Can I Buy This Car with Cryptocurrency?

If you sell cars for a living, chances are you’ve already had customers who want to pay with crypto or finance a vehicle using their crypto as collateral. Why wouldn’t you accommodate them?
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Accommodate customers who want to pay with crypto

If you sell cars for a living, chances are you’ve already had customers who want to pay with crypto or finance a vehicle using their crypto as collateral. Why wouldn’t you accommodate them?

A guy walks into a dealership. He wants to buy two cars for his two daughters. He asks the salesperson if he can pay with Bitcoin and shows off a digital wallet with a balance of $200 million. The salesperson tells the guy the dealership can’t take Bitcoin. The guy leaves.

Unfortunately, this is not a joke. This is a true story that illustrates how mainstream cryptocurrency has become, and how many dealerships are ill-equipped to leverage this new form of payment.

Sure, the guy could have sold some of his crypto, converted it into dollars and transferred it to his bank. He could have gone to the bank to get a cashier’s check and then come back to the dealership three days later to buy the cars. But he didn’t. He wanted to pay with crypto. Had the dealership been set up to take crypto, the transaction would have taken only a few minutes.

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Can I Buy This Car with Cryptocurrency?
Fred Brothers

Prior to co-founding Cion Digital, Fred served as the Executive Vice President and Chief Innovation Officer at FIS, a Fortune 500 provider of financial technology. Fred was a member of the senior executive team with responsibility for driving innovation and growth within FIS and its clients through internal reinvestment, corporate development, strategic partnerships, acquisitions and venture investments. He managed FIS’ venture capital portfolio, was a member of the company’s development investment committee and represented FIS on corporate boards.

Prior to FIS, Fred was founder and Managing Partner of eCom Advisors, a FinTech strategy consulting firm. eCom’s clients include many of the industry's largest banks and credit unions, solution providers, and investors.

Before eCom, he headed strategy, product, relationship management and customer operations for CheckFree (acquired by Fiserv), which he helped to grow revenue from $2 million to $1 billion.

Fred holds a business degree in finance and marketing from The Ohio State University.