Step Aside, Lamborghini, Bitcoin is Coming for the Mass Market of Auto Shoppers
The cryptocurrency space is no stranger to cars, namely, exotic cars such as Lamborghinis. Ever since Lamborghini’s Costa Mesa store started accepting Bitcoin for payment in September 2017, bitcoin influencers, high net worth cryptocurrency traders, car-fanatics, and those simply looking for liquidity out of the markets, the “Lambo” has been a popular meme in the industry.
At Coindesk’s 2018 Consensus Conference, Lamborghinis lined the streets in front of the New York Hilton Midtown. The sounds of their engines could be heard echoing throughout Manhattan. Crypto Lambo parties were all the rage. Influencers posted photos of their Lamborghinis on popular social media channels.
But what about auto shoppers who prefer something a little more, realistic?
For those who want to purchase their daily driver in Bitcoin, Ethereum, or Litecoin, Aliant Payments today has announced that it has added Bob Moore Auto Group to its expanding roster of merchants accepting cryptocurrency payments. Bob Moore Auto Group runs 18 dealerships throughout the state of Oklahoma, and will be rolling out the payment system to accept Bitcoin, Ethereum, and Litecoin for cars, parts, and service at its Oklahoma City Subaru dealership.
After measuring the success of the program at its Subaru dealership, the auto group will consider expanding crypto payments to other Bob Moore dealerships including Audi, Buick, Cadillac, Chrysler, Dodge, Ford, GMC, Infiniti, Jaguar, Jeep, KIA, Land Rover, Maserati, Mazda, Nissan, Porsche, and Ram.
“As the Premier dealership group in Oklahoma we are excited to be the first in the state and one of the first large groups in the country to adopt cryptocurrency as a form of payment,” said Bob Moore Subaru General Manager, Charles E. Davis. “Subaru is a progressive brand and only deserving to be the first one to institute digital currency in the group. We expect great things from this ever-evolving space and with Aliant payment systems ability to remove the volatility, we were able to make it a reality.”
While not the first car dealership to accept cryptocurrency, the partnership marks a growing trend in auto retailers, and retailers in general, showing a willingness to accept alternative payments.
For those gearheads out there who aren’t ready to pay with cryptocurrencies, but looking to explore the technology, New York City-based loyalty rewards company, Lolli, is partnering with retailers such as Advance Auto Parts, US Auto Parts, Alamo Rent-a-Car, and Walmart to help auto customers earn Bitcoin while they shop. More importantly, the Company is helping retailers understand their customers’ engagement with the emerging technology.
As big box retailers look to streamline their operations, particularly in respect to payment processing, cryptocurrency might be an option to avoid network fees imposed by traditional payment processors. Just recently, the nation’s largest supermarket chain, Kroger, stopped accepting Visa credit cards at some of its locations and brands, citing high network fees.
Infrastructure to support large scale cryptocurrency payments is still in a nascent state, but the growing adoption by retailers is signaling a broader shift not to be overlooked.
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