Velocity’s Tom Maxwell on “Only The Strong Survive”
Initially, Tom Maxwell wanted to be an actor and got a degree in creative writing while attending university in the U.K. However, he quickly realized that pursuit would only be good enough for “beer money” and pivoted to a more steady corporate job. Corporate life turned out to be a bit too monotonous for Tom, and he made another pivot. This time, he landed at one of England’s premier Land Rover restoration specialists. It was there that his passion for cars and the business of restoring them was born.
That pivot to a career in automotive restoration perfectly set him up for his current role as Velocity’s chief revenue officer. A premier builder of reimagined classics like early Ford Broncos, Mustangs, trucks and Chevy K5 Blazers, Velocity has revolutionized the restoration process with transparent pricing, no endless timelines, warranties, bespoke options and dealers nationwide. In his role, Tom is responsible for growing sales, marketing and the customer experience.
On this episode of “Only The Strong Survive,” Tom shares with host Dan Kahn his deep insight into selling to a completely different customer base and the restoration market. It is a highly informative discussion for anyone selling high-end products or starting their own shop.
Click on the icon above to listen to the entire episode, and here are our top five takeaways:
Always be passionate and knowledgeable about your products.
The restomod market is still going strong.
You have to do something different to stand out in a crowded market.
Sales are more than just transactions.
Hire people, not resumes.
Be Passionate and Be Knowledgeable
Velocity’s offerings stretch well into six figures, so selling them takes different tactics than cheaper products. For Tom, it is not about convincing someone to purchase a Velocity build. Instead, it is about being knowledgeable and just as passionate about Velocity vehicles as potential customers are.
“The biggest thing I have learned, and that we train into our sales guys, is that you have to be passionate about what you’re selling and you have to have the knowledge,” said Tom. “The truth is, these customers are all ultra-high-worth individuals, and they don’t like to be sold to. They don’t need to be sold to because if they are passionate about it, they are going to buy from you. It is then about building trust, and that trust comes from answering their questions, having knowledge of the product and being equally as excited about it as they are.”
The Restomod Market is Huge
Yes, the restomod market can be thought of as a niche industry, but it isn’t a small one. In fact, it continues to grow every year and attracts even more customers. It is a fact that even an industry veteran like Tom is surprised by.
“What surprises me is how big this cottage industry has become. I remember back in 2017 or 2018 when I was doing Defenders and selling the first $100,000 Land Rover. We danced around like we invented fire,” said Tom. “Now, if you are going to build a restomod Defender, and that market is having a bit of a tough time at the moment, but certainly six to 12 months ago, you were going to be spending $350,000 for that sort of product. Seeing how this market has changed, seeing the appetite, the appeal and the fact that it hasn’t slowed down and continues to grow, that surprised me a lot.”
Create Something Different
If you want to compete in a crowded market, you have to differentiate yourself from your competition. While there are plenty of shops selling restomods, Velocity operates on a different business model: fixed pricing, warranties, quick delivery of a custom vehicle and inventory ready for sale. Velocity has also built many vehicles, meaning there are no bugs to work out.
“You can go to places and spend really good money and still have issues,” said Tom. “If anybody has owned a classic car before, they will know the worst feeling is being really excited on a Friday night because they know the weather is going to be good on Saturday morning. Then they get in their car, and it doesn’t start, or it leaks or something doesn’t work. So a thing you are paying for (with Velocity) is consistency and knowing you can enjoy your vehicle when you have the time.
Sales are Consultative, not Transactional
It is easy for a salesperson looking to meet a quota to see a sale as a transaction. However, when a customer is spending six figures, that logic doesn’t work. For Tom, sales should be more of a consultative process, with his role being to guide decisions and answer questions. If you view a sale as only a transaction, you’re more likely to lose it, regardless of price point.
“I think all good selling at whatever price point has to be consultative. Our sales are definitely more consultative than most, and they are also passive. You can’t push. There are some people who come in and know what they want immediately, and that can be more transactional,” said Tom. “But a lot of the time, people have lots of questions, and it might be the first time they have ever purchased a vehicle like this.”
Hire the Person, not the Resume
People can “look good on paper” with impressive resumes and backgrounds. However, for Tom, it is essential to look past a resume when hiring someone. A person might seem like a good fit on paper but not be the right fit for a company in the long run.
“Early in my career, I looked at the resume rather than the person. I was trying to hire people on paper who felt like an amazing fit,” said Tom. “I should have known better, because I knew nothing when I got started. People might not be interested in products, but they are interested in people, customer service and standing for the right things. I had to learn that the hard way. I had two or three people who were very well paid and had incredible backgrounds, but just weren’t the right fit here.”
