Its common knowledge that the internet is the starting place for most people when they are looking to buy a new or used car. Social media has a huge part to play in getting key messages out to potential buyers and the major sales portals, Autotrader and eBay have a virtual monopoly in the used car buying space.
So any competitive advantage that a car dealer can achieve must be welcomed.
One of our trialling dealers that started to accept cryptocurrency just 2 weeks ago took full advantage of this differentiator and used social channels to promote the fact that they would accept Bitcoin and crypto for car purchases. A wise decision and investment in time as it turned out, as it took them less that a week to sell and deliver brand new car with the buyer opting to pay with Bitcoin.
Would they have sold this car without them accepting crypto? A definite NO. Was the buyer looking for a car dealer that specifically accepted Bitcoin? 100% he was.
Car delivered, money in the bank, profit taken and a happy customer.
As we said to car dealers some 20 years ago regarding the internet, accept new technology and implement them and reap the early rewards. Any competitive advantage has to be embraced in this ever increasingly difficult climate.
Check out this article in Motor Finance Magazine explaining why car dealers should be accepting crypto