#RefreshFriday CRYPTO! ..and why should a dealer consider using it? | Ben Hadley

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#11
concerttim said:
I assure you that cryptocurrency payment will soon become mandatory for all types of businesses. The growing, active international community of cryptocurrency fans is an ideal target audience for businesses, regardless of the category. After all, the crypto community mostly gathers people interested in modern trends. Ordering a banal pizza for a crypt is no less interesting for them than paying for a technological novelty from a promising startup or subscribing to their favorite online service with entertainment. To understand investments in cryptocurrency and much more, study Investor Junkie.
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What in the "buzz words" are you saying?

Where are dealerships supposed to keep their crypto? A ledger wallet? I wish I could have asked you this question before FTX went down in flames.

The only people I have dealt with in the car business that talked about paying for a vehicle in crypto were also talking about waiting for doge coin to "moon" and GMC to "blast off". Both happened to have bought in way too late and I am assuming they are still bagholding waiting for their $5k investment to turn into millions.

I don't see crypto being accepted on a massive scale until the majority of crypto's are a currency vs an investment vehicle.
 
#12
I hope it does become mainstream as long as it's NOT the proposed and most likely forthcoming Bullshit Federal Reserve central bank digital currency (CBDC) that the Biden admin is trying ram through by executive order. From there, nothing good will come, but that's another topic.


news.bitcoin.com

Biden Administration Preparing to Release Government-Wide Crypto Strategy: Report – Regulation Bitcoin News

The Biden administration is reportedly drafting a government-wide cryptocurrency strategy as an executive order. The directive is expected to be presented to President Joe Biden in the coming weeks.
news.bitcoin.com news.bitcoin.com
 
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#13
@kevinfrye announced earlier this year that Wyler Automotive would be accepting crypto and in fact became the first dealership/group to make a crypto (Ethereum) car sale.

"Customers can choose to pay for their vehicle with 12 different types of cryptocurrency. They can also decide how much of the transaction they want complete with it."

"In late April, the Jeff Wyler Automotive Family sold its first car using cryptocurrency at its Mercedes-Benz of Fort Mitchell dealership. According to a press release from the dealer group, the international client paid for his 2021 Mercedes-Benz S580 with Ethereum cryptocurrency."

Maybe Kevin will jump in with a comment on the latest.
 
Dominion DMS
#14
We conducted the first cryptocurrency transaction for a vehicle in the US earlier this year. We have completed less than 5 transactions year to date as there is not a lot of interest that we have seen. It is advantageous for overseas deals as there is only a 24-48 hour turnaround for funds to transact.

Let me emphasize, we do not take actual possession of the cryptocurrency. We leverage a third party that allows the buyer to select up to 10 different cryptocurrencies to pay for part or all of their car purchase. That total is then put into our bank account (via ACH) within 24-48 hours in US dollars, guaranteed. The buyer pays a fee to the third party for the transaction, and the third party benefits from any uptick in the crypto value across those 24-48 hours, or absorbs the loss (offset by their fee) for that same timeframe.

With all that said, we temporarily suspended accepting crypto a week ago after seeing what appears to be a loophole in the system as FTX investors are desperately trying to get out of their crypto. FTX users appear to be cashing out of bankrupt crypto exchange through a Bahamas loophole
 
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#15
Ryan Everson said:
If I were to pitch accepting crypto to our dealership group, these would probably be their biggest pushback items based on their pre-conceived perceptions (if they even know what it is)
  1. There are not very many crypto people out there
  2. Do we even have the type of inventory a crypto buyer would want?
  3. How am I going to train all of our f&i managers on this?
  4. Crypto buyers are techy and probably wouldn't buy any backend products
  5. Would we get enough business to justify the monthly fee and training required?
  6. I heard crypto was dying on the news
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Sounds like the answer to #5 is a resounding no.
 
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#16
Ryan Everson said:
If I were to pitch accepting crypto to our dealership group, these would probably be their biggest pushback items based on their pre-conceived perceptions (if they even know what it is)
  1. There are not very many crypto people out there
  2. Do we even have the type of inventory a crypto buyer would want?
  3. How am I going to train all of our f&i managers on this?
  4. Crypto buyers are techy and probably wouldn't buy any backend products
  5. Would we get enough business to justify the monthly fee and training required?
  6. I heard crypto was dying on the news
Click to expand...
And just like that, crypto and the metaverse are essentially dead. All attention has shifted to AI, which for once is a buzzword I am actually bullish on (I was a major skeptic of crypto and the metaverse).
 
Dominion DMS
#19
Hey @Ryan, I found your thoughts on pitching crypto to your dealership group quite intriguing. It's essential to address some of these concerns:
1. Crypto Adoption: The crypto user base is steadily growing, and it's worth considering the potential customer base expansion.
2. Diverse Inventory: Offering a variety of products could attract a broader range of crypto buyers, catering to their diverse interests.
3. Training: While training your team on crypto may require an initial effort, it's an investment in future opportunities and could set your dealership apart.
You also mentioned the shift towards AI, which is an exciting area with vast potential. If you're interested in exploring more about AI's impact, you might want to check out Quantum AI Official Website | Trusted and Secure Trading Solution - 2023. It's always good to keep an eye on emerging opportunities in the business landscape!
 
Dominion DMS
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