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
