Podcast Summary
Seizing Opportunities in Tough Economic Times: During economic downturns, focus on building relationships, adapt quickly, and make impulsive decisions to capitalize on opportunities.
During tough economic times, such as a recession, there are still opportunities for successful business growth. The speaker, Carl, shares his personal experience of running a business, which involves a small, hands-on team and a focus on building relationships with people. He emphasizes the importance of being impulsive and seizing opportunities as they come, whether it's traveling for business or purchasing a car. Carl also highlights the potential issues that come with having a larger staff and the importance of maintaining a small, efficient team. He also mentions the importance of being hands-on and personally authorizing all business transactions. The average car sale can happen quickly, sometimes within the same hour or day, but there are also opportunities to hold onto cars for longer periods to capitalize on market trends. Ultimately, Carl's success comes from his ability to adapt to changing circumstances, build strong relationships, and make quick decisions.
Buying and selling with flexibility leads to profits: Be flexible when buying or selling, set a clear price, and seize opportunities for significant gains. Crypto profits should be reinvested wisely.
Being flexible and focused on profit, whether buying or selling, can lead to significant gains. The speaker shared an experience of agreeing on a car sale price, only to sell it within minutes for a substantial profit. He also revealed his practice of accepting various forms of payment, including watches and even cryptocurrency. The speaker emphasized the importance of having a clear price in mind and not being greedy when buying, while being open to seizing opportunities when selling. Despite economic challenges, the car market is currently booming due to both desperate sellers and eager buyers. The speaker sees recessions as opportunities for business growth, as they bring about a shake-up and fresh air in the economy. While the speaker acknowledges the potential wealth generated by crypto, he also warns of its fleeting nature and the importance of reinvesting profits wisely.
From skipping school for car auctions to selling cars worth millions: Success in high-end car market requires a strong foundation, continuous cycle of buying and selling, and global perspective.
Success in the high-end car market involves a continuous cycle of buying and selling, with someone inevitably holding the losing end. The speaker, who has been in the business for decades, shared his experience of buying and selling cars worth millions, with some reaching values up to $38 million. He emphasized the importance of having a strong foundation, in his case, being raised by a hardworking father who instilled business values in him from a young age. Starting at the age of 12, he would skip school to attend car auctions and learn the trade from his father's friend. The cars were bought, driven home, and eventually sold, creating a cycle that led to his success in the industry. The speaker also highlighted the global nature of the market, with cars being valued and traded in dollars, regardless of their origin. Despite the high-value transactions, the speaker remained humble, acknowledging the importance of luck and the role his father played in shaping his career.
The Power of Perseverance and a Father's Guidance: Through hard work and determination, even without formal education, one can achieve significant success. A tough love approach from a parent can instill a strong work ethic and shape one's future.
Determination and hard work, even without formal education, can lead to significant success. The speaker's father gave him a tough ultimatum: earn enough money to buy a third of their car dealership's stock by the time he was 18, or leave the business. With tunnel vision focus, the speaker worked every day from the age of 12 to achieve this goal. He paid all taxes and reinvested his earnings back into the business, starting over again at 18 with no money but the stock he had earned. The father's tough love approach instilled a strong work ethic and the importance of being a man in the speaker's mind. Despite the father's old-fashioned and seemingly harsh demeanor, the speaker cherished the moments of success and the validation, even if it was subtle, from his father. This story is a testament to the power of perseverance and the impact a parent's guidance can have on shaping one's future.
The power of personal connections and pride in work: Personal connections and pride in work can be strong motivators, leading to success in unexpected areas. Real estate can provide significant business opportunities, and finding meaning in one's work is crucial for maintaining engagement and motivation.
Personal connections and pride in one's work can be powerful motivators, even if they aren't explicitly expressed. The speaker shared how his father's silent pride kept him going, and how he found success in the property business, even though it wasn't his initial focus. The speaker also highlighted the value of real estate in business, using the example of a car dealership that grew from a small showroom to a large facility on a 48-acre plot. Despite the challenges of work-life balance, the speaker's passion for his business kept him engaged and motivated, demonstrating the importance of finding meaning in one's work.
Surrounding yourself with positivity leads to success: Surround yourself with supportive friends, stay true to yourself, and invest in valuable assets to protect your money and find opportunities for growth.
