Cryptocurrency and the future of the automotive trading industry

By Mustansar Iqbal, founder of AutoCoinCars:

In his book, The Internet of Money, Andreas Antonopoulos wrote, “We are ahead of the curve. Bitcoin is growing faster than Twitter did in the first three years. Bitcoin is growing faster than Facebook grew in the first few years”. Now, 11 years after its launch, digital currencies are set to transform another industry; the automotive trading market.

The world of investment is slowly but surely being taken over by the digital economy and, undeniably, cryptocurrency has seen an impressive rise over the past decade. Originally founded in 2009 with the aim of decentralising the control of money and any other valuable assets, Bitcoin is thought to equate to an estimated 34% of the total cryptocurrency market value.

Such technological advances bring opportunities for new markets and businesses to embrace the world of cryptocurrency. The automotive industry is no different and a prime example of a sector that looks to grow alongside the latest technological trends. The introduction of digital currency into the automotive market will undoubtedly support it through its greatest challenge; finance.

For retailers, the usual capital hold time within the automotive industry is upwards of 30 days, meaning that dealers do not see any money for up to a month after finalising a sale, with some finance offerings taking far longer. Through the introduction of cryptocurrency automotive trading platforms, dealers are able to see the funds within 24 hours of completing a sale – putting the capital power back in the hands of dealers.

This is just the beginning of the payment process revolution within the automotive industry thanks to the universal reach of cryptocurrency. Personally, I believe that we are moving closer to implementing an international banking system, with digital currencies, like Bitcoin, being at the forefront of this change.

From a consumer perspective, there will never be anything quicker than the immediate face-to-face transaction of money, however cryptocurrency is a very close second. Across the UK, there is a growing consortium of people with access to cryptocurrency stocks. They will all be looking to cash out which is a process that is inevitably very expensive.

Asset trading platforms allow users to transfer their cryptocurrencies into physical possessions such as vehicles easily, quickly, and cheaply – this is transforming the automotive market.

Most people’s concerns when using traditional methods of payment are counterfeit transactions. However, being a completely digital payment method, the use of cryptocurrency guarantees that all transactions are safe and secure. Implementing the use of cryptocurrency provides a high degree of transparency between the participants involved in a particular transaction. This transparency is revolutionary as it eliminates the demand for manual checks, which saves work, time and resources for both retailers and consumers alike.

Cryptocurrency clearly has its place within the automotive market, but how can we expect to see it transform the industry? Over the next 12-18 months, the retail industry expects to see a huge adoption of cryptocurrency in order to modernise conventional methods of dealings. Within the automotive trading market, the figures speak for themselves.

For hundreds of the UK’s top car dealers, including Redline Specialist Cars, Saxton4x4 and Benz Bavarian, cryptocurrency is fast becoming the preferred method of payment, with many of the industry’s most renowned names recognising the value a cryptocurrency finance offering brings to their business.

Overall, cryptocurrency is undoubtedly going to have a significant effect on the way people buy and sell cars in the future. With its global presence and the high level of personal accountability that it offers, it won’t be long until we’re all reaping the benefits that cryptocurrency has to offer; one coin at a time.

Author’s Bio: Mustansar Iqbal – Founder and CEO of AutoCoinCars

Having achieved his Master’s degree in Research & Marketing, Mustansar Iqbal worked within the product development industry for over 10-years. With a passion to create a solution that will transform the world of crypto payments within the automotive industry, Mustansar’s entrepreneurial skills led him to establish AutoCoinCars in 2019, with the aim of offering both car dealers and consumers the opportunity to buy and sell luxury vehicles through the use of bitcoin and other cryptocurrencies.

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