Beepi, a California-based online pre-owned vehicle marketplace, has announced that it has become the first peer-to-peer marketplace to allow its users to purchase cars with Bitcoin. The company has partnered with Bitcoin payment processing service BitPay to facilitate transactions.
The move to digital currency comes as Beepi continues to pursue their goal of “eliminating friction at every step of the buying and selling process,” according to a press release sent out earlier this week.
The release further says:
“The $300 billion used car marketplace has experienced little to no innovation in decades and we’re excited to lead this change. Beepi first eliminated the hassle of working with car salesmen and now we’re taking the frustration out of payments,” stated Ale Resnik, Co-Founder & CEO of Beepi. “Integrating with Bitcoin is a natural extension of our promise to deliver the easiest way to purchase a car in the 21st century.”
Customers wishing to make a purchase with the digital currency need to choose Bitcoin under “payment options,” and then process and complete their purchase through BitPay. Bitpay ensures the seller still receives cash for their car even though the purchase was made with the cryptocurrency.
BitPay Executive Chairman and Co-Founder Tony Gallippi explained in the same bulletin sent to CoinReport:
“The automotive industry is at the forefront of Bitcoin adoption and we see that trend continuing to grow with companies like Beepi leading the way. The beauty of ecommerce and sites like Beepi is that the inventory of all cars is accessible across the country for purchase as well as expanding the base of potential customers including those who hold Bitcoin and are looking for things to buy.”
In addition to Bitcoin adoption, and “to further streamline the payment process,” Beepi now offers pre-approval for loans and financing from one of its financing partners at check-out.
The news release says:
“Beepi will pre-approve a customer based on its own proprietary multi-pronged assessment and then work with financial institutions from national banks to local credit unions to secure the loan at a rate lower than 3%.”
So what lies in Beepi’s future? The company plans to implement a QR code option for “buyers to purchase a car through their mobile devices.”
Beepi says that these additions will allow buyers to “be able to pay for any car in the Beepi marketplace with the Cryptocurrency, a bank transfer, cashier’s check or up to six different credit cards at once.”
Photos courtesy Beepi and BitPay