HGreg, a Quebec-based car market with 30 locations in North America, will begin accepting cryptocurrency payments for new or used cars this month.
The car dealer, with offices in Quebec and Florida, has become one of the first large car groups to accept payment for digital assets in day-to-day operations. The company claims to have sold 500,000 cars in the last 25 years and maintains a warehouse in Miami with more than 1,000 cars.
“Some of the sales revenue generated in cryptocurrencies will be stored in this format by the company,” said HGreg, indicating that they plan to keep digital assets such as Bitcoin (BTC) on the balance sheet.
Regarding accepting cryptocurrencies, the agent said:
“We are pleased to be at the forefront of technology today by offering our customers another payment option. We believe it will also be beneficial to keep some of our assets in the cryptocurrency.”
The dealer sells a wide range of used cars, from Hyundai to Lamborghinis. Therefore, cryptocurrency users can use their money to buy practical cars as well as luxury cars. HGreg claims to have the largest car fleet in Canada.
HGreg’s decision to accept cryptocurrency payments was made immediately after Tesla entered the bitcoin market. As Cointelegraph reported last month, the electric vehicle maker has allocated 7.7% of its total cash position to Bitcoin. Meanwhile, the company announced that it will start accepting BTC for payment.
While cryptocurrencies remain primarily an investment, the payment infrastructure is increasingly integrating digital assets. The OLB Group recently allowed cryptocurrency payments to thousands of merchants in the United States, allowing companies to accept Bitcoin, Ether (ETH), USD (USDC) and Dai coins.
For the car enthusiast who spent 37 BTC on two used Honda cars in 2017, he may regret the wait …