Max Motors now accepting cryptocurrency for sales

NEVADA & JOPLIN, Mo.–Customers looking to buy a car at Max Motors in Nevada now have an easier way to do so, all they’ll need, is their phone.

“There’s very few… in the Midwest that are accepting cryptocurrency…but we think it’s going to be very, very good for our customers,” said Bob Jacaway, CEO Max Motors. 

As of February 25th, all 9 Max Motors locations will be accepting cryptocurrency as payment. This isn’t the first time the dealership has accepted other payment methods either.

“We’ve traded for things of value the entire time that we’ve we’ve been here…we’ve done grain trades and we’ve traded for livestock… you know, things of value. We trade for boats, RV motorcycles, just all kinds of different things, and a lot of stores don’t. But we always have,” Jacaway said. 

Jacaway says they’ve already seen their customers take advantage. But what exactly is cryptocurrency? And how does it really work? Dr. Hassan Butt, assistant professor of financial economics at Missouri Southern says it’s just a different type of currency. 

“So it’s a currency as it’s in name, but it’s not issued by the government, it’s not issued by the state or local governments, even just with the help of algorithm and numbers, they mined it the way it is produced. They put it out there and then it increases in the value,” Butt said. 

It’s a digital currency, that’s created using software that allows for secure trading and ownership, and it’s getting more popular every day.

Butt says that due to it not being regulated there could be some challenges, one example is dogecoin. 

“The challenge comes with how many doge is equal to $1 and how many dollars is equal to one doge, right…until we have a standard, we’ll have these problems.” 

Jacaway says they’re just trying to give their customers the easiest option when it comes to buying a car.

“We’ve actively had customers come in to use it. And like I say, it’s been pretty successful,” said Jacaway.

 

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