INTERNATIONAL POLICY DIGEST

Bitcoin is increasingly being used to buy everyday items like cars.

As cryptocurrencies like Bitcoin gain in popularity, many car companies have recognized this as an opportunity to reach new customers. If you are in the car market, here are 10 car companies that will accept Bitcoin.

Many recognize the BMW name as a German multinational corporation that produces luxury vehicles and motorcycles. BMW M series cars are among the most popular high-performance vehicles. As new Bitcoin millionaires seek ways to buy luxury goods and services, car dealers in the United States and the United Kingdom are looking for ways to accept cryptocurrency. Locations can do so through a Bitcoin payment processor to replicate a very similar process to purchasing a new vehicle.

CryptoExchange is a platform for customers to buy cars with cryptocurrency. In addition, CryptoExchange acts as a cryptocurrency exchange, escrow service, and product marketplace. The marketplace has 15 exotic car brands, including Bugatti, Ferrari, Hummer, Bentley, and Aston Martin. If users don’t yet have Bitcoin, they may choose to use the exchange tab to fund their account, the marketplace tab to browse for a vehicle, and the escrow tab to manage the title transfer and additional paperwork.

Users who find a seller willing to accept Bitcoin on another website may also choose to engage in the escrow feature. Escrow service providers will act as an intermediary between the buyer and seller, holding all funds until they meet the terms of the purchase agreement. Although these terms may vary depending on the needs of the transacting party, they most often ensure the seller owns the vehicle and releases the title to the buyer. A secondary benefit is that buyers will receive a brief inspection period to view the vehicle and take it into a shop before accepting it. This verification period ensures that buyers receive each car in the condition specified.

Post Oak is a well-known luxury car dealership in Texas. Accepting digital currency has proven so successful that the dealership’s owners shared that they have sold 17 cars, including Bentleys and Rolls Royces, for Bitcoin since 2018. The idea for accepting cryptocurrency originally came from the employees, who have stated that they wanted to be innovative.

E-Z Rental Car intends to make renting cars easier and faster by accepting Bitcoin as a payment method. Due to the quick transaction time and lack of boundaries, the platform allows instant payments.

The American company Classic Recreations is a popular location for rebuilding and upgrading vintage Ford Mustangs. The dealership is now one of the first custom car builders to accept cryptocurrencies as a payment method. To pay with cryptocurrency, customers will be required to have an online wallet. From their online wallet, customers can issue payment to the provided Classic Recreations address. It is important to note that the address will change depending on the cryptocurrency specified for purchase.

The company agrees that accepting cryptocurrency is secure, reminding customers that Bitcoin secures the purchase process through encryption software built into the wallet through the private key.

Based in Alabama and Georgia, the Kia dealer Carriage Auto Group will also accept Bitcoin in exchange for their vehicles. The dealership admits they have been watching the development of the digital currency, seeking an opportune time to begin accepting Bitcoin payments for their vehicles. The dealership manages Bitcoin payments through a third-party payment processor, and only if the Bitcoin payment is enough to cover the full price of the vehicle, including tax, tag, and title. Unfortunately, this means no financing or leasing options are available at this time.

The website currently has several new Nissan, Kia, Mazda, and Mitsubishi models as well as various used vehicles. A category also exists for vehicles under $10,000.

In Ontario, Canada, Bitcoin enthusiasts can now purchase from S.A.S.S. Auto Group. The dealership also has financing plans that allow for a downpayment in Bitcoin. The company can conduct these transactions due to its relationships with people who work in the cryptocurrency industry, allowing them to facilitate simple transactions. Transactions are easy since the dealership can convert Bitcoin to Canadian dollars whenever customers engage in a transaction. Buyers simply make a wallet-to-wallet transfer based on a value agreed upon by both parties. To account for digital currency volatility, S.A.S.S. will work with buyers to set a Canadian dollar range for what your currency is worth at the time of sale.

The inventory at S.A.S.S. Auto Group comprises quality used vehicles, the majority of which can be viewed by customers at their indoor showroom in Guelph.

A little further to the east is the Quebec dealership, HGregoire. HGregoire (also known as HGreg) is a well-known automotive chain duly noted to be among the first in the world to allow buyers to purchase a vehicle with virtual currency. The dealer now runs 30 stores in Canada and the U.S., including new vehicle franchises and used vehicle lots. Purchasers can also use their online buying platform to complete their shopping experience over the Internet. As a bonus, the chain is known for having a commission-free sales staff and no-haggle pricing.

To conduct transactions, HGreg uses a well-established third-party payment processor.

BitCars is a crypto-only dealership for premium cars and unique oldies. The platform facilitates the transaction, offering worldwide shipping on their vehicles and ensuring all necessary paperwork like custom forms are in order. The one thing to keep in mind is that many of the cars are located worldwide, with the majority in Europe. Depending on where you are ordering from, the delivery time may be a bit of a wait. Guarantees also only exist for new cars, so purchasing a used car may require additional escrow services from a third party.

Last but not least, you can purchase a vehicle through the Oklahoma-based automotive group, Bob Moore Auto Dealers. The chain now includes 18 different dealerships in the state, including brands like Subaru, Audi, Dodge, Nissan, and Jeep. To conduct these transactions, Bob Moore uses a third-party processor to conduct payments with Bitcoin, Ethereum, and Litecoin.

Finally, buyers can purchase any used vehicle from an independent party if the seller is willing to accept the transaction. You might just want the help of a third party in facilitating the little details.

The number of car dealerships that accept Bitcoin continues to grow, providing users with a wider variety no matter where they live.