Podcast Summary
Shift in mentality in car industry, fewer personalities among business owners: Tom, a 62-year-old entrepreneur, emphasizes the importance of personality in business and ability to connect with people, not just cars. Luxury car industry has immense stock value and potential for growth, with Ferrari and Porsche remaining strong brands. Correct purchases can yield significant returns, despite media reports of an overhyped market.
The car industry, particularly those in the luxury and classic car sectors, is experiencing a shift in mentality, with fewer personalities and charisma among business owners. Tom, a 62-year-old entrepreneur with over 50 years of experience in the industry, shares this observation. He emphasizes the importance of personality in business and his ability to connect with people, rather than just the cars they sell. The industry's stock value is immense, with over $30 million in stock currently and potential for even higher amounts. Ferrari and Porsche remain strong brands, but Tom believes that any luxury performance or classic car can be a good buy if purchased correctly. Despite media reports suggesting an overhyped market, Tom believes that wealth continues to create wealth and money continues to make money.
A 50-year-old business specializing in high-end items with a homely feel: Building relationships and excellent customer service led to a sale of a Bugatti for 3.9 million and a long-standing reputation for trust and reliability
This business, which deals with high-end clients, thrives on the entrepreneurial spirit and creativity of its clients. They trade various items, including cars and luxury watches, and the business has been around for over 50 years, instilling a sense of trust and reliability. The environment at this business is unique, offering a homely and welcoming feel, unlike typical city center showrooms. The most expensive car sold was in the tens of millions, and the business has even sold a Bugatti for 3.9 million to a customer who flew in by helicopter. The business prides itself on building relationships and providing excellent customer service, as shown in the story of the young customer who purchased a Bugatti despite the salesperson not being a fan of the brand.
Personal connections and negotiation skills no longer guarantee savings on high-end car purchases: In today's modern car market, relationships and negotiation skills may not result in significant savings on luxury car purchases, but value-for-money supercars and understanding residual values can still provide good deals.
In the past, personal connections and negotiation skills could lead to significant savings on high-value purchases, like cars. The speaker in this conversation was able to buy a million-dollar car for a fraction of the asking price due to his relationship with the car's previous owner. However, in today's modern showroom, such deals might not be possible without substantial financial means. The speaker also expressed his preference for value-for-money supercars, such as Porsches and Jaguars, and highlighted the Lamborghini Urus as a successful residual value car. Additionally, he mentioned that the difference between high-end cars, like the RS Q8, and their luxury counterparts, like a Eurospor, might just be a matter of branding.
Respecting the customer's knowledge and judgment: Successful customers don't need forceful sales. They make informed decisions based on their knowledge and preferences. Build trust and respect by answering questions honestly and respecting their time.
Respecting the customer's education and personality is crucial in sales. According to the speaker, successful individuals who have worked hard don't need to be forcefully sold to. They can make informed decisions based on their knowledge and preferences. The speaker himself doesn't consider himself a salesperson but rather someone who answers questions honestly and respects the customer's time. He deals with clients who don't need to be told a lot of unnecessary information. Instead, they make their purchases based on their own judgments. The speaker believes that good products can sell themselves, as evidenced by his own experiences where customers made quick decisions to buy high-end cars after asking a few questions. This approach builds trust and respect with customers, leading to a successful sales experience.
Starting a business young: A path to success: Starting a business young, even without traditional education, can lead to great success. Encouraged by influential figures, this unconventional approach allows for thriving businesses and various business models within a family.
Starting a business young, even if it means missing out on traditional education, can lead to great success. The speaker shares his experience of taking his sons out of school at a young age to learn the car business from him. Despite facing criticism, he believes that this unconventional approach allowed his sons to thrive and build a successful business. Now, the entrepreneurship mindset of starting early is being encouraged by influential figures like Simon Cowell and MPs. The speaker and his sons, who have different approaches to the business, continue to work together harmoniously, using modern technology to make deals. Tom Junior, one of the sons, even started his own classic car restoration business, expanding the family's business and showing that there's a big marketplace for various business models.
A Self-Made Man's Journey to Wealth and Independence: He built his wealth through self-reliance, ownership, and reinvesting in his business. Values independence, trusts certain dealers, and prefers cash transactions.
The speaker values self-reliance and ownership, having never taken on debt or relied on banks. He has built his wealth through reinvesting in his business and collecting valuable assets like watches. He trusts certain dealers and prefers cash transactions. The speaker shared his longtime watch dealer's contact information for those interested in investing in high-end watches. He also shared his experience of buying and selling cars, starting from his first sale of a Range Rover in 1971. Throughout his life, he has always aimed to own and control his assets, making him a self-made man who values independence.
Igniting entrepreneurship in young people through real-life experiences: Real-life experiences and belief in abilities can ignite entrepreneurship in young people, leading to individual success and economic growth for entire regions.
Entrepreneurship is a mindset that can't be taught in a classroom, but it can be ignited in young people through real-life experiences and belief in their abilities. The speaker's experience of buying a used car at a young age and attending car auctions in Scotland gave him a valuable business education that he couldn't have received in school. He now lectures to children at an exclusive private school, inspiring them with his entrepreneurial journey and showing them that they too can make a difference in their communities. The importance of entrepreneurship goes beyond individual success, as it can bring wealth and economic growth to entire regions. The speaker's own success story in the car industry is a testament to this, as he transformed a small area into a thriving business community, creating jobs and opportunities for many.
