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Kevin Frye is the Head Marketing Coach at Jeff Wyler Automotive Family, an industry veteran, and subject matter expert when it comes to innovating within the retail automobile industry. In this episode of the show, Kevin walks through the process that led one of their stores to the first cryptocurrency transaction. Today, all stores in the organization accept crypto as a form of payment for a vehicle.
What we discuss in this episode:
1:11 - Can any dealership start accepting crypto as a form of payment or is there a longer-term process that leads up to it?
1:47 - Kevin explains that there are two key elements to innovating within the car industry, and one of the aspects has to do with never being satisfied. Always looking to push the envelope and try something new. The second aspect has to do with taking the word "no" out of innovation — a common approach taken by many dealerships. Most won't be bothered by the aggregation caused by trying to do something new, so they just resort to saying "no" to it. Kevin explains that his team takes the opposite approach. They welcome the friction if they can see it map to innovation.
3:21 - Kevin explains how they received the inspiration to investigate transacting with crypto, as well as address some of the common fears that might be associated with accepting crypto from a dealer's perspective.
7:28 - Kevin shares an analogy about how the crypto exchange works and how they view it as a dealer group.
10:31 - By accepting crypto, the dealership can streamline the time of the transaction by removing barriers to the money transfer. The customer can utilize their assets to pay for the vehicle however they choose.
Listen to the full episode for even more insights about utilizing crypto to transact car purchases.
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Thanks, Kevin Frye
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