One of Japan’s largest used car automotive groups has partnered with the country’s largest cryptocurrency exchange Bitflyer to enable bitcoin payments at its dealerships across Japan. Starting with 26 dealerships, the company also plans to add bitcoin payments to 550 additional locations.
Also read: South Korea Clarifies Position After Reports of Possible Ban on All Crypto Transactions
Car Dealerships Accept Bitcoin Via Bitflyer
The Tokyo Stock Exchange-listed Idom Inc. engages in the distribution and sale of used cars. Formerly known as Gulliver International Co. Ltd, the company has been operating a network of stores that buy and sell used cars across Japan since 1994.
The company claims to have the largest market share for the domestic used car market, ranking number one in both sales volume and number of purchases. With a subsidiary in the U.S. and New Zealand, the group also holds a 67% stake in Australian new car dealer operator Buick Holdings Pty Ltd.
Idom announced last week that its specialty imported used car chain called Liberala will start accepting bitcoin on December 20. The chain specializes in Bentleys, BMWs, and Audis. This is in collaboration with Japan’s largest bitcoin exchange by volume, Bitflyer.
The 24 Liberala stores will accept bitcoin payments in amounts up to 100 million yen (~$888,000) per purchase. The stores are located in Hokkaido, Tohoku, Kanto, Chubu, Kansai, Chugoku / Shikoku, and Kyushu.
550 More Dealerships Could Be Next
Idom also owns the Gulliver brand, which currently has about 550 stores across Japan. Gulliver’s cumulative sales volume is 300,000 units and cumulative purchase volume is 3 million units, according to its website. Idom announced:
Experimentally, we will start to operate with Liberala, and then we are considering introducing it [bitcoin payments] to Gulliver stores, which [there] are approximately 550 stores nationwide.
Another Auto Group Accepts Bitcoin
Earlier this month, another used car automotive group called L’operaio started accepting bitcoin at three of its dealerships in Tokyo. Established in 1992, L’operaio specializes in luxury European imported cars.
The maximum amount that can be paid in bitcoin is 2 million yen (~$18,000) worth per purchase. Citing that both the cryptocurrency market and the number of bitcoin holders continue to grow, the company stated:
We decided to introduce bitcoin payments to improve customer convenience and to address this new market.
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Images courtesy of Shutterstock, Idom, and L’operario.
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