Car Companies That Accept Crypto Payments
Official car dealerships worldwide have been integrating crypto payments into their operations. Now, cryptocurrency holders can use their assets to buy or rent cars from various car companies.
Crypto as Payment Currency
Cryptocurrencies provide an alternative way to traditional payments, functioning on decentralized technologies instead of being issued by banks. This payment model enables faster transactions, improved security, and lower costs. Despite the benefits, the volatility in the prices of cryptocurrencies—stablecoins being the exception—presents challenges for their use in payments. Modern crypto payment services solve the issue by automatically changing crypto into traditional currencies.
Paying with crypto becomes more efficient, holding the key to mainstream adoption.
Which Car Brands Accept Crypto?
1. Ferrari
Ferrari 812 Competizione: Source: ferrari.com
The luxury car brand announced accepting crypto payments in the US in October 2023. As of February 2024, Ferrari allows transactions in Bitcoin, Ether, Dogecoin, and the USDC stablecoin. It partners with crypto payment service providers that turn crypto into traditional currencies when processing transactions. In one of his interviews, Ferrari's Chief Marketing and Commercial Officer Enrico Galliera said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto. Ferrari also revealed plans to extend crypto payments to Europe.
2. BMW
BMW X5. Source: bmwusa.com
Multiple authorized BMW dealers allow customers to buy cars with crypto. Among them are BMW of Delray Beach, Stephen James BMW, and Policaro BMW. It’s possible to buy BMWs with crypto in Switzerland, the UK, the USA, Brazil, and other countries. Depending on the retailer, customers may have the ability to pay with Bitcoin, Ethereum, Dogecoin, XRP, Litecoin, or other currencies. Beyond payments, BMW has been adopting blockchain technology for its operations and customer loyalty programs.
3. Bentley
Bentley Continental GT. Source: bentleymotors.com
Crypto payments are available at the Bentley dealerships Post Oak Motor Cars and the Exclusive Automotive Group in the US. In an announcement made in November 2022, Mehdi Soltanian, the General Sales Manager at Exclusive Automotive Group, mentioned:
Cryptocurrency is on a path to mass adoption by consumers and many people are already using it to make significant purchases.
4. Porsche
Porsche 911 Turbo S. Source: porsche.com
The US-based Porsche dealer Porsche Hunt Valley enabled customers to buy luxurious models using Bitcoin, Ether, Shiba Inu, and other crypto assets in 2022. Continuing to integrate Web3 into its operations, Porsche announced launching an NFT collection in 2023 by co-creating digital artworks with the community.
5. Lamborghini
Lamborghini Revuelto. Source: lamborghini.com
At the Lamborghini Newport Beach dealership in the US, cryptocurrency is among the accepted payment options. The dealership officially announced adding crypto as a payment option in January 2021. Lamborghini has been exploring various aspects of Web3, initiating NFT campaigns to engage customers. For example, during "The Epic Road Trip" program, NFT owners had the opportunity to see the latest Lamborghini model before it went public or to go on tours to the company's headquarters.
Anahit Avetisyan
Author
Web3 writer and crypto HODLer with a keen interest in market trends and recent technologies.
