Car buyers who use Max Motors can now do so with the click of a button. The Midwestern dealership recently announce that it would start accepting crypto for crypto payments. According to the company’s CEO Bob Jacaway, there were only a few dealerships in the Midwest that accept crypto, and adding the option would be beneficial for their customers.
Details of the Plan
According to an announcement by the Car Dealership Chain, Max Motors began accepting crypto payments for cars on February 1, 2022, at all 9 Max Motors locations. While it is the first time the company is accepting crypto, it is not the first time they have accepted alternative means of payment. According to a local media report, the company has in the past accepted grain, livestock, and ‘things of value’ as payment for cars. For instance, they have accepted RV motorcycles, boats, and many other things. The CEO said that they had already seen customers take advantage of the crypto payment option.
According to the company’s CEO, the company was founded on a vision for the future, and they intended to stand by that vision as they move into the future. He added that it meant being open to innovating and willing to evolve. Some of the accepted coins are Ethereum, Bitcoin, and Litcoin.
The CEO added that:
“Our customer base is increasingly investing in cryptocurrencies,” Jacaway said. “We pride ourselves on being accessible and the easiest place to buy or trade-in a vehicle in the Midwest. It’s our desire to stand by our promise of a hassle-free experience and meet them where they are in terms of payment methods.”
Car Dealerships and Crypto
While not common, car dealerships throughout the US are increasingly accepting crypto as payment for cars. For instance, a dealership based in Daytona, FL, announced that it would begin accepting DOGE as payment for cars.
While most customers are still likely to pay for their car purchases in fiat, adding crypto as a payment option allows them to expand their customer base and reach out to crypto holders. The speed and low cost of conducting crypto transactions mean that those who hold crypto will probably consider it if they live close to the dealership.
Besides car dealerships, one of the biggest car makers in the world, Tesla, planned to accept BTC as payment. This was revealed by the company’s CEO via a tweet. While the plan was eventually shelved, it helped to demonstrate the possibilities held by crypto. It showed that crypto was not just useful for small payments but could be used for major, important payments such as buying a car. Tesla later invested $1.5 billion in BTC. That move helped to show that the company believed in the future of BTC as a valuable asset.
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