On Car Dealerships and Crypto: Does it Make Sense?
AutoRemarketing Canada shared today that Cion Digital will be expanding into Canada, giving dealers the option to accept crypto payments for vehicle sales.
In short: this is fantastic and it is the future.
Yes, the car market is going to dip soon, just like the crypto and stock markets.
Does that matter? Nope!
Is It Too Soon?
It's not too soon for dealerships to start accepting crypto. We've been talking to US dealers that have been doing so for almost two years!
At the end of the day, currency is currency.
It's an agreed-upon method of exchanging value. If both parties wish to use an alternative currency instead of USD, CAD, or other fiat currencies: go for it! It's just money with a different name. It's not too soon; merely an alternative way to do what we're already used to doing.
We're still only at the beginning of this ride that is crypto and I believe this move will prove to increase overall profits based on the value of the crypto market over a long time horizon.
What About the Metaverse?
We recently saw the event of the first Metaverse car sale. Will it be the last? No chance.
It's sexy, it's new, it's a shiny new thing. It's like you're interacting with a car dealership in a video game.
But, the thing about being strategic is that it isn't always sexy. Does it make sense for the Metaverse to be part of your strategy?
Most car dealerships can't maintain a consistent sales process from a basic email lead. If that's you: fix that before you attempt to figure out a sales process around the Metaverse. If you've got your process locked and loaded, leads are flowing, and you need a new playground: maybe you're ready for the Metaverse.
Note that buyers could choose to pay in traditional fiat currency, or cryptocurrency when interacting in the Metaverse.
Does it Make Sense for Dealers to Support Crypto?
Yes! Crypto is young in its overall lifecycle, but has been constantly growing in value and adoption rates for over ten years!
These numbers will only increase in the long run, as will the value of common accepted crypto payments.
Don't get left behind, and don't get too far ahead. Take crypto payments in a way that works for your business and your customers.