Podcast Summary
A father-son duo's unique perspectives in car sales: Through their contrasting personalities and sales styles, Karl and Tom Hartley attract a diverse range of customers with Karl's decades of experience and blunt approach, and Tom's adaptability and eagerness to learn.
The Hartley Cars father-son duo, Karl and Tom, bring unique perspectives and approaches to the car sales industry. With Karl being the seasoned veteran and Tom learning the ropes, their contrasting personalities and sales styles attract a diverse range of customers. Karl's blunt and unapologetic approach, earned through decades of experience, commands respect, while Tom's adaptability and willingness to learn sets him apart as a newer, more flexible salesman. Their shared passion for the car business, spanning over 51 years and numerous achievements, sets them apart as dedicated and focused professionals. Their interviews offer an entertaining and insightful look into the world of car sales, filled with stories of early experiences, negotiations, and disdain for certain cars and manufacturers.
Honesty and Independence in Car Journalism: Car journalist values honesty and independence, providing unbiased opinions and insights on car brands, particularly McLaren, and the importance of second-hand dealerships in the digital age.
The speaker values honesty and independence, as evidenced by their candid opinions about car brands, particularly McLaren. They emphasize that they're not influenced by external pressures and can speak the truth without fear of repercussions, unlike car salespeople. Additionally, they highlight the shift in the automotive industry towards digital information and the importance of second-hand car dealerships like theirs in providing valuable insights to journalists. The speaker also shares their experience with problematic McLaren models and expresses their preference for certain McLaren models over others based on their personal experience and financial potential for growth. They also compare McLaren's technology to that of Ferrari and Porsche and suggest that a McLaren P1, despite being less expensive, could be a better investment due to its potential for future value.
Navigating the car industry's ups and downs: Successful car dealers blend business skills, passion, and adaptability to navigate market fluctuations and build long-term relationships with clients.
The car industry, like any business, involves constant change and adaptation. The value of cars can fluctuate rapidly, and even those who have amassed impressive collections may find themselves yearning for new additions. However, the industry is not just about passion; it's also a business. Dealers may use various tactics to secure deals, and unrealistic expectations can lead to disappointment. Despite the challenges, successful dealers like Tom and Carl have learned to navigate the market, build relationships with multiple generations of clients, and maintain a healthy perspective on the industry's ups and downs. Ultimately, the car industry requires a unique blend of business acumen, passion, and adaptability.
Dealership Tactics Inflate Car Prices: Consumers should be aware of dealership tactics that manipulate car prices and consider waiting or alternative options if unable to secure desired car at fair price. Dealerships should treat customers fairly and honestly to maintain market trust.
The car market, particularly for high-end and desirable models, can be subject to manipulation and artificially inflated prices due to dealership tactics. These tactics can include forcing customers to buy less desirable models in order to secure a spot on the waiting list for the desired car, or using blackmail tactics to pressure customers into buying multiple cars. This can lead to a surplus of supply and a decrease in demand, ultimately causing the prices of these cars to plummet. It's important for consumers to be aware of these tactics and to be prepared to wait or consider alternative options if they cannot secure the car they want at the price they are willing to pay. Additionally, it's crucial for dealerships to adapt to changing market conditions and to treat customers fairly and honestly, rather than relying on manipulative tactics to make sales.
Making money in business requires more than just ability to order products: Understanding business and customers key to consistent profits and customer satisfaction, avoiding legal disputes and maintaining control.
While anyone can enter a profitable business like car dealing during good economic times, consistently making money and keeping customers satisfied requires more than just the ability to order products. The risk of bringing in outside investors and giving up control can lead to being ousted from your own company, as demonstrated by a recent high-profile case. Moreover, attempting to copy another business's unique identity, such as trademarked names or slogans, can lead to legal disputes. Ultimately, true success comes from a deep understanding of the business and the customer, which cannot be easily replicated.
Creating trust and exceptional service in business deals: Reputable brand, established name, satisfaction, ease, adaptability are essential for successful business deals.