Having a supportive network of like-minded individuals can lead to mutual inspiration, motivation, and success. The speaker shares how his brother and friends inspire him, leading to business deals and ideas. He also emphasizes the importance of being true to oneself and not being affected by critics or haters. The speaker believes that his biggest critic is himself, and he encourages investing in valuable assets like watches as a way to protect money from inflation. He also shares his personal connection to a watch dealer and invites listeners to check out his partnership with Broadwalk. The speaker's unapologetic nature and transparency on social media have both attracted trolls and motivated fans, and he sees the positives in both. Overall, the speaker's message is to surround oneself with positivity, stay true to oneself, and seek opportunities for growth and success.
Finding Balance in Business and Personal Life: Success in business often requires personal sacrifices, but prioritizing family and offering discreet services to high net worth clients can lead to a fulfilling life.
Success in business can come with personal sacrifices, and finding a balance between professional and personal life is crucial. The speaker shares his journey of being addicted to business and how having children changed his priorities. He emphasizes the importance of making compromises and offering exclusive, discreet services to high net worth clients to maintain their privacy. The speaker's personal car, a Pagani Huayra, is a testament to his success, but he acknowledges the importance of balancing work and family life. Despite the allure of luxury perks like helicopter rides and on-site therapists, he understands the value of spending quality time with family and making necessary compromises.
Human desire for scarcity keeps supercar market valuable: Despite the rise of electric cars, the market for supercars with internal combustion engines will remain valuable due to human nature's desire for scarcity. Ferrari's manual cars serve as an example of this trend.
The speaker believes that the market for supercars, especially those with internal combustion engines, will continue to have value due to human nature's desire for scarcity. He uses the example of Ferrari's manual cars, which were once unwanted but are now highly sought after. The speaker also expresses his personal preference for internal combustion engines over electric cars, citing the lack of excitement and soul in electric vehicles. He acknowledges that he sells both electric and traditional cars, but his personal preference is clear. Additionally, he questions the feasibility of everyone driving electric cars due to the current infrastructure limitations and the potential for long charging queues.
The importance of authorized dealers for luxury car maintenance: When dealing with luxury car brands, it's crucial to prioritize authorized dealers for maintenance despite higher costs, as their expertise and access to genuine parts ensure optimal performance and long-term savings.
When dealing with high-end luxury car brands like Bentley, it's crucial to expect higher costs and prioritize dealing with authorized dealers, even if it means paying more for services. This is due to the unique needs and complexities of these vehicles, which often require extensive and expensive repairs that are best handled by the manufacturer's experts. A personal anecdote illustrates this point. The speaker once owned a Bugatti Veyron and took it for annual services at the manufacturer's service center. However, the high costs and less-than-satisfactory experiences led the speaker to seek alternative solutions. One instance involved requesting a simple adjustment to a mirror switch, which resulted in a quoted price of nearly £10,000 for various replacement parts. Frustrated, the speaker turned to an alternative supplier who provided the same service for a fraction of the cost. This experience taught the speaker a valuable lesson: when dealing with luxury car brands, it's essential to understand the unique challenges and costs associated with their maintenance and prioritize working with authorized dealers, even if it means paying a premium. The long-term savings and peace of mind may outweigh the initial investment.
Reinvesting profits in passions: Successful entrepreneurs prioritize reinvesting profits into their passions, creating personal value and industry currency.
The speaker, a successful supercar dealer, prioritizes reinvesting profits into his business and personal passions, rather than keeping it in the bank or investing in other forms of property. He shared that he has accumulated a significant amount of value in watches, which functions as both a personal enjoyment and a form of currency within his industry. Furthermore, he expressed no desire for an exit strategy, as maintaining his position as a leading supercar dealer is more valuable to him than financial gain. Instead, he remains focused on his passion for supercars and the opportunities they bring.
Knowledge is power in sales: Sales success relies on having in-depth product knowledge, building trust, providing accurate info, and understanding customer needs.
Knowledge is crucial in sales, and being able to answer potential buyers' questions with confidence can make a significant difference. The speaker emphasizes the importance of knowing more about a product than the customer, which can lead to increased excitement and desire to purchase. However, it's essential not to oversell or encourage buyers to spend beyond their means. Cars, in particular, can be seen as investments, and finding undervalued models with low supply and high demand can lead to significant returns. The speaker shares his personal experience of identifying such opportunities and the potential for profit, but also acknowledges the role of currency exchange rates in the buying and selling process. Ultimately, the art of sales lies in building trust, providing accurate information, and understanding the customer's needs and desires.
