At least one dealer is accepting a new form of payment for cars: bitcoins.
A Lamborghini dealership in Newport Beach, Calif. sold a Tesla worth around $100,000 to a man in Florida for 91.3 bitcoins, according to a report in CNNMoney.
Bitcoin is a digital currency that has been in the news a lot lately – prices have soared, and the involvement of the Winkelvos twins, famous for their role in Facebook’s early days, have attracted a lot of media attention.
The payment was processed by Bitpay, a Bitcoin payment processor.
The best time to get in was the middle of 2008, if you had any money to lend. That was maybe the best, ever, or at least the last 25 years. The second best time to get in was 2009. The third best time was 2010. And now is still pretty good. Associated is shutting down their whole consumer loan piece (not just auto), as it is not their core business. Perhaps this goes to show that if you’re going to get into auto finance, you have to be really serious about it, or you can get burned either from a risk standpoint or operationally.