#RefreshFriday CRYPTO! ..and why should a dealer consider using it? | Ben Hadley

[Ryan Everson]

If I were to pitch accepting crypto to our dealership group, these would probably be their biggest pushback items based on their pre-conceived perceptions (if they even know what it is)

1. There are not very many crypto people out there
2. Do we even have the type of inventory a crypto buyer would want?
3. How am I going to train all of our f&i managers on this?
4. Crypto buyers are techy and probably wouldn't buy any backend products
5. Would we get enough business to justify the monthly fee and training required?
6. I heard crypto was dying on the news

And just like that, crypto and the metaverse are essentially dead. All attention has shifted to AI, which for once is a buzzword I am actually bullish on (I was a major skeptic of crypto and the metaverse).

 

[joe.pistell]

All attention has shifted to AI, which for once is a buzzword I am actually bullish on

 

[Ryan Everson]

If I were to pitch accepting crypto to our dealership group, these would probably be their biggest pushback items based on their pre-conceived perceptions (if they even know what it is)

1. There are not very many crypto people out there
2. Do we even have the type of inventory a crypto buyer would want?
3. How am I going to train all of our f&i managers on this?
4. Crypto buyers are techy and probably wouldn't buy any backend products
5. Would we get enough business to justify the monthly fee and training required?
6. I heard crypto was dying on the news

And just like that, crypto and the metaverse are essentially dead. All attention has shifted to AI, which for once is a buzzword I am actually bullish on (I was a major skeptic of crypto and the metaverse).

 

[ChrisR]

Super fun to jam out on this! Happy to answer questions!

Ben - Would you be available sometime to chat? Need to figure out what happened to my TIME, if you have seen anything like it lol

 

[joe.pistell]

All attention has shifted to AI, which for once is a buzzword I am actually bullish on

 

[ChrisR]

Super fun to jam out on this! Happy to answer questions!

Ben - Would you be available sometime to chat? Need to figure out what happened to my TIME, if you have seen anything like it lol

 

[AmiyahBrown]

Hey @Ryan, I found your thoughts on pitching crypto to your dealership group quite intriguing. It's essential to address some of these concerns:
1. Crypto Adoption: The crypto user base is steadily growing, and it's worth considering the potential customer base expansion.
2. Diverse Inventory: Offering a variety of products could attract a broader range of crypto buyers, catering to their diverse interests.
3. Training: While training your team on crypto may require an initial effort, it's an investment in future opportunities and could set your dealership apart.
You also mentioned the shift towards AI, which is an exciting area with vast potential. If you're interested in exploring more about AI's impact, you might want to check out Quantum AI Official Website | Trusted and Secure Trading Solution - 2023. It's always good to keep an eye on emerging opportunities in the business landscape!

 

[AmiyahBrown]

Hey @Ryan, I found your thoughts on pitching crypto to your dealership group quite intriguing. It's essential to address some of these concerns:
1. Crypto Adoption: The crypto user base is steadily growing, and it's worth considering the potential customer base expansion.
2. Diverse Inventory: Offering a variety of products could attract a broader range of crypto buyers, catering to their diverse interests.
3. Training: While training your team on crypto may require an initial effort, it's an investment in future opportunities and could set your dealership apart.
You also mentioned the shift towards AI, which is an exciting area with vast potential. If you're interested in exploring more about AI's impact, you might want to check out Quantum AI Official Website | Trusted and Secure Trading Solution - 2023. It's always good to keep an eye on emerging opportunities in the business landscape!

 

[kylewilliam]

This sounds really intriguing! I’m curious to hear how dealers can practically implement crypto for payments and what the benefits really are beyond the hype. I’ve also been looking into services like Crypto Investment Recovery Specialists to understand how people safeguard or recover their digital assets, which makes this discussion even more relevant. Diving into “Creature from Jekyll Island” should make for an eye opening conversation on the future of currency, definitely looking forward to seeing how you all tie crypto adoption into the broader financial system.

 

[kentmakishima]

This sounds really intriguing! I’m curious to hear how dealers can practically implement crypto for payments and what the benefits really are beyond the hype. I’ve also been looking into services like Crypto Investment Recovery Specialists to understand how people safeguard or recover their digital assets, which makes this discussion even more relevant. Diving into “Creature from Jekyll Island” should make for an eye opening conversation on the future of currency, definitely looking forward to seeing how you all tie crypto adoption into the broader financial system.

Happy to chat about crypto integration, having done this up to the enterprise/gov level and have discussed with dealer CFO. For accounting, transacting in crypto is similar to cash, documentation needs to be done and AML if applicable. In digital applications, there are benefits to transacting in crypto but it isn't in a dealers' typical interest to have exposure to crypto, specifically if transacting a speculative token. At a previous company, any earned revenue via crypto we sold to cash to mitigate any exposure to fluctuating prices. Safe storage methods of crypto is pretty standardized now, whether handling it yourself as a dealer or using a service.

Main reasons I hear about dealers (and merchants at large) leaning towards stablecoin implementation is to circumvent CC fees, which is true, but opens up a larger discussion about consumer behavior. Dealers/brokers I know that transact heavily in crypto, mainly have large clientele base that are "crypto-native" and market directly to this demographic.