Prospective buyers can use CoinSpot’s over-the-counter trading desk (OTC) service to use more than 30 cryptocurrencies – including Bitcoin and Ethereum – to purchase the used cars on sale.

The CoinSpot OTC service provides an additional layer of confidence when performing high-volume transactions of over AUD$50,000 as it doesn’t require traditional public order books which limit exposure to market fluctuations.

CoinSpot said its offering through Duttons was triggered by strong demand from Australian customers to buy luxury items using cryptocurrency.

CoinSpot chief product officer Gary Howells said the partnership with Duttons legitimised digital currencies as a way of buying high-end goods.

“As Australians continue to look for more ways to find value in their crypto investments, CoinSpot’s partnership with Dutton Garage symbolises our commitment to expanding the utility of crypto,” he said in a statement.

International comparison website Finder recently reported that 18 per cent of Australian adults own crypto, the third-highest adoption rate in the world. 

“Digital currencies are becoming more than just stores of value, and instead, legitimate ways to purchase big-ticket items,” Mr Howells said.

“Increasing crypto’s utility is the key to driving mass adoption of what we believe is the future of finance. This partnership is only the beginning of CoinSpot’s ability to facilitate transactions within the luxury goods market.”

Dutton Garage said crypto gives retailers another finance option for customers beyond cash, credit and buy-now-pay-later services.

Dutton Garage said that for customers interested in buying a vehicle using crypto, the process will involve speaking with one of its sales associates who will then coordinate the transaction with a dedicated account manager from CoinSpot.

CoinSpot said the constantly fluctuating value of cryptocurrencies relative to traditional fiat currencies can deter individuals from using crypto for large purchases in particular.

However it said it mitigates these market changes through lock-in pricing, which prevents any sudden market fluctuations around the purchase time.

The OTC service also provides direct access to professional trading brokers for all enquiries, meaning customers run less risk when making transactions of such large sums.

The OTC service can only be used for transactions worth at least $50,000.

The constant market fluctuation makes it difficult to put an exact crypto value on any of the cars Dutton has on sale.

It said that a 2020 Porsche 911 Carrera, priced at $319,990, would be worth about 5.6 BTC or 74.4 ETH as at the time of publication (based off simplified, rounded-up rates of 1 BTC equalling $57,000 and 1 ETH equalling $4300).

In the US and some parts of Europe, crypto can be used to buy new cars. Tesla is one of the biggest acceptors of bitcoin as payment. 

Other companies that have started accepting bitcoin include some overseas dealerships for brands including Audi, BMW, Maserati, Mercedes-Benz, Ferrari, Volkswagen and Lexus.

By Neil Dowling