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.