JOHANNESBURG – Fourways-based Ferris Cars claims to be the first car dealership in South Africa to sell a car in exchange for Bitcoin instead of cash. And furthermore, it was not just any car, but an impeccably presented pre-owned Ferrari California.
The occasion was celebrated with a cocktail party attended by customers and the media in the newly renovated Ferris Cars showroom in the Broadacres shopping center. The highlight of the evening was actually the actual purchase of the Ferrari California by one of the guests, live on screen, demonstrating an actual Bitcoin transaction to the public.
WHY ACCEPT BITCOIN?
“The idea of selling Ferraris using Bitcoin as currency was actually brought up a few months ago,” says Tommy Roes, co-owner and director of Ferris Cars. “We announced on March 5, 2021, via our newsletter, that we would now accept Bitcoin as a method of payment.”
“Not only were we the first South African dealer to take this milestone, but to put it in a global context, less than three weeks after our announcement, Elon Musk announced on Twitter that Teslas is now on sale with Bitcoin. So we beat Tesla in the draw for almost three weeks, ”he exclaims.
GROWING INTEREST IN BITCOIN TRANSACTIONS
Bitcoin holders who buy supercars are nothing new, with the proceeds of their initial cryptocurrency investment as a way to display their new and excessive wealth. Ferris Cars, however, was the first dealership in South Africa to officially announce the direct acceptance of decentralized currency as a method of payment.
The fact that the idea had great potential was reinforced in the days following the release of the first Ferrari from the Ferris Cars showroom. Since then, Ferris has facilitated a second Bitcoin transaction for a customer purchasing a Ford Mustang, and within days of that transaction they were in the process of facilitating another Bitcoin payment deal on a Mercedes-Benz G-Class.
Interestingly, neither of the following two cars was available from Ferris Cars, the Mustang was sold by an individual to KZN and the G-Wagon was for sale at another dealership in Gauteng, however, Ferris Cars gladly facilitated these transactions. purchase for a nominal fee.
THE FUTURE OF CRYPTO CAR SALES
“At Ferris Cars, we recognize the incredible impact this digital phenomenon has on the world and the tremendous potential it has to positively impact our business,” says Roes.
To enable the revolutionary movement to support Bitcoin transactions at the dealer level, Ferris Cars has leveraged the expertise of AltCoinTrader. Founded by Richard de Sousa in 2015, it has grown into a popular cryptocurrency trading platform in South Africa and has over 500,000 subscribers, regularly used around 100,000 times per month.
“The beauty of using Bitcoin, or any of the other cryptocurrencies currently in play, is that it’s a peer-to-peer transaction. No approval is required from a third party or an authority, ”Roes enthuses.
While cryptocurrency exchanges charge so-called “maker and taker” fees, Roes explains that crypto users are exempt from the boredom of traditional banking and the fees associated with more traditional currency transactions.
He explains that, since there is no government involvement and no intermediary institutions to deal with, the costs of crypto transactions are kept very low. Transactions in a currency such as Bitcoin are extremely fast, which means typical authorization delays are avoided.
Above all, personal information is not necessary when performing a Bitcoin transaction. “We see our Bitcoin initiative as the first of many to bring Ferris Cars to do business in an increasingly connected, digital and multimedia environment,” says Roes.
“In addition to the peace of mind we bring to our customers, Ferris Cars also offers a full line of Ferrari products and apparel in the recently commissioned Grand Prix store in the Ferris Cars showroom, as well as Ferrari works of art and collectibles. And besides, these can now also be paid using Bitcoin, ”concludes Roes.
Incidentally, besides Bitcoin, Ferris Cars can also facilitate transactions in two other cryptocurrencies namely USDT and xZAR. Ferris Cars can also help you facilitate the purchase of any car from other dealers or private sellers, using these currencies, if all parties are interested in entering into a transaction.
Oh and if you’re interested, 1 Bitcoin (BTC) is currently worth R524,673.26 at time of printing, but as you know it fluctuates regularly.