Zelle and Venmo are wildly popular ways for friends and family members to pay for goods, exchange money, and keep track of what they owe each other. Car dealerships
are starting to climb aboard the e-commerce bandwagon, too. Now, many of the nation’s top car vendors are using Zelle and Venmo to purchase used vehicles from customers. But is this a good thing? Car dealerships are starting to accept mobile payments for vehicles—but Jerry’s been mobile-friendly since day one. Download our acclaimed app to start saving serious bucks on your car insurance
policy. Why are car dealerships paying with Venmo and Zelle?
The reason that car dealerships are onboard with using Venmo and Zelle is likely to do with the fact that these platforms have established themselves as leading e-commerce tools.
Now, they’re being used by some of the nation’s top dealership companies, according to Auto Recent
. The site lists Group 1 Automotive, The Morgan Automotive Group, and AutoNation as big dealership names that have turned to using Zelle and Venmo. Are there benefits to car dealerships using Venmo and Zelle?
For buyers, it’s certainly a benefit that major car dealerships are offering to purchase used vehicles through Venmo and Zelle. For starters, an on-the-spot offer is a lot more alluring than waiting days or weeks to complete the car selling process.
Group 1 Automotive’s Director of Digital Retailing, Paige Goodwin, states that “We’re proper now averaging between 400 and 450 Zelle transactions per 30 days.” Considering that Group 1’s average used car sale is around $13,000, that kind of money adds up pretty quickly.
MORE: Are Car Dealerships Coming To an End?
Are there any downsides to car dealerships using e-commerce platforms?
One of the downsides to car dealerships using Zelle and Venmo is that customers with smaller banks are unlikely to be able to use either platform to sell their vehicle. Additionally, until the seller has their hands on the vehicle title, they’re probably going to face delays and won’t be able to use an e-commerce method to sell their vehicle at a dealership.
These are just a few of the many possible delays or obstacles car dealerships and customers may have to face. As a result, many dealerships are using pilot runs of either app, as they gradually learn what practices are best to implement.
Selling your car through an app? Shop for car insurance with one, too
You can’t get car insurance through Venmo or Zelle—but you definitely can with Jerry
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