In an unprecedented move, Patterson Kia of Arlington has become the first dealer in Texas to accept Bitcoin as payment for their new and used vehicles. This announcement follows on the heels of the Lamborghini, McLaren, Land Rover, and Dodge/Jeep/Ram dealerships that also accept the cryptocurrency as well.
The reason for accepting Bitcoins is so that customers could have an additional way to pay for the vehicles. The dealership itself already has streamlined the buying process, enabling non-commissioned salespeople to assist customers with purchasing a vehicle as quickly as possible. Patterson Kia has teamed up with Coinbase, a Bitcoin processing system that was recommended by Jake Tital, co-founder of Bitcoin Bigfoot, a promotional company for the cryptocurrency. Using Bitcoin also makes sense from a security standpoint, as customers can make the purchase at the dealership with their smartphones, or before they even set foot in the dealership.
For those that may not be familiar with how Bitcoin works, one can accumulate them through “mining”, which is based on a network of computers that helps regulate the amount that one can consume at any given time.
Based on the current rate, one can purchase a new (or pre-owned) Kia for just a few Bitcoins. The market rate fluctuates on a consistent basis, so timing is critical. Fortunately, with the ability to purchase Bitcoins almost anonymously, this can reduce the risk of fraud, as well as increase the amount of privacy that is welcomed online. In addition, the Bitcoins are secured in an encrypted online wallet with a private key, further enhancing the safety and security of purchasing large-scale items.
Customers can begin purchasing vehicles from Patterson Kia immediately, according to Tom Dyer, the Internet Sales Director for the Arlington dealership. For more information, interested parties can reach the dealership here.