The Power of Perseverance and Passion: Despite adversity, passion and experience can lead to great success. Stay true to your passions and be streetwise to overcome challenges.
Passion and experience, especially in the face of adversity, can lead to great success. The speaker shared a heartfelt email from a fan, who credited the speaker's book and motivational talks for turning his life around. The speaker also shared his own story of losing his business due to unforeseen circumstances but starting over and finding success again. He emphasized the importance of being streetwise and not becoming complacent, drawing on his own experiences of facing challenges in business. The speaker's passion for what he does and his ability to overcome obstacles are inspiring, and his commitment to helping others is evident. Overall, the discussion highlights the power of perseverance and the importance of staying true to one's passions.
The value of experience and gut feeling: Experience and gut feeling are crucial for making connections, building trust, and selling to clients. Trust is essential, but caution is necessary. Persistence and dedication are valued over quantity in social media followers. Quality over quantity applies to both followers and cash.
Experience and gut feeling are more valuable than research and training when it comes to being streetwise. The speaker emphasizes the importance of personal experiences and the aura of history in making connections and building trust. While trusting people is essential for business, there's a fine line between trust and caution. The ease of selling depends on the price, and even the most challenging clients can be won over with the right approach. The speaker admires people who are dedicated and persistent, and values quality over quantity in social media followers. Money, even in the form of a million pounds in cash, would not significantly change the speaker's lifestyle, but a million engaged social media followers could provide new opportunities for connection and influence. Overall, the speaker's insights highlight the importance of personal experiences, trust, and dedication in business and life.
Learning from mistakes is essential: Embrace mistakes as learning opportunities and maintain a positive attitude towards them to grow and improve.
Life presents challenges, and no matter how many followers or resources one has, everyone faces tests that require resilience and the ability to learn from mistakes. The speaker shares an experience of dealing with a serious issue involving a government body and emphasizes that everyone encounters obstacles, some of which may be embarrassing or difficult to discuss. He encourages a positive attitude towards mistakes, viewing them as educational experiences rather than regrets. Additionally, the speaker mentions the ease of car theft in certain areas and advises that making mistakes is a natural part of life. There's no such thing as a mistake-free existence, and one should learn from their experiences and keep pushing forward.
The Power of Imagination and Passion: Having a clear vision, a strong work ethic, and a passion for what one does can lead to great success.
Having a clear vision and strong imagination, even if unconventional, can lead to great success. The speaker shares his personal experience of holding onto a dream since childhood and turning it into a reality. He emphasizes the importance of being passionate about one's brand and business, as well as the entrepreneurial mindset of making decisions and moving forward, even in uncertain times. The speaker also highlights the value of experience and the importance of staying hungry and dedicated to one's goals. Ultimately, the key takeaway is that having a clear vision, a strong work ethic, and a passion for what one does can lead to great success.
Effective communication and financial responsibility in business: Maintain clear communication with business partners, manage expenses closely for profitability, and make informed decisions based on full financial understanding.
Effective communication and careful management of expenses are crucial for business success. The speaker emphasizes the importance of maintaining a strong relationship with his business partner, his son, through frequent communication. He also advises potential business owners to pay close attention to their running costs and expenses to ensure profitability. The speaker shares his experience of partnership disagreements due to misunderstandings about business finances and the importance of both partners being fully informed and engaged. Additionally, he suggests that investing in certain classic cars, such as Jaguar or Porsche models, can be a good investment around the $50,000 mark. However, as the investment amount increases to $100,000, more exotic options like Ferraris become available. Overall, the speaker's advice emphasizes the importance of clear communication, financial responsibility, and informed decision-making for business success.
Investing in luxury cars: Excitement and potential rewards: Investing in luxury cars can yield significant returns, but the market is volatile and the fear of missing out can threaten profits. It's important to never refuse profit and move on from bad deals to focus on the next opportunity.
Smart investments in luxury cars, such as Ferraris and McLaren P1s, can yield significant returns over time, but the market is volatile and the value of these cars can fluctuate dramatically. For example, a Ferrari that cost £167,000 in the 1970s is now worth millions. However, the owner's profit can be threatened by their own greed, as the fear of missing out on even greater profits can lead to holding onto a car for too long. The best advice is to never refuse profit on a car, as the opportunity to make more money may not always present itself again. The speaker also emphasized the importance of moving on from bad deals and focusing on the next opportunity. Overall, the conversation highlighted the excitement and potential rewards of investing in luxury cars, as well as the risks and challenges involved.
Tom Hartley's Preferences and Values: Renowned figure Tom Hartley values simple pleasures, authenticity, and honesty, and encourages followers to learn from his experiences and connect with him on social media platforms.
Success and public profile don't necessarily equate to extravagant desires or lifestyles. Tom Hartley, a renowned figure in the luxury car industry, shared his personal preferences and discomforts, such as being claustrophobic and not desiring a private jet or yacht. Instead, he values simple pleasures like a good meal, a glass of wine, and driving himself. He encourages those challenging successful individuals to learn from his experiences and follow him on social media platforms like Instagram, Facebook, and LinkedIn, where he is open and loyal to his followers. Social media plays a significant role in bringing people closer and allowing for learning and friendship building, despite its potential weaknesses. Tom Hartley also emphasized the importance of authenticity and honesty, as he promises to give his followers the right answer, even if it's not what they want to hear. Overall, Tom Hartley's perspective on success, lifestyle, and social media provides valuable insights and encourages authenticity and loyalty in personal and professional relationships.
