Buying a Car with Cryptocurrency.
Buenos Aires, 27. 03.18, Autobay announces the launch of their Token Sale for AutoBay (ABX) Tokens on May 9th 2018. Autobay’s decentralized e-commerce platform (www.autobay.io) comes to disrupt the outdated purchasing and payment methods of the automotive industry allowing users to buy new and used vehicles with cryptocurrencies.
“We are excited of launching Autobay, adding value to the cryptocurrency market by creating an e-commerce platform that exclusively accepts cryptocurrency as a method of payment.” said Alejo Serrano, CEO and Co-Founder of Autobay. “When buying a car, almost every single transaction has got a physical movement of cash in any extent with the uncertainties and insecurities this involves”.
To better understand the scope of the car industry, car manufacturers have had over $1.7 Trillon dollars (US) in sales in 2017 worldwide and the industry has been growing at an even rate for the last 20 years. This market is largely complemented by the sales of used car. Only in the in the United States around 100,000 used cars are sold every day to people who pay for them entirely in cash, creating a $500 Bn. Dollar market. “Buying a car should be one of the most exciting experience anyone can go through. We should take the stressful burden of carrying our savings in our pockets away from the process and now thanks to the blockchain technology we can, that was our main focus while developing Autobay.” Alejo Serrano said.
Autobay features an e-commerce platform were users can post cars, motorcycles and trucks that they are willing to sell. What makes Autobay different from other existing platforms is that it allows its users to pay for the vehicles from within the platform, removing all cash transactions from the purchasing process. After inspecting the vehicle the buyer is intending to purchase, he will be able to give an advance payment or directly pay for the vehicle from their smartphone through the embedded wallet within Autobay’s Decentralized mobile application. The main feature the Autobay’s Dapp has to offer is a distinctive payment method from the ones we are used to, allowing the buyer to pay with cryptocurrencies, choosing between Bitcoins (BTC), Ethereum (ETH) or Autobay Tokens (ABX) and creating a Smart Contract that registers not only the transaction but creates a solid registry of the vehicle.
Autobay will also features Auction event that will widen the offer and possibilities for buyers, again allowing them to bid with cryptocurrencies as a payment method. As an example of such, Autobay has created a novel reward program that will be implemented in the upcoming Token Sale starting May 5th. Were contributors purchasing Autobay Tokens during the PreSale and ICO will automatically participate in a Reward Auction (with no further contribution needed), were the highest contributor will win one of many listed cars which will vary according to the total Capital raised in the Token Sale, the higher the cap, the more expensive the rewarded car. The Top prize is a Lamborghini Huracan Performante which will be rewarded to the #1 contributor of the ICO when the Token Sale reaches the Hard Cap. Contributors from #2nd to #10th place will also be rewarded with Autobay Tokens.
Since December 2017 we have seen how the value of cryptocurrencies suffered a setback and its fluctuation intensified. Having an e-commerce platform that allows goods to be purchased in one of the largest markets in the world will help create a real demand for the use of digital currencies, not only as a speculation tool for investors, but as a financial asset with real value to the market.