On October 9, reports emerged that AutoCoinCars, the United Kingdom’s first and biggest crypto automobile trader, enjoyed major growth and expansions of its 2020 operations. It features a team of highly experienced crypto professionals and automotive experts that have solved a supply and demand challenge. Many buyers nowadays want to buy cars using cryptos, but car dealers are set up to accept fiat currencies only.
This online platform experienced a month-on-month growth of at least 1,000% despite dismal economic performances in March. The massive growth came about since the company saw a gap in the car sales industry, and they filled it up perfectly.
So far, in 2020, this online car trading forum has brought over 100 dealers on board. The growing number of dealers will enable buyers to acquire cars and pay for them using cryptocurrencies.
The new dealers are set to join a long list of current dealers that comprises some of the most reputable car sellers in the UK. They include GVE London, Redline Specialist Cars, Benz Bavarian, and many others.
Crypto Owners Increasing In The UK
The total number of crypto owners in the UK is growing. Last June, the Financial Conduct Authority (FCA) in the United Kingdom reported that almost 1.9 million adults own various cryptocurrencies. AutoCoinCars saw a growth opportunity there. It aims to offer swift and reliable services to crypto owners who want to buy and sell their cars.
This platform links the buyers with the dealers who trade in and accept crypto payments. The quick and straightforward crypto transactions mean that buyers do not need to exchange them for fiat currencies.
Apart from the rising number of cryptocurrency and digital assets owners, another reason for the adoption of crypto in automobile trade is ‘security’. The founder and chief executive of AutoCoinCars, Mustansar Iqbal, believes that people worry much about counterfeit transactions when utilizing the traditional payment methods.
Nevertheless, the use of cryptos assures that all the involved transactions are secure and safe because it is a transparent digital payment strategy.
How It Works
The AutoCoinCars portal targets crypto users that want to buy a vehicle using bitcoin and any other leading cryptocurrency.
Users can search for ‘buy a car with bitcoin’ to find the platform. Once they launch Autocoincars.com, they can select a car and contact the dealer. Then, they get to agree on a deal in the usual manner.
The difference arises in the payment process where they pay for the car using bitcoin or any other major cryptocurrency via a regulated exchange. AutoCoinCars then pays the dealer before the car is delivered to the buyer.
AutoCoinCars Future Advancements
The commercial director at AutoCoinCars, Luke Willmott, thinks that this growth is an indicator of how the UK car sales sector will change in the future. The company is also confident of further growth and client base expansion throughout the remainder of 2020.
Since its launch in 2019, AutoCoinCars has become a game-changer since it has come up with crypto solutions for car dealers operating in the United Kingdom. During its first year of operations, the company has seen its services sought after by almost 50% of the UK’s car dealers.
The firm is keen to expand its operations to offer solutions to the needs of an increasing number of crypto owners in the country and globally. The process of purchasing cars will become quite secure, quick, and hassle-free with the integration of cryptos in the automobile sector.
Mr. Iqbal hopes that crypto assets will act as a reliable alternative to fiat money in the long term for the public. Hence, he hopes that cryptos will soon take over a considerable segment of their transactions.