Every Detail Matters: Lessons from Luxury Cars and Business: Small mistakes or oversights in business can lead to significant losses. Value transparency and honesty to build trust. Learn from experiences and mentors to succeed.
Every detail matters, even if it seems insignificant at first. In the world of luxury cars, a single wing mirror on a Testarossa can make a huge difference in value. Similarly, in business, small mistakes or oversights can lead to significant losses. Learning from these experiences and taking steps to prevent them in the future is essential for success. Another important lesson is the value of transparency and honesty when dealing with others. Trust is crucial, but it must be earned through open communication and following through on promises. Lastly, the experiences we gain and the lessons we learn from our parents and mentors can shape our own approach to business and life. By instilling the value of hard work, money management, and integrity, we can set ourselves and future generations up for success.
Learning from experience and 'street smarts': Experience and 'street smarts' are valuable skills that can complement formal education. Individuals can learn important lessons through earning money and facing challenges, even without extensive formal education.
Experience and practical application of knowledge are just as valuable as formal education. The speaker shares how he learned the value of money and business through earning it himself at a young age, even though he didn't have much formal education at the time. He also discusses how individuals like him and his friend Neville, who lacked in certain areas of formal education, developed "street smarts" as a coping mechanism. The speaker values these skills highly and believes they are just as important as book smarts. He also emphasizes that one cannot go back in time and change their past, but can continue to learn and grow from their experiences.
Personal story of buying first car at 14 and its impact on growth: Failure and risks can lead to growth and valuable lessons, even seemingly insignificant experiences can shape us
Failure is a part of life and every experience, including failures, shapes us into who we become. The speaker shares his personal story of buying his first car completely by himself at the age of 14. This experience could have been seen as a distraction from his academic pursuits, but instead, it built his confidence and taught him valuable lessons. The speaker emphasizes that we should not be afraid of failure and that every opportunity, even those that seem insignificant, can lead to growth and learning. The story also illustrates the importance of taking risks and seizing opportunities, as well as the power of confidence and believing in oneself. Additionally, the speaker's encounter with Mick Jagger on a Caribbean island highlights the unexpected connections and experiences that can arise from taking risks and stepping out of our comfort zones.
Phil's personal relationships and values shape his business approach: Phil values personal relationships and meaningful gifts over celebrity status and material possessions. He emphasizes networking and the importance of one transaction leading to numerous opportunities. His unconventional upbringing instilled a strong work ethic.
Personal relationships and values hold more significance to Phil than celebrity status or material possessions. He shared stories of meaningful gifts from close business associates and his passion for helping less fortunate children. Phil also emphasized the importance of networking and how one transaction can lead to numerous opportunities. Furthermore, he spoke about his unconventional upbringing, where his mother disapproved of his early driving experiences but encouraged a strong work ethic. Overall, Phil's values and experiences have shaped his business approach and priorities.
The Risks of Driving at a Young Age: Teenagers are more likely to be involved in car accidents due to inexperience, distractions, and risk-taking behaviors. The adolescent brain is still developing, and the prefrontal cortex is not fully formed until the mid-twenties. Prioritize safety, follow the law, and set a good example to help prevent accidents and keep roads safer.
Driving at a young age, specifically when you're 13, is not safe. Reflecting on the past, I can't help but think about how different things were back then. I remember being a 13-year-old and already behind the wheel. But now, with the benefit of hindsight, I realize that it wasn't the best decision. Statistics show that teenagers are more likely to be involved in car accidents than any other age group. Inexperience, distractions, and risk-taking behaviors contribute to this unfortunate reality. Furthermore, research indicates that the adolescent brain is still developing, and the prefrontal cortex, which is responsible for decision-making and risk assessment, is not fully formed until the mid-twenties. So, what can we learn from this? First and foremost, it's crucial to prioritize safety and follow the law. Waiting until you're older to get your driver's license is a smart choice. Additionally, parents and guardians can set a good example by practicing safe driving habits and encouraging their teens to do the same. In conclusion, the discussion highlights the importance of safety and the risks associated with young people driving at an early age. By following the law and making informed decisions, we can help prevent accidents and keep our roads safer for everyone.
