It’s almost here – the time for auto dealers, retailers, manufacturers and software providers to gather for the auto industry’s biggest event of the year: The National Automobile Dealers Association (NADA) Annual Event. We’re excited to attend for the first time! You might be wondering why we’re going (and what the heck crypto has to do with cars).
Let’s break it down by diving into some of the major trends redefining the car buying experience. Soon enough, you’ll understand why it's important to connect with us at NADA.
1: Going digital is critical for dealerships
The traditional car buying experience of consumers coming to the car dealership will always exist but with the pandemic, we’ve seen a record number of car transactions being purchased online – in most cases the car buyer never has even seen the physical car. In fact, COVID helped accelerate and launch digital-only businesses – like Vroom and Carvana – which are achieving record sales every quarter. Going digital has never been more important for auto dealerships. Car buyers today are very impatient, especially millennials. They want their dream car and they want an easy and fast process.
2: Millennials, the new car buyer, have different expectations
The NY Times pointed out that in 2020, millennials for the first time became the largest demographic accounting for car sales. In 2022, that number has only risen. Millennials have suffered great tragedies: Bernie Madoff’s Ponzi scheme, financial crisis from bank greed, multiple wars and policies that have driven our debt to unparalleled levels and now rampant levels of inflation. It isn’t hard to imagine why millennials distrust banks and our general financial services infrastructure. Millennials want to find a new way to transact – one that provides full transparency and operates quickly. Cryptocurrencies like bitcoin have offered a perfect solution: millennials can gain wealth and they can pay with cryptocurrencies without providing bank information, credit scores or anything that would’ve held them back. At the same time, these new car buyers can also finish a transaction within minutes.
3: The crypto craze for millennials is real
Millennials want access to financial resources in a more equitable way. They want to transact much faster than the existing system and they want ownership and transparency in a way that doesn’t exist in traditional financial services. The beauty of cryptocurrencies is that they were created in large part for strong beliefs in decentralization, equitability and speed. These new consumers are rushing to buy everything with cryptocurrencies, especially automobiles. Marino Performance Motor’s Sales and Finance Manager Gil Courchene said:
“In the past year we have had so many people ask about paying for cars in crypto. We had clients flying in from across the US looking at specific cars but they were intent on paying with cryptocurrency. I didn’t want that to be a dealbreaker for us.”
In fact, according to a report from BBC, crypto millionaire Jeffrey Berns is building a city larger than the size of Reno, Nevada where everything in the city will operate through “digital applications built with database technology known as blockchain.” This includes all payments being done through cryptocurrency. Dealerships like Marino Performance Motors and those within this new blockchain utopian city are the leaders that are allowing car dealerships to accept cryptocurrency such as Bitcoin.
Cion Digital is here to help car dealers accept crypto
It isn’t easy navigating the world of blockchain technology and cryptocurrencies on your own. Where does a dealer even start with understanding wallets, setting up cryptocurrency custody, designing user interfaces, accepting payments, etc.? While the back end involves many different players and can seem complex, the experts at Cion Digital have made it simple for businesses. We help clients grow and protect revenue opportunities by expanding and integrating existing financial systems. Our Blockchain Orchestration Platform enables auto dealers and other big-ticket retailers to accept cryptocurrency transactions.
We've built the ultimate crypto dealership platform to provide car payment and lending solutions unmatched in the industry. See how Cion Digital can help your business succeed in the rapidly evolving digital asset economy.