Cryptocurrency car selling platform launches in London

Over 100 car dealerships in the UK are to start selling cars using cryptocurrency, following a series of partnerships with a London digital currency platform.

Dealers including Redline Specialist, Cars, Saxton4x4 and Benz Bavarian will now begin offering customers the chance to buy cars using cryptocurrency via AutoCoinCars, an advertising portal for sellers to advertise their cars for sale to crypto users.

Founded in 2019, AutoCoinCars provides a solution to car dealers wanting to sell their vehicles to new markets, and for consumers to buy the cars they want to buy. Within its first year of operations, it has signed up 50 per cent of the UK’s car dealers to its service.

More than seven per cent of the UK population currently have direct access to digital currency, with predictions this figure will increase.

Luke Wilmott, commercial director at AutoCoinCars, said: “With five million people in the UK already using cryptocurrency, we can see that it’s definitely the way of the future. It all started with Bitcoin and now there are several other currencies available.

“For car dealers, offering cryptocurrency as a purchasing option to your customers opens up another great avenue of business.

“With the current state of the UK economic climate and with more consumers looking into different options when it comes to buying cars, dealers need to ensure they’re providing the best possible offering to their customers and enabling them to purchase cars with these popular digital currencies.”

John Graeme, financial director at Redline Specialist Cars, added: “I’ve been interested in providing a cryptocurrency offering to our customers for a while and as a business, we had been receiving a lot of enquires from people about buying cars with digital currency.

“Prior to working with AutoCoinCars we were very limited in the payment methods we could offer to customers, so offering a cryptocurrency payment option opens up another sales avenue and enables us to reach a wider customer base.”

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