Aussies can now buy luxury cars with crypto as CoinSpot signs Dutton Garage partnership
Australia’s leading cryptocurrency exchange with over 2.5 million customers, CoinSpot, has today announced an exclusive partnership with prestige car retailer Dutton Garage, which for the first time will enable Australians to buy cars with cryptocurrencies, including Bitcoin, Ethereum and more.
In a first since Elon Musk announced and retracted the ability to purchase Teslas with Bitcoin, customers of Dutton Garage will be able to pay for luxury vehicles in full or in part using Bitcoin or one of over 30 others cryptocurrencies available via CoinSpot’s Over-The-Counter Trading Desk (OTC).
CoinSpot’s OTC service provides an additional layer of confidence when performing high-volume transactions without the need for traditional public order books, limiting exposure to market fluctuations. This minimises the risk of low liquidity or slippage for CoinSpot’s customers transacting in quantities of AUD$50,000 or more.
In response to the strong demand from Australian customers to purchase vehicles and other luxury items with cryptocurrency, the partnership signals an important milestone for high-end car retailers who now have increased finance options for customers beyond cash, credit, or buy-now-pay-later services (BNPL).
Gary Howells, Chief Product Officer at CoinSpot confirmed the partnership was part of the company’s mission to minimise the technical barriers to entry that surround cryptocurrencies, increasing access for consumers and businesses alike.
“As Australians continue to look for more ways to find value in their crypto investments, CoinSpot’s partnership with Dutton Garage symbolises our commitment to expanding the utility of crypto. With Web 3.0, digital currencies are becoming more than just stores of value, and instead, legitimate ways to purchase big-ticket items, whether that’s a Bored Ape NFT (non-fungible token) via CoinSpot’s NFT marketplace or buying a Porsche 911 with Bitcoin from Dutton Garage.
“Increasing crypto’s utility is the key to driving mass adoption of what we believe is the future of finance. This partnership is only the beginning of CoinSpot’s ability to facilitate transactions within the luxury goods market,” Howells added.
Juv Jayaram, Chief Technology Officer at Dutton Group said, “Providing exceptional customer service is a major part of the experience at Dutton Garage, and working with Coinspot has enabled our customers to access their crypto investments and transact with us in a seamless and transparent manner.”
Dutton Garage customers can now enquire about purchasing a vehicle using their crypto by speaking with a Dutton Garage Sale Associate. To fulfill the order, Dutton Garage customers can talk to a Dutton Garage Sales Associate, who can coordinate the transaction with their dedicated CoinSpot Account Manager via CoinSpot’s Over-The-Counter Trading Desk (OTC).
