Exotic cars represent an attractive investment for cashed up buyers. The rarer the car, the better.
Investors buy them, warehouse them, then bring them out a few years later and sell them for a handsome profit.
Just look at the price some of Australia’s iconic 60s and 70s sports sedans are fetching these days.
In fact, rare and exotic cars have been the best performing asset of the last decade.
The main obstacle to most people getting a piece of this lucrative action is lack of money.
But now you can purchase a chunk or “bit” of a real Ferrari, in a couple of simple steps that start with the download of an app to your Android phone or tablet.
BitCar has launched the world’s first, “tokenisation” software, based on real assets, that enables users to instantly buy and trade small fractions of a real Ferrari 599 GTO.
Valued at $US 561,000, only 599 examples of the GTO were built, with the end of production in 2011 — so in theory they will only increase in value.
But like any investment it is still a bit of a gamble.
The BitCar platform allows users to own and trade as little as $US25 worth of the car, which they pay for in cryptocurrency.
“The exciting thing is, in our view, a piece of a limited edition Ferrari is more likely to hold its price than a volatile Alt Coin – or say a debt ridden government backed currency,” a spokesman for BitCar said.
“So it is a new asset class with upside potential that was not available until now.”
Over the last two years the BitCar Team, including members from Ledger Assets Pty Ltd, have established and developed the BitCar technology.
Ledger Assets is a leading blockchain commercialistion company based in our own backyard in Perth.
It has successfully co-founded and developed blockchain technology in the Energy, Medical and Identity industries, becoming a world leader in its field.
BitCar has extensively tested its platform and says it will be further developing and transforming it into a decentralised trading platform for exotic cars.
The new, state of the art decentralised Ethereum platform is designed to allow anyone entry to this rare asset class.
“Research shows it is at the top end – McLaren F1s etc — where in the past the appreciation of these cars was spectacular.
“But very few of us have the half million dollars spare cash needed to participate.”
The BitCar Platform went live a few days ago and allows fast, low-cost peer-to-peer trading 24 hours a day, seven days a week — with only cryptocurrency payments accepted.
BitCar says it intends to add more classics, supercars and even hypercars soon.
A growing team of approved agents will source, acquire and store the cars for a minimum of five and and maximum of 15 years.
Only the rarest and finest models from marques such as Lamborghini, Ferrari and Bugatti will make the cut.
The cars will be stored in multiple locations around the world, including public areas such as airports, museums and showrooms — where they can be viewed.
When the cars are eventually sold, participants will be paid out — again in cryptocurrency — but in the meantime they can be traded freely.
BitCar is also planning to make trading easier soon, with the launch of a “world stock exchange of cars”.
The pool of exotic cars is huge, with an estimated $15-26 billion worth of Ferraris alone and many other candidates such as Lamborghini, Aston martin, McLaren, Porsche and Mercedes-Benz.
Buyers who may wish to own a whole exotic car can even “hoover up” Car Coins until they gain full ownership via the platform.
“User feedback, from our already over 2000 BitCar holders, was that they wanted a way to trade and ultimately own the whole car one day, so we made this possible.”
There’s just one drawback as far as Aussies are concerned.
The BitCar platform will be closed to some countries and of them happens to be Australia.
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