HGreg, a Quebec-based vehicle superstore with 30 North American locations, will start accepting cryptocurrency payments for new or used vehicles starting this month.
The car dealer with locations in Quebec and Florida is one of the first major automotive companies to accept payments for digital assets in day-to-day operations. The company claims to have sold 500,000 vehicles in the past 25 years and has a warehouse in Miami of over 1,000 cars.
“Some of the revenue from cryptocurrency sales is held in this format by the company,” HGreg said, saying it has digital assets such as Bitcoin (BTC) on its balance sheet.
Regarding accepting crypto payments, the trader said:
“We are pleased to be at the cutting edge of technology today and to offer our customers another payment option. We also believe that it will be beneficial to keep some of our assets in cryptocurrency. “
The dealership sells a variety of used cars, from Hyundais to Lamborghinis. Crypto users can therefore use their money to buy luxury vehicles as well as practical cars. HGreg claims to have the largest vehicle fleet in Canada.
HGreg’s decision to accept cryptocurrency payments follows Tesla’s entry into the Bitcoin market. As Cointelegraph reported last month, the electric vehicle maker allocated 7.7% of its gross cash position to Bitcoin. The company announced that it would accept BTC for payment.
While cryptocurrencies remain largely in the realm of investment, the payment infrastructure is increasingly integrating digital assets. The OLB Group recently made crypto payments possible for thousands of merchants in the US, allowing companies to accept Bitcoin, Ether (ETH), USD Coin (USDC) and Dai.
A car enthusiast who spent 37 BTC on two used Hondas in 2017 might wish they had waited …