Post Oak Motor Cars has recently announced that it would be accepting Bitcoin (BTC) and Bitcoin Cash (BTH) payments for luxury vehicles such as Bugatti, Rolls-Royce, and Bentley, with it becoming the first US high-end car dealership to accept cryptocurrencies.
The retailer is owned by Tilman Fertitta, a hospitality mogul, and businessman. The official press release issued recently includes details about the company’s partnership with Bitcoin processor BitPay.
Partnering with BitPay allows the car seller to accept Bitcoin and Bitcoin Cash payments from its clients around the world, improving user experience by allowing for “faster and easier deals.”
BitPay and Post Oak Motor Cars make history together
Speaking on the matter, Tilman Fertitta declared:
“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.”
According to various reports, the decision to accept crypto payments sparked from Bitcoin’s ever-increasing popularity and especially 2017’s rise in price. The CCO of BitPay, Sonny Singh, also commented on the partnership:
“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 Rolls-Royce, Bentley and Bugatti vehicles. Post Oak Motors has a great reputation for selling the finest cars, and we are thrilled to be partnering with Tilman.”
Interestingly enough, this partnership is a complete turnaround for Fertitta who previously stated a couple of years ago that he doesn’t think that Bitcoin will have much success because the Federal Deposit Insurance Corporation (FDIC) will not support it.
A big plus for the future of crypto adoption within the luxury-car retailer sphere
This seemingly small feat, might turn out to be a very good thing for crypto adoption and might serve as an example for other car or luxury-car dealers from all over the world. Crypto and blockchain have been gaining immense interest in the financial sectors, but many other sectors are starting to view the advantages, the automotive one included.