Building trust and providing exceptional service are the keys to making a good deal happen in business. According to Tom and Karl, when potential customers arrive at a business, they want to feel a sense of trust and security. This is especially important when dealing with high-value transactions. Tom emphasizes the importance of a reputable brand and established name in creating this trust. Meanwhile, Karl stresses the importance of ensuring that all parties involved in a deal leave feeling satisfied and happy. He also highlights the importance of making the process as easy and convenient as possible for customers. Tom's unique approach to business, which includes being available at unusual hours and going above and beyond to accommodate customers, is a major factor in his success in making deals happen. Ultimately, the ability to adapt to different situations and personalities is crucial in business, as Tom's experiences with the royal family of Saudi Arabia and buying a Bugatti from a group of Russians demonstrate.
Overcoming language barriers and unfamiliar situations: Persistence and determination can help you achieve your goals, even when faced with language barriers and high costs. Exclusivity and desirability can make luxury items underpriced.
Persistence and determination can lead to achieving your goals, even when faced with language barriers and unfamiliar situations. The speaker's desire to purchase a Bugatti Veyron led him to make numerous calls to a Russian owner, despite not speaking the same language. Through his persistence, he was able to arrange a meeting in Vienna to see the car. The experience was nerve-wracking, but the deal was completed, and the speaker was able to take ownership of the car. Another key takeaway is the high cost of maintaining a luxury car like the Bugatti Veyron, with expensive tires and wheels requiring frequent replacement. Despite these costs, the speaker believed the car was underpriced due to its exclusivity and desirability.
Are some luxury supercars overrated?: Experience a supercar firsthand to evaluate its worth, as some may be overpriced or have unreliability issues, while others like McLaren offer great value for money.
Despite the high prices of luxury supercars, some models are considered overrated due to unreliability and excessive servicing costs. For instance, Karl believes Koenigsegg is overrated due to its past unreliability issues, while Tom thinks Bugatti is unnecessary for enjoying speed due to its exorbitant prices. However, they both agree that McLaren offers great value for money, despite its previous bad reputation. The most challenging car to sell, according to them, is not a specific model but rather one that doesn't justify its price. Ultimately, the best way to evaluate a supercar is by experiencing it firsthand and not relying on hearsay.
High-end car dealership focuses on profit through buying and selling luxury brands: Buying and selling luxury cars can lead to significant profits due to uncertain value and potential for growth.
At this high-end car dealership, the focus is on providing a wide range of brands and making a profit through buying and selling cars. The dealership, which houses Rolls Royce, Ferrari, Porsche, and other luxury brands, sells more secondhand Rolls Royces than any other dealer in the country. The decision on which car to buy ultimately rests with the customer, and the dealership's expertise lies in providing valuable insights into the potential value or growth of various models. The best investments, according to the dealers, have often been cars with uncertain value or high risk, but strong gut feelings and the ability to buy at the right price have led to significant profits. Examples of successful investments include a McLaren F1 and various classic Ferraris. The growth in the value of these cars far outpaces that of traditional investments like property. While specific prices and models were discussed, the overarching theme is the potential for significant returns on investment in the luxury car market.
The McLaren F1's historic significance and rarity drive its high value: The McLaren F1's unique design, Le Mans win, and Ferrari defeat make it a rare and historically significant car, driving its high value. Personal experiences of big car deals add to the speaker's success and emotional attachment to the cars.
The McLaren Fund's value increase is likely due to the rarity and historic significance of the McLaren F1 car, which won Le Mans and beat Ferrari. The speaker expresses respect for the designer, Gordon Murray, and acknowledges the difficulty of understanding the high value of the car. The speaker shares personal experiences of large car deals, including buying 23 cars from a fellow trader in one night and selling 8 or 9 cars to one person. The speaker mentions that while they enjoy the success of big deals, they quickly move on, comparing it to a job for some, but acknowledges that selling supercars is a more special experience. The speaker also shares regret over selling cars they were emotionally attached to, such as a Pagani Sonda Cinque, which is now worth significantly more than what it was sold for. Overall, the discussion highlights the unique value and significance of rare and historic cars, and the emotional attachment and financial rewards that come with selling them.
Understanding Emotional Connection in Business: Tom's success in business comes from his emotional attachment to luxury cars and commitment to fairness, allowing him to make better deals and maintain strong relationships.
