Fred Brothers, President, and Co-founder of Cion Digital, said “Due to the fact that nearly 50% of Millennials already hold cryptocurrency, we are thrilled to be able to assist Canadian dealers in supporting this rapidly expanding market of consumers who are demanding additional funding and purchase alternatives at the dealerships. Financing costs are substantially cheaper on the Cion Digital system, which also has a loan marketplace that is a first among its type. We assist auto dealers in supporting subsequent generations of vehicle purchasers who frequently have sub-prime credit scores since existing credit processes are difficult for younger newcomers to the market to navigate successfully.”
Budds’ family-run automobile shops and facilities in Southern Ontario and Farquhar Chrysler, located north of Toronto, are two of the pioneering foremost Canadian dealerships to provide such facilities to their customers.
Chris Budd, General Manager at Budds’, said “We are pleased to announce that we have teamed with Cion Digital to provide automobile customers with a completely new payment experience. With an increasing number of consumers investing in crypto, the moment has come to provide simple crypto payment choices as well as crypto-secured funding to them. We intend to begin accepting cryptocurrency payments at our BMW, Land Rover, and Jaguar dealerships, followed by the introduction of cryptocurrency secured loans soon afterward. We also sell Subaru, Mazda, Cadillac, Chevrolet, Buick, GMC, and Mini automobiles, and we intend to improve the access to cryptocurrency for all of these manufacturers in the future. We are pleased to have been one of the foremost dealerships in Canada to embrace the crypto-currency revolution in payment processing.”
Cion Digital allows car owners to buy and fund automobiles using bitcoin as a payment method. Module payments and loaning platforms are available for use and offer automobile dealers with the availability of connectivity, framework, and support they require to quickly employ blockchain-powered instant payments and loaning remedies and to integrate cryptos into prevailing conventional and legacy funding platforms. For the first time, Cion Digital is a crypto lending platform that enables automobile purchasers to use their cryptocurrency as collateral for loans with very affordable interest rates.
Car purchasers may use cryptocurrencies to put some money on a car, pay a down payment on the automobile, or settle for the automobile as a whole. Customers may also leverage bitcoin as collateral to meet the criteria for low-interest loans from lenders in Cion Digital’s financing marketplace, which offers a variety of financing options. This gives dealerships a competitive advantage while also providing automobile consumers with a better offer. Transactions are validated on the blockchain and delivered immediately to the custodians in accordance with AML and KYC rules in either cryptocurrency or fiat (as chosen first by the dealer) in a matter of seconds. Dealers may then select the date on which they wish the final settlement to be sent into their checking account through ACH.
Ryan Farquhar, Owner, and President of Farquhar Chrysler said “As we continued to notice an increase in the number of millennials and subsequent generations embracing cryptocurrency, we realized that we required developing a rapid and inventive way to assist these new auto purchasers. To their advantage, Cion Digital enables customers who want a vehicle to pay with cryptocurrency, and for those who want to fund, Cion Digital will provide our customers with access to a loan marketplace with decent rates on a real time basis at our automobile dealership. We understand that obtaining incredible prime credit ratings is unattainable for newer generations, therefore developing a mechanism to help them that does not depend only on outmoded credit evaluation was critical for us to achieve our goals.”
Cion Digital’s entrance into Canada comes on the heels of the firm’s latest announcements of a collaboration with CarNow, the automotive sector’s premier digital retailing business, to make cryptocurrency payment solutions accessible to CarNow’s full network of around 5,000 dealers, as well as a strategic agreement between SALT and Cion Digital to provide SALT’s cryptocurrency loaning systems to 5,000+ car dealerships in the United States.