Automotive market innovators The Auto Block will aim to revolutionise the car sales process with the creation of the sector’s first ever cryptocurrency.
Creation of Auto Coin means that investors who hold the online currency but have so far struggled to spend their digital assets will be able to convert their cash into cars for the first time.
Now UK car dealers are being encouraged to embrace the new technology, with The Auto Block claiming that the sterling-free transactions will deliver easy, secure, immediate sales carrying less risk than either bank transfers or debit card payments as well as minimising these transactional costs.
Mohamed Ezeldin, director at The Auto Coin, said: “The Auto Coin will offer car dealers a competitive advantage in a heavily saturated market and begin to open up entirely new revenue streams, just as the internet did some 20 years ago.”
The Auto Block said that there were currently thousands of cryptocurrencies in circulation with millions of owners worldwide who are unable to transact their digital assets into tangible products, as to date it has been virtually impossible to spend it – particularly in the UK.
Dealers will now be able to instantly convert The Auto Coin into sterling, it said, hitting their bank within seconds when car buyers purchase a vehicle – opening new doors for both the industry and cryptocurrency owners.
Ezeldin said: “The creation of The Auto Coin is quite simply a solution to an existing problem. People who have invested in cryptocurrency want to be able to use it and we know that being able to buy a car is high on their lists.
“By introducing The Auto Coin to their business, car dealers will be able to process cryptocurrency payments instantly but will also be able to benefit from our car sales portal where they can advertise their stock free of charge, attracting enquiries not from just the UK but globally – encouraging further sale opportunities that haven’t yet been addressed by the industry.”
The Auto Block will offer car dealers the full Auto Coin purchasing platform from early 2019, allowing buyers to scan a QR code to make the purchase of their vehicle.
Thomas Delgado, chief executive of car buying group We Buy Cars Today, believes Auto Coin will transform the industry. He said: “As one of the UK’s leading car buying companies, with hundreds of thousands of customers over the past seven years, we recognise this form of payment is gaining momentum.
“Consequently, we are delighted to be among the pioneers in offering the Auto Coin option, believing it will make transactions quicker and more secure for customers, while unlocking new business opportunities for ourselves.”