While some businesspeople may view their assets as commodities to be bought and sold, others, like Tom, approach business with a deeper emotional connection to the products they deal with, particularly luxury performance and classic cars. Tom's ability to detach himself from the emotional attachment to these cars allows him to make better deals and maintain fair business practices, even if it means leaving profit on the table. This approach, rooted in a love for the product and a commitment to fairness, sets Tom apart as a successful businessman and deal maker.
Impact of Emotion on Investment Decisions: Emotions can influence investment decisions, leading individuals to prioritize ego or personal desire over rational analysis. Market fluctuations and individual priorities impact the value of investments, highlighting the importance of understanding personal risk tolerance.
People's emotional attachment to their investments, especially high-value items like cars, can lead them to make impulsive decisions based on ego rather than rational analysis. Yesterday's price is not today's price in the world of collectibles, and market fluctuations can significantly impact the value of an investment. Some individuals, like the speaker's business partner, prioritize minimizing depreciation and spend considerable time analyzing market trends. Others, like the speaker, may make decisions based on trust and personal desire, potentially saving time but also risking financial loss. Ultimately, the decision-making process depends on individual priorities and risk tolerance. The speaker's anecdotes about past car purchases illustrate the unpredictability of the market and the role of emotion in investment decisions.
Stories of dangerous driving experiences: Driving requires respect and experience, regardless of the car's make or model. Reckless driving can lead to unpredictable and severe consequences.
Cars can be dangerous, and drivers should respect their power, regardless of experience or the car's make and model. The speaker shared stories from his past experiences, including driving without a license, insurance, or even a seat belt, and the consequences of those actions. He also mentioned how his grandfather was killed in a car accident due to having his seat belt on, highlighting the unpredictability of accidents. The speaker emphasized that cars today, especially high-performance ones, require respect and experience to handle safely. He also shared a personal story of getting caught driving excessively fast in a Mercedes, leading to a ban. These experiences serve as reminders of the importance of responsible driving and the potential consequences of recklessness.
Unexpected situations and social media amplification: Impulsive decisions and unpredictable events can lead to viral social media moments, highlighting the power of humor and human connection in unexpected situations.
Even the most extravagant purchases and experiences can lead to unexpected and humorous situations. The speaker shared a story about his experience with a traffic stop in London while driving his Bugatti Veyron, which went viral due to a misunderstanding. Despite the officer having no reason to stop him, a meme was created and spread widely on social media. More recently, he sold his wife's Bentley Bentayga without her knowledge, only to replace it with a Lamborghini. These stories illustrate the unpredictability of life and the power of social media to amplify everyday experiences. Additionally, the speaker's tendency to make impulsive decisions and inability to keep secrets are recurring themes in his life.
The Importance of Keeping Secrets: The speaker values keeping secrets and finds it rewarding to write about his experiences, but some people struggle to do the same, potentially ruining surprises and exposing secrets.
Some people, like the speaker's friend and mother, have a hard time keeping secrets due to their tendency to share information freely. This can lead to surprises being ruined and secrets being exposed. The speaker, on the other hand, values keeping secrets and has even written an autobiography sharing stories from his life and business. He finds it rewarding to write about his experiences and plans to write a second one when he turns 70. Despite sharing many stories with his friend Alfie, there are still some secrets he has never revealed. One such story involves a high-stakes coin toss during a car deal. Despite the potential financial risk, the other party honored the deal when the speaker won the toss. This incident illustrates the speaker's willingness to take risks and his ability to close deals, even in challenging situations.
Using a coin flip to seal a deal: Allow a coin flip to decide minor differences in business deals to build goodwill and add excitement, but use this strategy wisely and only when the deal is close.
Using a coin flip as a decision-making tool can help build goodwill and close deals in business, especially when the stakes are high and the difference in price is minimal. This approach was demonstrated in a story where a car dealer allowed a customer to win a coin flip to seal a deal worth over £4 million. The dealer believed that letting the customer win would make him feel good about the purchase and ultimately lead to a successful sale. The coin flip also added an element of fun and excitement to the negotiation process. However, it's important to note that this strategy should be used carefully and only when the deal is close, as taking unnecessary risks can be detrimental to the business. Additionally, the car dealer shared that this practice is rooted in his family's business culture, emphasizing the importance of taking calculated risks as an entrepreneur.
Trust and Communication in Business Negotiations: Effective communication and trust are essential during business negotiations. Understand customers' needs, have the right inventory, and be adaptable to find mutually beneficial deals.
