Blockchain boom: car sales company expands UK operations as consumers turn to virtual currencies
London-based automotive sales platform Auto Coin Cars has today announced it 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 as a means of purchasing second hand luxury vehicles in the midst of the pandemic. Auto Coin Cars is an online platform offering new and used cars for sale online through virtual monies.
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% across the UK due to the impact of COVID-19. This expansion will see over 10 people recruited across sales, compliance, management and anti-money laundering.
According to The Financial Conduct Authority (FCA), 2.6 million people in the UK own cryptocurrencies. With the majority of businesses in the UK failing to accept digital currencies as a means of payment, Auto Coin Cars has experienced a spike in demand for consumers looking to purchase BMWs, Audis, Aston Martins and Ferraris among others. Such is the need for vehicles that can be bought and sold via cryptocurrency that the company has increased the number of cars available on their platform by 40 percent, while crypto sales in the past month alone have increased by 65 percent.
Due to Auto Coin Cars’ adoption of blockchain technology, the company was able to pivot to contactless sales swiftly since the pandemic first swept the UK in March this year. Transactions made via cryptocurrency are processed instantaneously, involving almost immediate drop-off of cars at the new owner’s home. In addition to this, Auto Coin Cars’ pre-existing innovation with blockchain adoption enabled them to engage in socially-distanced trading during the pandemic.
Auto Coin Cars is currently headquartered in London and employs 10 people. Earlier this year the company welcomed the new FCA regulation which states UK firms cannot sell or advertise products based exclusively on cryptocurrency prices to consumers. In the face of stronger regulation, the expansion of the company’s operations is set to strengthen the position of Auto Coin Cars amidst a fast evolving market. With the current acceleration of blockchain adoption, it’s predicted digital currencies will boost the UK’s GDP by £57 billion over the next decade.
Commenting on the expansion of their operations, Operations Director of Auto Coin Cars, Luke Willmott, said:
“Due to a boom in cryptocurrency adoption across the UK we are expanding our team to ensure we can continue to provide for our customers in the challenging times COVID-19 has created. 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 are looking to hire for a number of roles across management, compliance, sales and anti-money laundering. 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.”