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Japanese Automotive and Dealership Giants are Favouring Bitcoins

Dec 19, 2017 Posted /  5996 Views

Japanese Automotive and Dealership Giants are Favouring Bitcoins

One of Japan’s chief used car automotive giant, Idom Inc. has joined hands with the country’s biggest cryptocurrency exchange Bitflyer to allow bitcoin payments at its dealerships across Japan. Beginning with 26 dealerships at first, the company additionally plans to append bitcoin payments to 550 more locations.

Idom Inc. is a basically engaged in the distribution and sale of used cars, and was listed by the Tokyo Stock Exchange. The company was earlier working under the name of Gulliver International Co. Ltd, and since 1994 are operating with a network of stores that trade in used cars across Japan.

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The company asserts that it has the major share in the market for the domestic used car, highly rated in both sales capture and amount of purchases. Idom also has chain businesses in the U.S. and New Zealand, and moreover, seizes 67% stakes in the Australian based car deal operator Buick Holdings Pty Ltd.

Last week the company publicized that its specialty imported used car subsidiary called Liberala would begin allowing transactions in bitcoin, starting from December 20. It is noteworthy here that Liberala primes in Bentleys, BMWs, and Audis and the payments will be made in alliance with Japan’s leading bitcoin exchange, Bitflyer.

The bitcoin payments will be accepted in the 24 Liberala stores across the country and can amount up to 100 million yen (888,000 USD) at each purchase. The locations of the stores accepting these payments are specified as Hokkaido, Tohoku, Kanto, Chubu, Kansai, Shikoku, and Kyushu.

550 More Dealerships Could Be Next

Idom Inc., which also holds the ownership of Gulliver brand, presently has roughly 550 stores all over Japan. According to the statistics in the market, Gulliver’s increasing sales volume is 300,000 units and concurrently, cumulative purchase volume is 3 million units. Back in this month, one more used car automotive giant called L’operaio announced to accept Bitcoin at 3 of its dealerships in the city of Tokyo. L’operaio which was established in 1992, specializes in comfort and luxury cars which are imported from Europe.

The highest amount that can be paid at L’operaio in bitcoin is 2 million yen or $18,000 per purchase. The company in a press conference proclaimed that both the digital currency market and the users of bitcoin are continually growing; the company stated which is why they decided to pioneer in bitcoin payments to advance customer ease and concentrated on this new market.

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