Cryptocurrency boom drives luxury car sales

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Luke Wilmott

A London-based automotive sales platform is set to double in size and recruit for at least another 10 positions before the end of this year.

The planned expansion is down to a surge in demand from consumers turning to cryptocurrencies to buy second-hand luxury vehicles in the midst of the pandemic.

The increase in demand comes despite new figures from the Society of Motor Manufacturing and Traders (SMMT) which reveal new car registrations have fallen by 4.4 per cent across the UK.

This expansion will see new appointments in sales, compliance, management and anti-money laundering at Auto Coin Cars, an online platform offering new and used cars for sale online through virtual monies.

Around 2.6 million people in the UK own cryptocurrencies, according to The FCA. With most businesses failing to accept digital currencies as a means of payment, Auto Coin Cars has experienced a spike in demand for consumers looking to buy cars such as BMWs, Audis, Aston Martins and Ferraris.

An increasing number of consumers are looking for ways to spend their digital assets and we expect a further boom in virtual currency spending post Brexit

The company has increased the number of cars available on their platform by 40 per cent, while crypto sales in the past month alone have increased by 65 percent.

Due to their adoption of blockchain technology, the company was able to pivot to contactless sales swiftly since the pandemic first swept the UK in March. Transactions made via cryptocurrency are processed instantaneously, involving almost immediate drop-off of cars at the new owner’s home.

Operations Director Luke Willmott (pictured), said: An increasing number of consumers are looking for ways to spend their digital assets and we expect a further boom in virtual currency spending post Brexit.

“We would not be in this position if we were not constantly innovating and pioneering blockchain technology adoption at an industry level. We feel very fortunate to be growing during a time where the car sales industry is shrinking. With an expanded team, we are better positioned to promote automotive trading using blockchain technologies at this crucial time for the industry.”