The technological platforms that have emerged from the hands of a blockchain tokenized proposals continue to grow despite the detractors of this technology and its indisputable contribution to the quality of life. In the automotive sector the potential impact of blockchain is also being observed and, in that vision, the people of Autobay bring us their crypto platform to buy, sell and auction exclusive cars.
The automobile and automotive trade has also migrated to technology platforms, not only to increase diffusion levels, but also to facilitate purchase transactions.
Autobay was born as the first platform to sell, buy and auction vehicles making use of cryptocurrencies as payment methods, based on the blockchain of Ethereum.
This innovation in the automotive environment allows the use of Ethereum (ETH), Bitcoin (BTC) and Autobay Tokens (ABX) to create greater confidence in the cryptocurrency market.
Every year the automotive trade is positioned as one of the most demanded worldwide. In 2017 the automotive industry was awarded over 1.7 trillion US dollars for sales, obtaining a uniform growth in the last 20 years.
But sales are not only associated with new cars, used vehicles are also sold like hot cakes every day, only in the United States approximately 100,000 used cars are sold, many of them are paid in cash, generating an income that amounts to $ 500 billion.
Autobay offers its customers the option to choose between new or used vehicles, without the need to resort to traditional payment methods and facilitating transactions in virtual currencies.
Alejo Serrano, CEO and co-founder of Autobay, recently told digital media that,
“We are excited to launch Autobay, adding value to the cryptocurrency market by creating an electronic commerce platform that accepts exclusively as a payment method cryptocurrencies … when buying a car, almost all transactions have a physical movement of cash to any extent with the uncertainties and insecurities that this implies.”
How does Autobay work?
Thanks to blockchain technology, the stressful burden of carrying our savings in our pockets away from the process can be addressed. With this main focus Autobay was developed.
To make this experience one of the most pleasant Autobay places its platform at the disposal of those interested to publish the cars, motorcycles, and trucks that they have for sale.
For its part, the buyer has search engines that allow him to find the car he wants. He can do it by brand, model, year, mileage, price range and even by their specific location.
After inspecting the vehicle and pressing the “I’m interested” button, he’ll quickly get more information about the car and its location in case he wants to personally evaluate it.
If he specifies the sale, he can give a payment in advance or cancel the amount from the comfort of his home, only making use of the company’s application, which includes an integrated wallet, thus eliminating all cash transactions during the purchasing process.
For now, the buyer can choose between three cryptocurrencies and when the purchase is formalized, the app will create a smart contract that will register the transaction number and create a solid record of the vehicle.
Autobay also carries out auction events to expand offers and purchase possibilities for those interested.
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