PR & News Jeff Wyler completes first car deal with cryptocurrency

[Alex Snyder]

Jeff Wyler Automotive Group completed its first car deal with cryptocurrency at Mercedes-Benz of Fort Mitchell. Congrats Kevin Frye

The client, from Saudi Arabia, used Ethereum cryptocurrency to purchase his 2021 Mercedes-Benz S580. The process was significantly faster than any wire transfer (especially an International one). He was very pleased with the simplicity, convenience, and speed for the buying transaction.

 

[craigh]

I assume most dealers that are doing this are using someone who is immediately converting the crypto and cashing them out at the price at transaction time.
Ethereum is quite volatile and could drop 5-10% at any moment.

 

[Alex Snyder]

I assume most dealers that are doing this are using someone who is immediately converting the crypto and cashing them out at the price at transaction time.

We did a RefreshFriday on crypto with Ben Hadley a few weeks ago. Kevin chimed-in to say they are using an outside service that does the conversion to US Dollars.

 

[TaylerCake]

Crazy how fast things are moving. Just a few months ago, people were debating if BTC would break its previous high, and now here we are. Always wild times with Bitcoin.

 

[DjSec]

We did a RefreshFriday on crypto with Ben Hadley a few weeks ago. Kevin chimed-in to say they are using an outside service that does the conversion to US Dollars.

I guess there will be new companies popping up to do this, but since it is not backed by anything other than other people buying in, it seems like a scary place to play.

 

[Jeff Kershner]

Fresno car dealership owned by former MLB pitcher allowing Bitcoin as form of payment​

FRESNO, Calif. (KFSN) -- Cool cars aren't the only thing that drives C.J. Wilson.

The former Texas Ranger and Los Angeles Angel pitcher owns the Porsche, BMW and Audi dealership in northwest Fresno, but he's also an active Bitcoin advocate and lobbyist.

"I've talked to everyone from senators all the way down to athletes," he said.

C.J. says several customers have used Bitcoin to buy vehicles.

"I probably am one of the few people in Fresno that's doing anything with Bitcoin, and I really wish there were more," he said.

Wilson figures fewer than 10 auto dealerships in California can process payments in Bitcoin. Understandably, many people aren't familiar with the cryptocurrency space.

"The best way to describe Bitcoin is Bitcoin is an autonomous protocol," Wilson said.

C.J. bought the luxury car dealership in 2017. He has found that some younger buyers prefer to pay in bitcoin.

"It's really not that much different than Zelle or PayPal, he said.

The cars on his lot aren't just sold to local buyers. Car buffs around the globe shop the internet looking for something that pops.

"We've sold cars to people living in Maine, Florida and Hong Kong," he said.

Just a handful of sales through Bitcoin at this point.

"We do maybe one transaction actually like that a month or every other month," he said.

He expects those types of transactions to increase. Wilson's initial reaction to Bitcoin was typical.

"When I first heard about Bitcoin, it was just like everybody else," he said. "Hey, there's this digital currency. I was like, 'We live in a physical universe, so why do I want digital money?'"

But the more he learned, the more he invested and the more he earned. CJ's expertise has paid off.

"I did sell a Lamborghini for bitcoin, which is sort of the meme," he said.

Wilson also helped pen a book titled "Bitcoin and the American Dream." He believes his investment in Bitcoin will ultimately be worth much more than his business.

"It's really mainstream now," he said. "It's up to everyone else now to catch up."

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