Effective communication and trust are crucial in business, even during negotiations. This was evident in the conversation between Tom and Ron, who engaged in a lively debate over a potential car trade. Tom, the car dealer, had won a coin toss and was supposed to give Ron a valuable card. However, Ron didn't believe him and insisted on seeing the proof. Despite the back-and-forth banter, they eventually reached an agreement, but not before discussing business strategies. Tom suggested that Ron could use his extensive social media following to promote their business and potentially go viral with their deals. However, Ron explained that confidentiality was a priority, and they couldn't reveal too much information online. The conversation then shifted to the importance of understanding your customers' needs and having the right inventory to meet those needs. Ron expressed his desire for a specific car, but Tom pointed out that he didn't have it. Instead, he offered a different car and a watch in exchange. Ron hesitated but eventually agreed, demonstrating the importance of finding mutually beneficial deals. Overall, the conversation highlighted the importance of clear communication, trust, and adaptability in business negotiations. It also emphasized the value of knowing your customers and having a diverse inventory to meet their needs.
Value of luxury items can fluctuate: Individuals can choose to sell luxury items for a guaranteed price or hold onto them, hoping for a higher value in the future based on market conditions and personal preference.
The value of luxury items, such as a Porsche or a Richard Mille watch, can be negotiable, and the selling price can depend on various factors like market conditions, personal attachment, and profit margins. The speaker in the discussion mentioned that he could sell a Porsche for a guaranteed price, but if he held onto it, he might be able to get a higher price later. Similarly, a Richard Mille watch, which he valued at £410,000, could be sold for a significant discount, but he believed the market would eventually recover, and the items' value would go back up. Ultimately, the decision to sell or hold onto such items depends on individual circumstances, including personal preference and market conditions.
The Importance of Hard Work and Building a Strong Team: Business success requires dedication, commitment, hard work, and building a strong team, even if it's challenging to delegate control. People's work ethic has changed, but the only way to truly get ahead is through hard work.
Growing a business requires dedication and commitment, often going beyond traditional working hours. Business owners like Carl and Tom believe that to be successful, one must put in every waking hour. However, they acknowledge the importance of delegation and building a strong team, even if it's challenging to let go of control. The work ethic of people has changed during the pandemic, with many preferring flexible work arrangements and higher salaries. Entrepreneurs, especially, see potential inefficiencies and losses everywhere they go. Despite the challenges, the only way to truly get ahead is through hard work. As Tom puts it, "You only get out of life when you put into it."
The importance of passion and dedication in running a successful business: Passion and dedication are essential for running a successful business, especially a family business. Wearing the business identity with pride and finding fulfillment in hard work and recognition can lead to valuable success and reputation.
Running a successful business, especially a family business, requires intense dedication and passion. The business owner in this conversation shared that they have been working non-stop since they were young and can't afford to take time off because someone always needs to be there to ensure the business runs smoothly. They have built a great team, but they can't expect their employees to worry about the business outside of work hours. Instead, they wear their business identity with pride and find fulfillment in the recognition they receive as a car dealer and business owner. The most valuable things in life, such as reputation and success, can't be bought; they must be earned through hard work and dedication. The business owner emphasized that they have no regrets and finds joy in their work and family life. Carlos, when asked about his most brutal business lesson, shared that he learned the importance of being adaptable and resilient in the face of challenges. Overall, the conversation highlights the importance of passion, dedication, and adaptability in building a successful business.
Importance of Dedication, Commitment, and Early Rising for Success: Don't waste time, be dedicated, committed, and an early riser to achieve success. Having a clear vision and goal is essential for personal growth.
Life and business lessons are best learned from tough experiences. Tom Hartley shared an anecdote about a former employee, Sean, who left his job thinking Tom's advice was harsh but later realized its value. Hartley emphasized the importance of dedication, commitment, and early rising to achieve success. He also shared that having a clear vision and goal is essential for anyone, not just the wealthy or powerful. Hartley's advice is simple: don't be lazy and don't waste time. Instead, strive for achievement and always push yourself to be better. For those interested in purchasing a car from Tom Hartley, they can visit his website, follow him on social media, or contact his office. And remember, "Don't be a lazy bastard."
