A Rolls-Royce dealership in Houston, Texas, is now allowing prospective customers to pay for their new luxury vehicles using Bitcoin and Bitcoin Cash.
The move to allow customers to pay with crypto comes as it becomes an increasingly popular trend to pay for luxury and exotic cars using cryptocurrency.
The dealership, called Post Oak Motors, is the latest of their kind to accept cryptocurrency, and the move signals a growing trend promoting the use of cryptocurrency for expensive automobiles, reports The Street.
While speaking about the move to allow customers to pay with crypto, Post Oak Motor’s owner, Tilman Fertitta, said:
“The rising of Bitcoin sparked my interest. Being a premier luxury car dealer, I always want to offer my customers the very best buying experience and this partnership will allow anyone around the world to purchase our vehicles faster and easier.”
Customers looking to pay with BTC or BCH can do so from anywhere in the world by using BitPay.
The chief commercial officer of BitPay, Sonny Singh, also discussed the new partnership with Post Oak Motors, saying:
“We’ve noticed people prefer to make larger purchases with Bitcoin since it is a simple way to make payments. This partnership is timely with the increasing popularity of ultra-luxury vehicles. Post Oak Motors has a great reputation of selling the finest cars and we are thrilled to be partnering with Tilman.”
Paying for an Exotic Car with BTC is a Growing Trend
The trend first began at MotorCars of Georgia, an exotic car dealership outside of Atlanta, that sells cars to A-list clients including Shaquille O’Neal, Quavo (from rap group Migos), and Ricardo Lockette. The most notable person to purchase a car here, however, was Peter Saddington, who is not a famous rapper or athlete, but rather a Bitcoin millionaire.
Saddington sparked the trend of purchasing luxury cars using BTC when he spent 45 BTC to purchase a $200,000 2015 Lamborghini Huracan, with a matte white wrap and a high-end exhaust kit. Saddington explained that due to his early interest in cryptocurrency, the Lamborghini only cost him $115.
While speaking to CNBC about his Lambo purchase, Saddington explained that it is “like a meme that goes around on Reddit,” while referencing the “When Lambo?” meme. Saddington also mentioned that he still considers himself a long-term holder of Bitcoin, saying that:
“I am a long-term HODLER, or holder, of Bitcoins. I’ve been holding it since 2011 as much as I can.”
The trend quickly spread across the country, with Lamborghini of Newport Beach, located in the Southern California city, becoming the next major dealership to accept BTC for vehicles. The dealership’s general manager, Pietro Frigerio, said that sales of the cars skyrocketed after allowing the use of Bitcoin.
“We went from one, maybe two transactions a month from 2013 until 2016, and in [December 2017] alone we had over 10 transactions,” Frigerio told CNBC.
Bitcoin’s rapid transaction times, cheap fees, and efficient store of value make it the perfect means to buy an exotic car with. The addition of Post Oak Motors to the slew of dealers now accepting BTC only helps prove that it is a practical form of currency.
Featured image from Shutterstock.