car dealer

in Automotive Industry

Here’s Why Car Dealers Should Deal In Crypto

Cryptocurrency. Blockchain technology. Bitcoin. Digital wallets. There was a time when all of these words were generally unheard of. However, those days are long gone. Now, blockchain has managed to creep into our lives in ways we never expected it to. The fact that the global market value of blockchain is now 548 million USD compared to 210 million USD in 2016 showcases how rapidly it is experiencing growth.

One sector that is experiencing beneficial disruption owing to the technology is the automotive sector. If you are a car dealer, you might want to consider dealing in cryptocurrency to realize the benefits associated with the technology.

Here are reasons why car dealers should deal in crypto.

  1. You don’t need to pay a high transaction cost

The problem with conducting transactions via credit card is that financial intermediaries like banks tend to charge a high transaction cost. Compared to this, crypto exchanges barely charge any transaction fee (and even none if you are lucky), This makes every transaction more profitable than what it would have been had you accepted fiat currency.

  1. Privacy and anonymity

The best thing about dealing in crypto is that customers don’t need to give any sensitive personal information to complete the transaction. Compared to conventional ways, this is much more secure both for dealers and clients. Why? Well, in the case of data theft, it is the company who has to bear the brunt of negative publicity and lawsuits. The fact that this mode of the transaction doesn’t require such information to begin with means it is the safer option for dealers as well.

  1. No dependence on exchange rates

Are you a car dealer who wishes to expand your operations to a global level? Well, using fiat currency can be quite a hassle when you are dealing with global customers. This is especially true if the currency of either the countries is prone to fluctuations. In the case of cryptocurrencies, they have a set value which is not affected by global exchange rates. Hence, it is a much more convenient mode of transaction.

  1. Others are doing it

Many car dealerships have realized the importance of crypto and have taken the leap towards it. As a car dealer, if you continue to resist the change, the chances are you will be left behind. You wouldn’t want to lose business just because you don’t accept crypto, do you?

The AutoBlock- A solution for you

Are you onboard with accepting cryptocurrencies as a viable form of payment? If so, you might want to sell cars using the AutoBlock’s platform, This platform already has various dealers and individual sellers on board. Every transaction on the platform occurs using the AutoCoin, which is a cryptocurrency explicitly made for the automobile industry. Using this solution allows you to mitigate the risk involved with using crypto.

Accept crypto payments. Blockchain and digital currencies are going mainstream. You must adopt it all before it is too late.

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