate card lists $650/month as the price for car storage and access to the social calendar. For $125, you can leave your car at home and simply have access to the facility and the monthly events. If you look around at your average local car storage lot/facility (meaning, a storage unit at your local UHaul or UHaul-clone), the price is far lower. There’s also no real luxury attached to it and certainly no wine and cheese nights.
The question I struggle with is this: is Hagerty filling those spots easily, or is it a long, slow slog to max out capacity? The monthly fee is not cheap, so you’re certainly a customer of some means if you’re taking Hagerty up on the offer for a premium space with a variety of services on site you may never actually use (detailing, mechanical services, shipping and logistics.) The social component is a take-it-or-leave-it offer for me, as I’d much rather be driving than talking (and last I checked, most Cars & Coffee gatherings are still free to attend.)
However, like the six-figure W124 and Jaguar Super V8 we recently discussed, this is a meaningless amount of money for the super wealthy to consider spending each month for the convenience of a turnkey storage facility catering to other high-end clientele. Which serves as a reminder as to how much of this hobby is being built around the needs of the 1 percent club - and how the rest of us will need to either cough up the dough for a storage experience that is several rungs above the local self-storage facility or find our own way to mimic the Hagerty experience at a lower price point.