CarNow and Cion Digital Partner to Provide Consumers Option to Purchase and Finance Cars with Crypto
Cion Digital integration into CarNow platform will provide auto dealers with fast and compliant crypto payment and lending solutions
ATLANTA, March 11, 2022 – CarNow, the automotive industry’s leading digital retailing company, today announced a partnership with Cion Digital, providing customers a way to purchase and finance vehicles using cryptocurrency via an integration with CarNow’s Real-Time Retail™ platform.
Cion Digital’s ready-to-deploy modular payments and lending platform provides companies with access to all the connectivity, infrastructure and support needed to rapidly deploy blockchain-based real-time payment and lending solutions, and to incorporate digital assets into existing traditional and legacy payment and financing systems.
This capability will be made available to CarNow’s entire network of nearly 5,000 dealers and will include a first-of-a-kind crypto lending marketplace that will let car buyers use their crypto as collateral for loans at highly competitive rates.
Commenting on the partnership, Tim Cox, Co-founder and Chief Evangelist of CarNow said, “This partnership further demonstrates our commitment to providing our dealers and their clients with the most inclusive, dealer-friendly payment options. Now our dealers can better connect with a new kind of buyer who is looking to leverage next generation cryptocurrency payment options and create a more frictionless car buying journey. We’re thrilled to be embarking on this alliance together as we look to transform the car-buying experience.”
Cion’s Auto Dealership Cryptocurrency integration gives car buyers shopping at a dealership using CarNow flexible payment and lending options. Car buyers can choose to place a deposit on a vehicle with cryptocurrency, make a down payment, or pay for the vehicle in full. The platform allows for full payment in cryptocurrency, as well as options to combine both crypto and fiat currencies in the same transaction. Car buyers can also use cryptocurrency as collateral to qualify for a low-interest loan with one of several lenders in Cion Digital’s lending marketplace – almost always at significantly better rates than traditional financing. Once a car buyer chooses how they want to pay, the order is ported from the CarNow platform to Cion Digital. The integration enables buyers to progress through identity verification (KYC) quickly and seamlessly and proceed to payment.
Transactions are confirmed on the blockchain and transferred in compliance with AML and KYC regulations directly to the custodian in either crypto or fiat (as requested by the dealer) in just a few seconds. Dealers can then choose when they want to transfer settled funds via ACH into their bank account.
“Cion is excited to officially partner with CarNow to offer their dealer partners the ability for buyers to pay for vehicles in cryptocurrency or to use their cryptocurrency as collateral for what is often a lower cost loan,” said Fred Brothers, President and Co-founder of Cion Digital. “With more than half of Millennials now owning crypto, CarNow is increasing dealer capabilities for this fast-growing market of buyers who want more financing and purchasing options at the dealership.”
At rollout, buyers can select from the top 20 coins including Bitcoin, Ethereum, Cardano, Tether, Litecoin, USDC, Polkadot and Dash. Future platform enhancements will include the ability to split the purchase price among multiple coins.
Dealers interested in learning more about this partnership can visit CarNow at Booth #1771W at NADA 2022 for a demo or visit https://www.ciondigital.com/auto.
CarNow is a market leader in digital retailing solutions for the automotive industry. CarNow creates frictionless, real-time enterprise software solutions to facilitate the transaction between dealers and consumers. Through our solutions, shoppers receive enhanced virtual showroom services, live support at any time, from anywhere, on any device. With over 5,000 dealership customers and over twenty manufacturer certifications, CarNow is one of the fastest-growing companies in automotive. CarNow is headquartered in Atlanta, Georgia. Learn more at www.carnow.com.
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About Cion Digital
Cion Digital’s proprietary Blockchain Orchestration Platform allows institutions to build innovative finance solutions quickly, and to seamlessly connect their legacy systems with the complex and ever-changing world of decentralized finance.
Our Blockchain Orchestration Platform enables auto dealers and other big-ticket retailers to accept cryptocurrency transactions. We’ve built the ultimate crypto dealership platform to provide car payment and lending solutions unmatched in the industry.
For more information visit us at https://www.ciondigital.com/auto
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